Have you ever wondered how technology is changing the hospitality industry? In today’s digital age, hospitality businesses must embrace digital solutions to meet the needs and expectations of tech-savvy customers. Digital hospitality uses technology to enhance the guest experience, from online reservations to personalized marketing campaigns. This article at EHL Insights explores the benefits and challenges of data-driven hospitality for restaurants, and how businesses can use digital solutions to stay competitive in a rapidly changing industry.
Importance and Benefits of Digitalization
The digital transformation of the food and beverage industry is more than just replacing traditional methods with technology. It involves utilizing big data and analytics to deliver valuable business insights for restaurants. Technology solutions can aid businesses in different stages of their product lifecycle. From testing the market with pop-ups or food trucks to optimizing decision-making at a granular level for established restaurants, all of it. This can test the market and track metrics such as the number of dishes sold, food and labor costs, preparation time, and net promoter score (NPS).
Quantitative and qualitative data collected from pop-ups or food trucks can provide insights into the market size, demographics, customer preferences, and perceived value. This information can be used to make informed decisions before investing a significant amount in opening a restaurant. Once the restaurant is established, technology solutions like Menukit and Cockpit can be used to optimize decision-making. Menukit helps in menu planning and calculating the costs per serving. The Cockpit provides a comprehensive overview of restaurant KPIs, including revenue per category, per waiter, and overall.
Future of Digital Hospitality
The COVID-19 pandemic has highlighted the importance of technology in the food and beverage industry. Digital hospitality has created tools like the food order option and voucher portal. This allows restaurants to integrate an online ordering system into their website. The voucher portal enables restaurateurs to offer their guests vouchers to buy now and redeem later.
Furthermore, technology can help restaurateurs identify pain points, track customer loyalty, optimize marketing, and increase revenues and profit margins. By leveraging the wealth of information provided by digital devices, restaurants can make informed decisions to achieve success in the highly competitive market.
To read the original article, click on https://hospitalityinsights.ehl.edu/restaurants-data-driven