5 Ways New Foodservice Technology is Boosting Profits in 2019
Emerging technologies are changing the face of the foodservice industry. Equipping your restaurant with the right tools to leverage these trends has the potential to boost profits and increase efficiency by transforming the way you approach customer service and manage daily operations.
Here’s the 5 best restaurant upgrades that help you seat more tables, and streamline operations—just in time for 2019’s busy season!
1. Self-Order Kiosks: for Serving More Customers Faster
Customers choose quick-service and fast-casual restaurants because they want to be served as soon as possible. Waiting in a long line isn’t an option, and people will leave to find another place to eat if they have to stand around for too long.
Installing self-service kiosks at the front counter expedites the ordering process. Customers can come in, customize their meals or drinks and get served more quickly. You save money by minimizing the number of staff members required to man the counter and increase can use add-on and combo offers to increase profits.
Automate the entire process by choosing a kiosk with built-in payment options. Allowing customers to handle orders on their own from beginning to end cuts down on wait times and makes your restaurant the go-to place for fast service.
2. Digital Inventory Tracking: For Keeping Popular Items in Stock
People come to your restaurant craving a specific meal or drink. If you lack the supplies to provide it, you could lose not only the sale itself, but a returning customer as well.
Digital inventory tracking minimizes this problem with integrated systems designed to help foodservice companies avoid running out of ingredients for popular dishes.
Digital systems that integrate with your ordering and point-of-sale (POS) platforms use data from customer purchases to make smart predictions regarding how much of each item you should keep on hand. This not only prevents the dreaded words, “I’m sorry; we’re out,” but also alerts you to slow-moving items for which you don’t need to stock as many ingredients.
3. Automate Inventory Purchases with New Tracking Software
To virtually eliminate problems with low stock, link your digital inventory platform with an automated ordering system.
Instead of spending hours counting inventory or scrambling to make last-minute purchases when something runs low, you can let your new software automate the process. Inventory numbers update as customers make purchases, so your employees are never greeted by an empty shelf when they go to retrieve ingredients.
Some ordering platforms are able to make purchasing suggestions based on customer order volumes, and suggest the best times to purchase using information about vendor delivery times. You can set a threshold at which orders are automatically placed to replenish stock before it runs out.
4. Monitor Employee Efficiency & Customer Experience with Data Collection Software
Foodservice technology collects data constantly, and you can use these insights to:
- Personalize customer experiences
- Schedule employee shifts according to surges in customer activity
- Create targeted marketing campaigns
- Eliminate slow movers from the menu
Letting data inform these decisions takes the guesswork out of foodservice management, and cuts down on time and money wasted during a process of trial and error.
5. Mobile Restaurant Apps: For Expanding Your Customer Base
Apps are one of the biggest foodservice technology trends and have been growing in popularity for the past several years. In fact, according to a report from Business Insider, mobile ordering is predicted to account for over 10% of all restaurant sales by 2020.
In other words, your customers are already doing just about everything via smartphone. So if you don’t have a mobile ordering option, you’re missing out on appealing to an enormously profitable customer base.
With a faster, simplified dining experience for your customers, implementing a mobile ordering and payment system gives your establishment an extreme advantage over your competition.
Ready to Upgrade? Borrow to Save Big with Equipment Financing
Implementing new technology can be quite an investment, but waiting to upgrade your equipment until you have all the cash on hand could mean losing customers to competitors already taking advantage of the latest options.
An equipment loan offers access to the interfaces and platforms you need to integrate more technology into your restaurant. Getting approved for equipment financing is easy through companies like National that offers simplified qualifications, and funding as soon as 24 hours.
Instead of compromising cash flow with a big out-of-pocket purchase, the cost is split into loan payments stretched over a period of months or years. Use the money you save through borrowing to launch a marketing campaign that shows your customers all the new features your restaurant has to offer!
Applying for Restaurant Equipment Funding Online
With an equipment loan to fund your investment in foodservice technology, you can take your restaurant business to the next level.
Start reaping the benefits of new foodservice technology in 2019, and upgrade your restaurant today by filling out our quick 1-minute application online!
National Business Capital & Services is the #1 FinTech marketplace offering small business financing and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time.
For every deal we fund, we donate 10 meals to Feeding America!