Why Is New Technology a Good Investment?
What’s New in Restaurant Technology
Restaurants had a tough financial year because of the pandemic. As they struggle to get back on their feet, many are looking for long-term solutions. They don’t want anything like COVID-19 to rock them the same way again, so the industry is changing. Although plenty of restaurants are wary about the expensive upfront costs of new technology, the long-term investment is worth it.
So what’s on the menu? Customer-facing technology draws in new guests. Registers showing their total give them confidence in their meal, and tableside tablets let them check tickets before submission. Accuracy and efficiency remains a huge factor for guests. Meanwhile, the most cutting-edge front and back of house technology streamlines labor costs, speeds table turns, affords better customer service and overall creates a smoother workflow. Capabilities like queue ordering and station routing, which you get with Kitchen Display Screens, make their jobs easier. That cuts down on turnover. In an industry that struggles with retention, currently experiencing a labor shortage too, prioritizing strong workforce management matters.
Long-Term Benefits of Investing in Technology
Upfront costs won’t mean a thing when you’re steadily making back more than you spent. Restaurant technology with innate flexibility for scaling and growth will cause high ROI over time. That will improve your profit margin, which is habitually thin in the industry, by reducing both labor and food costs.
Effects on ROI
As you hire back employees after the pandemic, don’t take back too many at a time if the demand isn’t there. Onboarding costs a lot of time and money; smart POS examines sales trends to determine how much staff you truly need. Then scheduling software helps put the right amount on shift for the most cost-effective, and work-efficient, team. Self-service technology has also helped many restaurants get through being short staffed. Customers enjoy the ease of customization, and you gain back expenditures after just a few days compared to what you would pay a server per hour. And when you focus on customer satisfaction, you’ll earn more loyalty which lends itself to higher profits.
Meanwhile, the most effective POS systems also run automatic sales reports and analyses so you can make better budgeting and business decisions. For example, eatOS generates comprehensive data to show you trends over time. Then compare everything from different days to different locations. If, for example, you notice a lot of food going to waste, you can use our inventory management capabilities to cut back on those unnecessary expenses.
Flexibility is the Future
The pandemic has shown how quickly unexpected circumstances can throw business into chaos. Adaptability takes precedence over stability right now; addressing evolving customer concerns at every turn is one of the most valuable skills to have.
Focus on what technology will provide long-term adaptability and ROI. Every restaurant is different.