Podcast: Trends, Challenges & Opportunities: With Tony Smith of Restaurant365

Jaime and Tony 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 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 Restaurant 365, such as tip automation and enhancements to their workforce management suite. The episode concludes with a few book recommendations from Tony & Jaime.

Below are more topics covered and exactly where to find them in the podcast:

• Current industry trends and concerns (00:00:44)
  Discussion about the uncertainty in the restaurant industry, potential recession impact, and the alleviation of inflation concerns.
• Restaurant 365’s primary pillars (00:02:59)
  Overview of the three main areas: accounting, operational software, and workforce management, along with the focus on providing better intelligence tools.
• AI and data intelligence in the industry (00:04:19)
  Exploration of the applications of AI and machine learning in the restaurant industry, including sales forecasting, accounting functions, and employee training.
• Automating administrative tasks (00:06:34)
  The system’s ability to give managers time back to focus on guest experience and important tasks, leading to them thinking more like operators.
• Empowering managers and operators (00:07:51)
  Discussion about how the system turns managers into operators, allowing them to make impactful decisions and have a more significant role in the business.
• Labor challenges and solutions (00:09:41)
  Addressing the labor crunch, wage inflation, and successful strategies for hiring, retaining, and incentivizing employees.
• Restaurant Transformation Tour and community involvement (00:11:25)
  Insights into the regional and national shows aimed at providing valuable information, bringing partners together, and fostering a sense of community within the industry.
• Cultural initiatives and employee engagement (00:14:09)
  The importance of a culture focused on growth and learning, investing in employees, and providing intrinsic value in the workplace.
• Prime cost control and profit management (00:16:07)
  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.
• The profit and loss report (00:17:18)
  Discusses the significance and frequency of profit and loss reports in Restaurant 365, emphasizing its importance in the restaurant industry.
• New offerings and future plans (00:18:34)
  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.
• Decision-making and leadership (00:19:42)
  Tony shares his recent reading on decision-making, the impact of AI, and the importance of human nature in decision-making.
• Book recommendations and decision-making (00:21:38)
  Explains the concept of decision-making and betting, and additional book recommendations.

Click here to watch the podcast.