Technology Will Be Key to Solving Industry Challenges in 2019 - VantagePoint

Technology Will Be Key to Solving Industry Challenges in 2019

Declining sales — along with rising labor and food costs — made 2018 a difficult year for the restaurant industry. But the race to stay on the cutting edge never stops for top brands, and 2019 will surely be another year where overcoming these challenges will be the difference between moving ahead or falling behind.

According to a recent Bloomberg article, technology will play a key role in helping leading brands tackle their biggest obstacles to growth while staying relevant to their customers. The article highlights a few critical areas where investing in new technology could be a game-changer, including:

Delivery: For chains that haven’t traditionally offered delivery services, it can be a tall order to set up the necessary infrastructure to support it. From digital upgrades to expanding vehicle fleets, leading brands are doing what it takes to respond to this quickly growing trend.

Data: Customer information can help top chains tweak their advertising, optimize their menu offerings and align their service with diners’ interests and demands — but acquiring this data can be costly and inefficient. Then there’s the question of who owns customer data in the first place. More consequential decisions than ever will be driven by customer data in 2019.

Dollars: By making smart investments in new technology, chains will operate more efficiently and profitably in the year ahead — and that means better news for their bottom line. With food costs estimated to increase as much as five percent in the new year, chains will spend more on ingredients — and with the price tag of wages and benefits going up for operators, cost-saving technology could be the deciding factor in determining the most successful brands in 2019.

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