As a result of the technological revolution, we see major changes in the fields of marketing, logistics, automation in food preparation, sourcing and management. As a result, many business practices are based on assumptions which applied to a previous paradigm. Social media has transformed marketing. Algorithms have made international trade manageable. Automation is changing the labor model. Finally, customized applications are decreasing costs associated with food waste as well as facilitating a more effective management structure.

Key Takeaways:

• It is important to use technology for marketing, specifically to perform deep-dive analytics that personalize the experience.
• Technology and its advancements provide a simple way to create an increasingly efficient process for food sourcing and inventory tracking.
• Software advances make management of businesses a much simpler ordeal, and all levels of restaurant business, from employee level to the upper echelons benefit from increasingly adept software.

“With minimum wage and operational costs rising, a growing number of chains have turned to digital and automated ordering platforms—think tabletop devices, iPad ordering, digital kiosks, and various online ordering systems—to replace employee labor and increase sales volumes.”

Read more: https://www.qsrmagazine.com/technology/5-technology-trends-know

According to the recent Restaurant Industry Snapshot, restaurant sales have fallen to their second lowest mark in five years. What’s even worse is that overall traffic was down by 4.1 percent. Victor Fernandez, the executive director of Insights and Knowledge at TDn2K claims that some of this grim news can be attributed to Hurricanes Harvey and Irma, which affected two of the U.S.’s largest economies during the reported quarter. While sales are still declining each year, the rate at which they are falling has slowed. Because of rebuilding efforts in Texas and Florida, third and fourth quarter reports are expected to be better.

Key Takeaways:

• Weekly sales from the recent Restaurant Industry Snapshot indicated the second greatest slowdown in years.
• Catastrophic weather events have greatly affected restaurant sales, though sales are expected to improve.
• Restaurant sales should improve somewhat, though they aren’t expected to grow at an extremely high rate.

“Fine dining, which was showing positive for most of the year, has declined since August.”

Read more: https://www.qsrmagazine.com/news/restaurant-sales-fall-2nd-worst-mark-5-years

The future of food is not going to become over simplified as some would think, in our fast paced world. On a panel held at The Next Big Bite: How We Will Eat & Drink by LDNY upcoming trends in our eating habits and experiences was the main focus. The panel discussed how in restaurants the focus will be on having happier staff and telling people where there foods come from. The panel also brought up how there will be more cooking, which will teach children to have a healthy future. The future of food will be more about the experience of eating and cooking rather than the convenience we seek for today.

Key Takeaways:

• A panel of food industry insiders came together to partake in The Next Big Bite:How We Will Eat & Drink.
• Well-known panelists discussed food trends and the future of food at the NYC event.
• A focus on plants (instead of meats), unique new foods from the ocean, and Croatian wines were among the newest food trends.

“Culinary leaders will use the untapped resources of the ocean to introduce new foods and species to consumers, all with sustainability in mind.”

Read more: http://www.restaurantnews.com/the-future-of-food-revealed-at-the-next-big-bite-2017/

Facebook has launched the ability to order food directly from its platform. The new feature is available on iOS, Android and the desktop site. The option is in the Order Food section of the Explore now tab. People can look through food options and click start order when they are ready to order. Facebook is partnering with actual delivery services that will fulfill the orders. If a restaurant has multiple services the consumer can pick which one they want to use.

Key Takeaways:

• Facebook will now offer food delivery and pick-up service from the Facebook app.
• Facebook is teaming up with several popular food chains and delivery services to make the process easier.
• You will be able to see reviews and menus and order all from the same app.

“Facebook will also connect guests with old favorites and new discoveries, and share what their network of friends has to say about a restaurant before they order”

Read more: https://www.qsrmagazine.com/news/another-titan-enters-food-delivery-game-facebook

Oracle Hospitality Solutions will be meeting with restaurant CFO’s and CEO’s during the Restaurant Finance and Development Conference in Las Vegas from November 13th through November 15th.
Oracle Hospitality is a full service technology partner in five key areas.
First, a complete data service suite tracks inventory, sales, software and every aspect of the restaurant business.
Second, Cloud based products hosted on Oracle Hospitality servers decrease the IT budget for their customers.
Third,Oracle Hospitality can help grow your restaurant business at home as well as abroad.
Fourth, Oracle Hospitality’s Reporting and Analytics module is available at no cost with the purchase of Simphony POS. While organizing restaurant data into easy to understand reports, this product will identify areas to cut operating costs and generate revenue.
Finally, Oracle’s data science services mine your data to find sales and costs cutting opportunities and provide recommendations automatically to POS terminals.

Key Takeaways:

• Oracle Hospitality is a single supplier for software, hardware, loyalty, kitchen systems, and more.
• OBI analytics allow consolidation of data into user friendly reports.
• Reporting and analytics with data sciences improve forecasts and increase sales.

“Cloud technology minimizes the amount of IT hardware cost and installation time that is needed to open a new location, while centralized management and reporting ensure that you always have full control and visibility of your estate, whether at home or internationally, company-owned or franchise.”

Read more: https://www.restaurantnewsresource.com/article96800.html