Digital Transformation Consultants
The restaurant industry was in transition before COVID-19. But now, we have no choice but to adapt to a new restaurant industry. RestTech is helping restaurant operators prepare for these operational changes from a technological perspective. Technology may well be the new center of the plate, as we adapt in an industry in transition.
Pre-COVID-19, over 60% of sales we're generated off-premise - from catering, delivery, curbside and drive thru channels, according to the NRA and Black Box Intelligence. Now, it's nearly 90%, as dining rooms struggle to serve customers in a reduced dine-in capacity, further exacerbating sales opportunities.
What will your sales mix be six months from now? A year from now? We don't know that answer either. But we do believe off-premise sales channels will continue to define the new restaurant industry and now is the time to transform your operations with a new technology design to support this new restaurant industry.
So what's new? what's changing? Here is just a hint if what operators should be considering as they re-imagine a new industry.
Architectural & Design
Ghost Kitchens business models - which one is right for you?
Cap Ex investment considerations
Business valuations multiples
Cash flow KPI's and how there are accesses, voice dashboards?
Staffing requirements for new designs
Staffing skill-set and training
QR Codes for menus and ordering contactless
What is a POS really?
Sanitation and Safety
Site selection criteria
Growth rates and plans, RE opportunities
Investment ROI hurdle rates
New segments being born
Cloud-based systems of record
As an industry, we've migrated from no-tech stack to decentralized-tech stack and now, finally, an integrated-tech stack platform. What's is next? A customized, right-sized, fully integrated and optimized AI platform that is as nimble as you will need to be in a modern restaurant industry.
While we struggle as an industry to re-set and re-start, we must continue planning for and investing in what's next. Technology will indeed play a major role in everything FOH + BOH and for managing productivity for more efficiently than ever before. Automation with an integrated AI brain, will form the basis for a the NEW restaurant operating system; an optimized central hub for all API-integrated utilities and the data lake will be the best way aggregate data and visualize your operations and how to manage in a new industry with a new customer.
RestTech Partners are restaurant operators, restaurant technology innovators and RestTech strategists. We advise restaurant brands, large and small. We consult with investors, IT heads, operations and finance executives and technology innovators globally. This sharpens our minds and leverages our unique combination of expertise and bench strength of capable digital transformation consultants.
Image created by Mixing Bowl
RestTech Interview with Michael Atkinson
The Barron Report
In this episode of The Barron Report, host Paul Barron sits down with Michael Atkinson, a founding partner at RestTech and the chief executive officer of Bailiwick Ventures. RestTech specializes in restaurant technology strategies and system implementation services. Barron and Atkinson explore the burgeoning technological landscape in the restaurant industry post-pandemic.