In this episode RunningRestaurants.com, founder Jaime Oikle interviews Tony Smith, CEO and Co-founder of Restaurant365. They discuss the state of the restaurant industry, touching on concerns about a potential recession, the impact of inflation, and the ongoing labor challenges. They delve into the role of AI and data intelligence in restaurant management, including forecasting, inventory, and employee scheduling. They explore how technology can give managers time back by automating administrative tasks, allowing them to focus on the guest experience and operate more like owners.
The conversation also covered the significance of decision-making and leadership within the industry. Tony teases future developments for Restaurant365, such as tip automation and enhancements to their workforce management suite. The episode concludes with a few book recommendations from Tony and Jaime.
Timestamps and other highlights from the episode include:
Discussion about the uncertainty in the restaurant industry, potential recession impact, and the alleviation of inflation concerns.
Overview of the three main areas: accounting, operational software, and workforce management, along with the focus on providing better intelligence tools.
Exploration of the applications of AI and machine learning in the restaurant industry, including sales forecasting, accounting functions, and employee training.
The system's ability to give managers time back to focus on guest experience and important tasks, leading to them thinking more like operators.
Discussion about how the system turns managers into operators, allowing them to make impactful decisions and have a more significant role in the business.
Addressing the labor crunch, wage inflation, and successful strategies for hiring, retaining, and incentivizing employees.
Insights into the regional and national shows aimed at providing valuable information, bringing partners together, and fostering a sense of community within the industry.
The importance of a culture focused on growth and learning, investing in employees, and providing intrinsic value in the workplace.
Discussion about the significance of prime cost control, including food and labor costs, and its role in the overall profit and loss statement for restaurants.
Discusses the significance and frequency of profit and loss reports in Restaurant 365, emphasizing its importance in the restaurant industry.
Highlights the recent release of tip automation and the expansion of workforce management suite, as well as the ongoing investment in business intelligence and machine learning.
Tony shares his recent reading on decision-making, the impact of AI, and the importance of human nature in decision-making.
Explains the concept of decision-making and betting, and additional book recommendations.
Be sure to check out the episode. Find out more at https://www.restaurant365.com & https://www.runningrestaurants.com.