Advancements in artificial intelligence (AI) are now shifting the industry standard for restaurant technology providers. AI-driven solutions are capable of delivering deeper analysis and insights than ever before, making operations more efficient and data-driven decisions faster. As restaurant owners and other foodservice industry professionals increasingly turn to AI tools for market research, understanding and visibility, evaluating the best ad intelligence solutions for a given business is more important than ever.
Although evaluating the quality of AI tools is of utmost importance for any business, few people consider the market data that powers those tools. By looking for solutions that have a board and diverse set of data sources, businesses will maximize their ability to gain a full understanding of the foodservice market — resulting in better decision-making, improved customer experience and more efficient operations.
In this article, we explore the power of AI in the foodservice market from the perspective of restaurant technology providers, how to select an AI suit that provides the most comprehensive data, and how the right data can help a business grow and achieve success.
The Power of Artificial Intelligence in the Foodservice Market
Modern-day AI is capable of much more than linear regressions and predictive analysis. Its potential in the foodservice market is virtually limitless. Today, the foodservice industry is in the midst of an AI revolution — connected devices, robotics, machine learning, and other AI-driven technologies are providing restaurant technology providers with unprecedented insight and visibility into the food service products, market, and trends.
AI tools can provide insights and analysis on a variety of market-related topics, such as food cost and pricing, product and menu options, local and national trends, production and growth strategies, customer sentiment, and more. Additionally, AI-based tools are becoming increasingly proficient at gathering, interpreting, and analyzing unstructured data, such as images, text, speech, and video. This data-driven approach allows restaurant technology providers to gain a more comprehensive understanding of the foodservice market, uncovering opportunities and trends that would have otherwise been overlooked.
How to Select an AI Solution That Delivers High-Quality Data
As AI-driven solutions continue to expand, it’s crucial that restaurant technology providers select the right AI tool for their specific needs. Here are a few tips for selecting an AI solution with the highest-quality data:
Look for Emphasis on Compliance: As data privacy and security regulations continue to transform, finding an AI solutions provider that puts emphasis on compliance and security is essential. The company should also provide clear-cut record retention and deletion policies, and be transparent about how the data is being stored and used.
Research vendors: Before selecting any vendor, it’s important to research their previous experience and customer reviews. Additionally, find out what kind of data their AI tools are typically capturing, and the kinds of insights they are generating for existing customers.
Understand the Data Sources: Not all AI solutions are created equal. Some AI solutions may only have access to limited data sources, while others may be able to draw from more sources. Consequently, understanding the complete data landscape of AI solutions is crucial for finding one that best fits your business needs.
Look for Scalability: As businesses grow and analyze more data, AI solutions need to be able to easily scale with them. Select an AI solution that can scale seamlessly as the data grows, and that is regularly adding new features and updates.
How Data Enriched Intelligence Can Fuel Growth and Optimize Operations
Data-enriched AI technology can provide foodservice market professionals with powerful insights into product preferences, customer experience, and trends. This data can be used to inform growth strategies, optimize operations, and inform more targeted marketing. For instance, understanding the trends in customer engagement and food preferences can help restaurants quickly adjust their menus and promotions to fit their target audience.
Additionally, data-enriched insights can help restaurant operators leverage their suppliers to not only maintain consistent portion sizes for food but also to optimize storage and inventory practices. This can result in significant cost-savings and better customer experiences.
Finally, data-enriched insights can also help restaurant owners make more informed decisions about their pricing strategy. AI-powered insights can provide a comprehensive understanding of the pricing landscape across regions and sectors. This insight can then be leveraged to create pricing models, optimize menus, and adjust promotional strategies to fit the local market.
Last reflections
Today, AI-driven solutions are transforming the foodservice market. By selecting an AI solution with a board and diverse set of data sources, restaurant technology providers and other foodservice professionals can gain a well-rounded understanding of the market that can be used to inform decision making and boost the bottom line.
