What is IoT?
Internet of Things (IoT) is one of the biggest buzzwords in business today, but what is it? It’s the embedded electronics, sensors, software, and other technology that enables physical objects, such as an appliance, to connect to the internet for the purpose of data sharing. Rather than simply relying on our Smartphones or Laptops to add data online, our devices can do the data sharing and connecting for us, eliminating manual data collection!
How can IoT impact your business?
IoT is improving efficiency in many aspects of restaurant operations. It is leaping into the modernization of kitchen equipment and appliances. New sensor products on the market can provide data to help you optimize energy efficiency or prevent equipment failures. From the top, IoT gives investors and executives better insight into how restaurants are operating. Often times it is difficult to get consistent, reliable data across many stores. Internet of Things changes this paradigm. Using IoT inside the restaurant, workers are enabled to record data more quickly or the task of data collection can be automated altogether.
As an example, you can upgrade the collection of temperature and humidity monitoring from a manual to an automated processes through cost-effective IoT products. Products like this do the work that takes employees and managers away from more valuable tasks in your stores. On average, restaurant general managers make $51,000 per year, meaning their time is worth roughly $25 an hour.* If your general manager spends more than an hour each month recording and filing temperature readings, then IoT makes sense for your business.
Why you should invest?
Aside from simply eliminating manual data entry and saving your restaurant business precious time and money, most IoT technology is relatively affordable. Most products come in an “as a Service” subscription model with an annual cost of $200 to $1500 per year while passing along savings of $10,000 to $15,000 a year by driving resource efficiency and preventing equipment failures. If you don’t believe you’ll see results, give Internet of Things a chance, then do the math. The more you gain insight into your business data, the more you’ll see the direct ROI as well as intangible benefits (like added oversight) that give you peace-of-mind. Once you give it a try, you’ll see there is no question as to why you should join the wave of IoT.