You may or may not have heard of Chat GPT. That little old AI program that passed the New York bar exam with results in the 90th percentile. The same program that generated a realistic market-ready menu for a trendy Melbourne CBD cafe, and did the same for a suburban cafe that catered to a different audience.
It’s staggering technology that’s developing with the speed and force of a freight train. But what does this mean for the hospitality industry?
The first thing to take into account is that a lot of people in every industry are a little fearful. They’re worried about jobs, or how they might get left behind. But we already use AI in our day to day, and technology has already radically changed the way we live and work.
If we look at this through the lens of opportunity, then it’s easier to get excited about the next wave of tech, which could make working in hospitality and food service more streamlined and enjoyable than ever before.
How can venues and suppliers prepare for the AI tidal wave?
Simply, it’s to start digitising and automating – now. Number one, because digitisation and automation is getting better almost daily, and the number of integrations is growing all the time. Number two, if you don’t start soon, you won’t have a backlog of digital data and insights that will help you take advantage of the incredible solutions that are coming our way.
At Ordermentum, we’ve got over 39,000 Australian venues and 700 suppliers on our network. We’ve had $3 billion traded on our network, and we have a deep understanding of the industry as a whole – and we can see that some operators are more prepared than others.
The ones that are most prepared have been embracing different types of tech and have used these solutions to minimise the things that they don’t want to do, like ordering, payments, invoicing, rostering, and other repetitive, laborious tasks.
On the supplier side, it’s the same story. The ones who are ready have been utilising tech for years.They’ve already felt the immense impact it’s had on their businesses, not to mention their personal lives.
Here’s what you need to do
Whether you’re a venue or a supplier, there are some simple steps you can take to get ready for the wave of tech that promises to be bigger than the internet.
- Digitise your ordering and payments
It’s time to digitise. Digitise your accounts, digitise your POS, digitise ordering and payments (on both sides of the ledger). With the tech that’s available, there are very few reasons why these time-consuming tasks need to be such a big part of your week.
- Embrace your business insights
While many people have access to analytics and data, not many people really make time to take these insights and do something with them. This is the information that can help you understand your customers better, decrease waste, and become more efficient. There are only advantages to becoming well-versed in the data that matters – and you’ll be in a prime position when there’s even more information at your fingertips.
- Partner with a trusted tech provider
You don’t need to do this by yourself. There are solutions – like Ordermentum – but also plenty of others, that exist for the sole reason of helping hospitality trade smarter and better. These businesses are here to support you, and this is the time to start the conversation.
It’s confronting to think about, but there won’t be an old way of doing things for much longer. This doesn’t mean tech or AI will replace people, but it will help you enjoy your business and help you give better experiences to your customers.
If you start digitising now, you’ll be prepared for the AI revolution, instead of fearing it.
Adam Theobald was the founder of Beat the Q (Hey You), and is the Founder and CEO of Ordermentum, Australia’s number one ordering and payments platform for hospitality and food service. No one has digitised more hospitality venues in Australia than Adam, he has been instrumental in leading and changing the way venues and suppliers trade.
Ordermentum connects 39,000 venues with the country’s best suppliers, automates operations, increases cashflow, and provides valuable business insights. With over $3 billion in processed orders, Ordermentum’s purpose is to create a more sustainable food and beverage industry by helping suppliers and venues trade smarter.
Adam will be speaking at the upcoming Hospitality Leaders Summit in Melbourne on 31 July at Metropolis Events Melbourne. First-release tickets are on sale now.
Visit www.ordermentum.com to find out more.
