Grab this free infographic download to discover the key stats from our latest Beyond the Booking hospitality report, that's all about technology use in 2024.
How is technology impacting your business currently and how could it help shape your future in 2024? Those are the questions we wanted to answer in our latest Beyond the Booking hospitality report. In November 2023, ResDiary surveyed almost 200 restauranteurs and nearly 600 consumers in the UK and Ireland to find out what technology solutions venues are using, what they need, and importantly, what diners want too.
This infographic brings to light some of the key takeaways from the research, reflecting the major challenges impacting the hospitality sector at present, while highlighting some of the pitfalls venues should look to avoid in their response to them.
What's in the report?
We dive into the detailed findings from this important study and explain what it means for hospitality venues as they plan their strategies for 2024 and beyond. However, here are some of the key findings below which provide a good snapshot of how tech is impacting on hospitality now and what the thoughts and opinions are from both operators and diners.
- Nearly half (43%) of hospitality venues believe they already have all the software solutions they need. Interestingly, over a third (37%) of the venue operators we surveyed believed they may not have what they require - 20% know they don’t have the systems they need and 17% aren’t sure.
- Almost a third (30%) classed themselves as early-adopters of tech, always on the lookout for the latest solutions. These respondents said they would be keen to adopt and implement the newest tech as soon as it’s available. More than half (57%) prefer to bide their time and allow others to test them out first.
- Staff requirements were the catalyst for a third (33%) of venues to adopting new tech. Customers at (28%), and competitors (20%) were the next most important factors in driving tech adoption. This proves that there can be multiple stakeholders in your decision to adopt a new system or replace an old one.
- Budget was a primary concern for nearly half (49%) of venues when considering new tech.
It’s natural for costs to be a chief concern for any business and this was the top reason given for hesitancy towards new tech. 40% said they lack the time to focus on it, while 35% said they were put off by the need to learn about a new or updated system.
- Almost all venue operators (95%) believe reservation software is important. This report found that booking systems, EPOS, and table management systems were among the most essential tools for businesses.
- Nearly two-thirds of venues said their reliance on technology will increase in the next 12 months. Almost half (46%) expect their budgets for technology to also increase during that time.
How this infographic can help you
By identifying the key trends in hospitality technology, you'll gain a deeper insight into how your competitors are using it currently and what their opinions are.
For example, it is widely agreed that booking systems, EPOS, and table management systems are among the most important. But there are also other solutions that are growing in popularity like CRM marketing platforms, and online vouchers. By growing your knowledge on these solutions, you could potentially gain an edge over your competitors and leap ahead.
The same value could be applied to understanding how technology is shaping the dining experience and what customers really think about technology. Our study found some conflicting views between venues operators and their customers on things like e-menus, order and payment at the table, and online food ordering.
So, when you're equipped with the facts, you'll be able to make better decisions when planning your strategy for 2024.
Key conclusions we can draw from this data
Hospitality technology is already playing a huge role in pushing venues towards a more efficient and data-driven future. This is vital as the need to do more with less is becoming even more vital and businesses need to squeeze even more value from every table booking.
We found there to be a divide though in hospitality venues that are moving forward with the help of tech, and those who may be left behind. 2024 will be a crucial year where the gap may widen between those businesses who fully embrace tech as part of their strategy and those who wait until they have to react to challenges to find a solution.