Use data and technology to provide the best customer experience.
The traditional restaurant concept will not disappear.
Restaurants need to use a different approach to measure success.
What Algorithmic Growth Means for Restaurants
“Algorithmic growth means two things. One, it’s taking advantage of all the algorithms that are shaping our digital lives. And that can take the form of lookalike audiences on Facebook, or using algorithms to serve up ads as people go through their daily lives and get the right ad at the right time.And algorithmic growth also means growing exponentially; it means being able to grow beyond what historically a restaurant was able to do. […] The digital world enables so much more growth, enables us to reach so many more people in a way that hasn’t been possible for restaurants before” – Meredith Sandland.
Cater to Your Workers
Be Nimble & Aim to Innovate
“What does this industry look like in 10 years from now?
[…] it’s not just about drones and automation … It’s also talking about the fact that personalization is going to go to a new level, the fact that the supply chain is going to get closer to where the restaurants are actually making the food. So all of these different themes I think are going to come through, which are going to continue to challenge the traditional sense of what the restaurant business model looks like.
Owner/operators that have the most nimble mindset…are willing to innovate, to try and experiment (and recognize that they’re going to fail at times), but have the flexibility within their infrastructure to be ready for the change that’s still to come. They’re the ones that will win and continue to win as we go through the future that lies ahead.” -Carl Orsborne