{"id":758,"date":"2023-10-31T04:55:32","date_gmt":"2023-10-31T04:55:32","guid":{"rendered":"https:\/\/economicherald.net\/?p=758"},"modified":"2023-10-31T04:55:32","modified_gmt":"2023-10-31T04:55:32","slug":"ordermentum-gets-hospo-industry-onto-ai-wave","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=758","title":{"rendered":"Ordermentum gets hospo industry onto AI wave"},"content":{"rendered":"

Even in the hospitality industry where the human touch is gold dust, that famous chatbot has sparked an explosion of discussion about AI.<\/p>\n

But while Chat GPT is a brilliantly simple tool that can create fun and fancy menus, it\u2019s a diversion from the real impacts of the fast-approaching AI tidal wave that\u2019s going to hit us all, says Ordermentum<\/a> founder and CEO Adam Theobald.<\/p>\n

Ordermentum is Australia\u2019s leading ordering and payments platform for the wholesale food and beverage industry and has an even bigger bite of that market since its $16 million capital raise<\/a> and purchase of wholesale food marketplace Foodbomb<\/a> last month.<\/p>\n

It\u2019s now further accelerate its ambitious national growth strategy<\/a> while pulling the industry into the fast-approaching future.<\/p>\n

\u201cFor venue owners there are three options for dealing with AI,\u201d Theobald says. \u201cOne is to put their head in the sand and ignore it. Another is to play with Chat GPT and pretend they\u2019re on it.<\/p>\n

\u201cThe right response is to get their teams and systems in order. That\u2019s because the true value of AI today lies underneath the digital tools that many venues and their suppliers already use for business tasks such as making orders, payments and more.\u201d<\/p>\n

\u00a0<\/p>\n

Pivotal moment is now<\/strong><\/h2>\n

In most venues these digital tools have replaced the old pen and paper, tills and telephones. But some businesses are now suffocating from SaaS and the monthly fees from a range of apps they\u2019ve downloaded in the rush to digitize.<\/p>\n

\u201cWe\u2019re at a pivotal moment now where venues need to pick sustainable tools that are going to offer streamlined support for the long term. These will be sourced from quality partners who offer data for good, not out of opportunism,\u201d Theobald says.<\/p>\n

\u201cMaking the right digital choices will empower venue owners and wholesale suppliers to be 10 times better and more scalable. That will be thanks to the dynamic\u00a0pricing, forecasting, inventory management, route optimisation and personalised recommendations they\u2019ll be able to access. Businesses that don\u2019t adapt in this way will flounder then struggle to catch up.\u201d<\/p>\n

\u00a0<\/p>\n

Guesswork on chopping board<\/strong><\/h2>\n

Theobald says high quality digital solutions can offer the right information at the optimal time for the best decision. This comes from having a tool that finds the best suppliers in the country for a particular business and simplifying procurement; one that says, \u2018Hey are you really sure you want to order that many? Did you know if you ordered these, you could get better return on investment?\u2019.<\/p>\n

It\u2019s like having a scalpel to cut costs in exactly the right places to drive up revenue rather than the old blunt knife \u2018let\u2019s chop 10% across the board\u2019 approach.<\/p>\n

And if the commercial heartbeat of the business is healthy, it\u2019s going to be reinvesting in the important things customers love \u2013 fantastic menus, great produce at the best available cost \u2013 and baristas who remember every customer\u2019s name in a competitive staffing market. The equivalent is true on the supply side as well.<\/p>\n

And for the end consumer? They get venues they love to go, which can keep their doors open and which are more environmentally sustainable as well.<\/p>\n

\u00a0<\/p>\n

Top three tips to prepare for digitization\u2019s third wave<\/strong><\/h2>\n

For the many small business owners who feel overwhelmed and anxious about how to use AI, Theobald says there are really only three key tasks to keep in mind.<\/p>\n

Firstly, get teams feeling comfortable about embracing the right tech, including hiring people who are amenable to using it.<\/p>\n

In terms of ordering, do all this digitally so all invoices go straight into the accounting system and all data is in one place. This is essential to accessing the business insights AI offers.<\/p>\n

Lastly, make sure you choose a provider with the demonstrable ability to level up the tech over the next 10 years at least.<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Ordermentum, a Stockhead advertiser at the time of publishing. <\/em>\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

\u00a0<\/p>\n

<\/span><\/p>\n

The post Ordermentum gets hospo industry onto AI wave<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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