Intelligent forecasting
Currently, we’re seeing AI being implemented into back-office management systems like TouchOffice Web, to predict future sales, stock levels and footfall, unlocking the ability for operators to analyse future business performance and make informed decisions moving forward.
Here at ICRTouch, we have already built an AI model which can predict sales with around 95% accuracy. The ability to generate forecast reports will provide businesses with invaluable insight to implement measures which maximise revenue and efficiency.
Personalised customer experience
Hospitality businesses will likely benefit from increased order totals as a result of AI, thanks to personalised product recommendations. AI has the ability to effortlessly analyse customer purchasing behaviour and as a result, tailor suggestions based on preferences, taking strategic upselling to a whole new level.
This is a crucial element of increasing revenue through solutions like SelfService kiosks and ByTable self ordering apps, allowing businesses to successfully capitalise on various upselling opportunities without the need for staff assistance. On the other hand, the tailored selections provide a more personalised customer journey which likely results in improved customer experience.
Comprehensive loyalty schemes
Off the back of intelligent upselling and tailored customer experience thanks to AI, we see it being implemented into various loyalty schemes within the next few years, becoming a go-to tool for maximising customer retention.
Providing personalised products, bespoke offers and customised product suggestions will undoubtedly become the norm across our industry, with consumers already starting to expect this increased level of personalisation.
Scope for current and future presence
With more and more businesses implementing the tool, AI will soon have a greater presence both front- and back-of-house. Currently, back-of-house AI implementations have more scope, facilitating business management where possible. Predicting future sales with intelligent forecasting can effectively translate to rota and workforce management, as well as aiding JIT stock control; elements which thousands of hospitality businesses will be monitoring closely to save costs.
However, AI can be incredibly useful for front-of-house implementations too. It’ll likely become a prevalent tool for intelligent upselling to boost revenue, and for maximising customer retention with personalised loyalty schemes and scheduled advertising based on customer activity. The ability to offer dynamic pricing across various channels, alongside more cohesive table plan management for maximum efficiency may also be implemented by many.
Should every business implement?
AI has completely revolutionised the hospitality industry and it will continue to do so for years to come. Businesses making full use of AI capabilities are without a doubt at an advantage in the realms of targeted upselling, improved customer experience and better customer retention.
However, it’s important not to get carried away, and make sure it’s only deployed where it makes sense, as it can be a double edged sword. Customers value human CRM, and using AI for communications can often make a brand less appealing.
Hospitality heavily relies on human interaction, and whilst AI is an effective tool, it will never completely replace the most important asset of the hospitality industry, its people.
