On The Road To Consolidation
The restaurant industry was a late bloomer when it came to diving into the tech pool. While other industries welcomed new innovations with open arms, the hospitality space was set in its ways. Analysts predicted a 15 year plan and eagerly waited for tech to kick down the doors of restaurants, but 2020 said “the tech is here and the time is now.”
In 2020, the industry made a huge technology leap and the tech boom for restaurants was born.
At this point, a delivery or online ordering platform isn’t just an option for restaurants, it is a necessity. How we thought about hospitality a year ago is completely different today. The standard has been set for operators, and restaurant goers have embraced the change. Consumers have organically acclimated to the new technologies and operators who have integrated solutions are reaping the benefits.
But you’ve read this story already… you know that the tech is here. You use it every day….you see it on your walk home from work at every restaurant you pass. So the questions is…what’s next?
This weeks industry buzz was all about two massive deals that laid out the landscape and presented a clearer path of what we can expect in hospitality tech. On Thursday, June 10 2021, Toast, a point of sale and management system for restaurants that handles services like menu ordering and delivery, announced their acquisition of xtraChef, a back-of-house management platform that provides tools for restaurants like accounts payable automation and inventory management. It was also announced on Thursday that Restaurant365, a restaurant management platform acquired Compeat, a restaurant management software.
As tech continues to develop in the space, more powerful and larger modern day solutions will continue to acquire independent companies. Operators, who are now more aware of the power of tech, will be on the hunt for integrated solutions that are simple to implement. So, if there’s one lesson you take from this news, it’s to realize the importance of integrations.
Originally published at https://www.linkedin.com.