Executive Q&A: Business Management Tools for Restaurant Operators
Please speak to the benefits of a POS that offers a range of restaurant management tools?
External headwinds remain challenging and unpredictable for restaurants. Historically, in all industries that hit a difficult patch and have to re-invent themselves, technology underpins the foundation of that transformation. For restaurants, the way to ensure long term business success is with a POS platform offering a full solution set of business management tools for restaurant operators. Innovative technology offsets both market challenges and the costs associated with those challenges, helping restaurateurs operate more effectively and efficiently, and increasing revenue by providing even better service to their patrons.
For example, self service solutions—ranging from online ordering to pay-at-the-table solutions and more—empower guests to tackle tasks historically reserved for hourly staff. These solutions not only reduce a restaurant’s dependence on employees for relatively simple tasks, but overwhelmingly increase order accuracy, turn tables faster for dine-in settings, and raise average ticket value for each guest. There are dozens of examples of benefits a modern platform can provide—great kitchen functionality which will increase throughput, order management to handle digital channels effectively, mobile order takers saving time and increasing table turns, and on and on.
More than any singular feature, it is critical to have a POS platform that integrates all business functions into one central system, allowing operators to make fast, informed decisions that directly impact the restaurant’s overall success.
How can restaurants seamlessly integrate POS with food delivery?
Cloud infrastructure makes direct integration between the POS and third-party delivery solutions vastly easier than systems running on servers. For truly seamless integration, operators will want to explore platforms built for the cloud from the start that offer robust ecosystems of vetted integrated partners as well as API environments hospitable to other integrations as needed.
Brands are increasingly turning to hybrid solutions that offer a “best of both worlds” approach to delivery. Restaurants running their own delivery operations can maintain control of the guest experience, access to guest data and retention of more profits on each order with in-house delivery. However, third-party behemoths allow restaurateurs to tap into far wider audiences and outsourced solutions for driver fleets. Businesses able to leverage a combination of these delivery methods are capitalizing on the exposure and support of third-party solutions along with the benefits of controlling the consumer journey. Hybrid delivery truly maximizes guest convenience for an ordering channel seeing sustained prominence in the market.
What are some critical considerations when integrating new payment methods such as e-wallet, crypto, and more?
For payment methods, convenience and security are king. Restaurants able to accept a wide array of payment types open themselves up to more business, ensuring they never miss an opportunity for a sale. In today’s digital world, security is certainly a concern, as unfortunately there are bad actors eager to hack systems where they are weak. Solutions like e-wallets and mobile wallets have added layers of security, requiring biometric authentication like Face ID before a transaction is complete. These security layers aren’t just good for your guests; they’re good for your business, as they help reduce the instance of chargebacks and can even lower your liability costs with payment processors.
A peripheral, but important, consideration for payment methods is the time your management team spends managing payments. If your team is losing valuable hours following up on transaction questions or chasing support agents, you’ll want to look for a solution that’s a one-stop shop for all of your payments needs.
How can customer data fuel loyalty, menu optimization, and revenue?
When executed correctly, your data should tell you a story. For example, customer data should show you which customers are your most loyal, how frequently they are likely to return and through which method they are likely to order; which menu items are top sellers and which ones rarely move; where you can make operational changes to your staffing, ingredients and service hours to increase revenue and lower costs; and more.
Using this information you can then drive marketing campaigns to segments of your customers to increase revenue, often in a very automated way with little ongoing management. You can also tune your menu to maximize your operation based on what your customer data is telling you. Have an entree that isn’t selling well and is expensive to provide? Remote it. Have a hot side that is very popular? Offer it in more formats, maybe with an upcharge.
The reality of juggling multiple operational models under one roof means operators need the ability to constantly evolve. Good customer data highlights guest behavior in relation to your business, along with changes you can make to further maximize guest value at every touchpoint.
Again, having all of this actionable information available through one central and interconnected platform makes business management more efficient and easier. You really need all of your systems to talk to one another and connect within a broader, single platform. You also need your system to be modern and future proof, an architecture that will last you a decade or more, and be flexible in terms of keeping up with the changes consumers will demand.
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