Integrating your technology and bringing all vendors and partners under one roof, and one API, can have a significant positive impact on your hospitality business. As the forecasted dip in the economy comes to fruition, this is vital to your operational efficiency and bottom line now more than ever.
As we head toward uncertain economic conditions, businesses continue to pivot with evolving customer expectations. Smart hospitality technology centered around payment processing, inventory tracking, and innovative ways of ordering remain at the center of the ongoing conversation of how to get customers through the door while constantly improving their experience.
In fact, Yahoo! and Fact.MR, recently reported that smart hospitality technology is expected to expand by a staggering compound annual growth rate (CAGR) of 22 percent over the next decade—increasing the global valuation from its current $37.41 billion to $273.27 billion by 2033.
Hospitality leaders can begin by carefully considering the pros and cons and asking for regular feedback throughout the implementation process. As they integrate their technologies and vendors into a single dashboard view––encompassing all ordering and payment channels––they can ensure that they are using these tools in a way that benefits both their business’ bottom line as well as their customers.
Building a foundation with the right technology
In recent years, many hospitality establishments have gone through technological changes for the betterment of their business. As the industry begins to see more widespread adoption of these all-in-one technologies, becoming more frictionless in operations, finances, staffing, and customer preferences is critical for owner/operators to navigate these unprecedented times.
Today’s restaurants need a platform that adds real-time value to operations, empowering staff to track orders from multiple touch points. This equips management with the insights needed to analyze customer preferences, manage loyalty programs, and perhaps most importantly, provide the ability to update menus and offers in the moment. Though many establishments are enrolled in at least one avenue of third-party ordering, pick-up, or delivery, these offerings would have a greater impact on the business with a technology foundation in place that combines these capabilities into one, easy to manage view.
It is paramount in today’s economic climate that the hospitality industry adapts to the ever-changing expectations of the customer. Utilizing a unified platform as a centralized place for managing orders and inventory allows owner/operators to make real-time decisions for their establishment’s day-to-day needs and helps differentiate their business from others.
An all-in-one solution also sets employees up for success. It empowers them to conveniently manage everything from websites to mobile solutions, phone ordering systems, and other relevant channels that are all connected to a central database. A solution of this nature also allows managers to continually onboard and train new staff members efficiently within one streamlined dashboard, opposed to multiple interfaces.
Overcoming obstacles
The biggest hurdles the hospitality industry is facing in this economy are timing, cost, labor, and staffing. However, applying an all-in-one solution to your operations can help address these challenges head on.
Many businesses are contractually bound to their point-of-sale (POS) providers and third-party vendors; therefore, switching to a streamlined platform that encompasses ordering, payment, inventory, customer data, and more can be a tough decision. POS providers are essential players within the industry, so choosing a provider that is open to best-in-class services versus a walled domain is often the best first step that operators can take in unifying their tools.
The cost of switching to a streamlined platform should be viewed as a necessary one for the growth and success of your business––especially within the current landscape where customers value convenience and efficiency. Though it may require some financial investment up front, in the long run switching to a solution that puts the customer experience above all else is where the real value comes in. This is going to help your business operate more efficiently and effectively, saving you time and money, while ultimately aligning your goals with those customer expectations.
As a whole, the hospitality industry is still extremely short-staffed, and a unified platform can help owners and operators address this issue. Utilizing offerings like order-at-table and pay-at-table enable the business to continue to function at a high level with less staff onsite, while putting the control in the customer’s hands, allowing them to drive their experience at their own pace.
Putting your best foot forward
Implementing an all-in-one payment and ordering platform that works with your existing partners can be a powerful tool for restaurants and hotels alike, especially within a volatile economy. However, it is important for businesses to implement these technologies in a way that is transparent to staff and customers.
Putting a unified solution into effect within your business operations allows employees to do their jobs well, while empowering customers to take control of their experience through their preferred channel––having everything processed and visible to your team through a single dashboard. Incorporating these technology offerings will prove to be valuable as we venture into new customer expectations and economies in 2023 and beyond.
Jon Squire is the CEO and Co-Founder of CardFree. He has more than 20 years of business, marketing, and product development experience in financial services and emerging technologies. Jon founded CardFree in 2012 with the vision of filling a gap in the marketplace with an integrated commerce platform for large merchants. Jon has consistently driven innovation and created world-class product offerings in new categories. He launched the first national mobile P2P offering in partnership with Sprint and PayPal. He is well known for his leading-edge work with NFC, barcode, and alternative technologies that integrate with the point of sale. Earlier in his career, he led mobile/e-commerce payment initiatives for Wells Fargo and ran E*TRADE Advisory Services.
