Technology and How To Use It For Growth

The restaurant industry, traditionally slow to adopt new technologies, is on the cusp of a technological revolution. In a recent interview, Mush Patel, founder of restaurant software company Altametrics, shared insights on emerging trends and the importance of balancing innovation with human values.

Artificial Intelligence (AI) is poised to transform restaurant operations. Patel revealed that Altametrics is developing an AI-powered system called "Altametrics GPT" that allows users to interact with their data through natural language queries. For example, operators can ask how their sales compare to competitors in a specific region, and the system will provide detailed analysis. This technology promises to make data analysis more accessible and actionable for restaurant managers at all levels.

Personalization is another key trend, with point-of-sale systems increasingly leveraging consumer data to create tailored experiences. Patel noted that we'll soon see online-style recommendations ("if you like this product, you may enjoy...") in physical restaurants, along with subtle psychological cues to influence purchasing decisions. However, he emphasized that the primary goal of technology should be to improve the quality of life for both workers and customers.

While the industry often focuses on cost-cutting through technology, Gala argues for a more nuanced approach. He suggests that increased productivity through technology should lead to better compensation for workers, as their value and output increase. This perspective aligns with his belief that business leaders have a responsibility to care for their communities and ensure a high quality of life for the next generation.

For independent restaurants and growing chains, Gala advises caution when adopting new technologies. He recommends focusing on the basics - product quality and customer service - while being mindful of changing consumer preferences for convenience and value. As the industry continues to evolve post-pandemic, with a permanent shift towards delivery and pick-up, restaurants must adapt their operations and technologies accordingly.

Ultimately, Gala's vision for restaurant technology is one that enhances rather than replaces the human element. By leveraging AI, personalization, and other innovations thoughtfully, restaurants can create better experiences for customers, improve working conditions for employees, and build stronger communities - all while staying competitive in a rapidly changing market.

Guest: Mitesh Gala | CEO at Altametrics and Owner, Altametrics