The basic restaurant business model with which we are familiar today has been around for more than two centuries. But restaurant technology has been improving its operations for almost as long.
Welcome back! This is the final installment of our three-part series on Restaurant Technology Trends. Today, we we’ll be discussing the practice of Just-in-time (JIT) inventory. (Please click on the links if you missed our previous posts about the Internet of Things (IoT) or Big Data). Just-in-time (JIT) inventory is just as it sounds! A JIT management system is one in which materials and products are produced or acquired ONLY as demand requires. After all, maintaining inventory takes time and has associated labor costs as well. But when you can continuously track what has been used and what remains in storage, you can make well informed choices when placing orders. You don’t want to tie up capital in inventory unnecessarily, and you don’t want to
Welcome back! Today we’ll be discussing the power of big data, as the second installment of our three-week series on restaurant technology trends. So what is big data? You might get different answers from different people, but here’s a basic one-sentence definition that sums it up fairly well: Big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis. This means that web behavior, social media interactions, financial records, transactions, call center information and point-of-sale, are all inputs to big data. All these metrics, brought together, are what puts the “big” in big data. The wealth of data that can result is amazing! By compiling and analyzing these data
Minimum wage increases are all the rage today in places like Seattle and Los Angeles, where local governments are phasing in a $15-an-hour minimum for labor over the next few years. While some can look forward to a slightly bigger paycheck, restaurant owners and employees alike are concerned about what these increases will do to their industry. In June, the Wall Street Journal estimated that profit margins for restaurants in cities or states with rising minimum wages could shrink by one to four percentage points, based on a study by Moody’s Investors Service. Now, minimum wage staff typically don’t make up most of a restaurant’s team. So why the lost profits? Moody’s says that employers will probably introduce across-the-board raises to keep veteran workers happy and maintain the
With built-in loyalty and other premium features, MyCheck enables a “wow” customer experience New York, NY — July 31, 2014 — MyCheck, the leading checkout technology for restaurants and other businesses across four major markets worldwide, announced a complete integration into POSitouch point-of-sale software for quick service and full service restaurants. The MyCheck install onto POSitouch systems is done remotely and simply involves the implementation of a button straight onto the payment screen. When a customer indicates to the server or the cashier that they want to pay with MyCheck, the order is entered as it normally would, along with a random four-digit code that is generated on the user’s smartphone upon check-in to the location. At that point, the user will receive an
“There’s an app for that” is truer today than ever before. The proliferation of apps and the race to design and launch them has been nothing short of a tidal wave to the technology world. So with all these apps coming out like crazy, why would your restaurant want to throw its hat in the mix? Well, there are a few reasons why your restaurant would benefit from an app. Here are 4. 1. Point of Differentiation. There are a handful of restaurant-branded apps in the marketplace today, each with a different look, feel, and function. However, there haven’t been that many that have really surfaced as the “best-in-class” app. With each concept comes a different set of strengths and weaknesses. You never know