Tuesday, 16 April 2024 10:55

AI the key to foodservice?

Written by  Jessica Marshall
Report co-author, US-based RaboResearch senior analyst Thomas Bailey. Report co-author, US-based RaboResearch senior analyst Thomas Bailey.

Could smaller foodservice operators take advantage of the benefits of artificial intelligence (AI)?

A new report from Rabobank suggests exactly that.

In its Foodservice Update for the first quarter of 2024, the bank states AI is becoming more accessible to foodservice operators of all shapes and sizes, with software-as-a-service (SaaS) providers and an increased availability of data are facilitating this shift.

“Data is the essential raw material for AI, but until recently, the foodservice industry lagged behind other sectors in terms of digitalization,” the report reads.

Yet, since 2020, consumers have shifted towards digital channels for both information and transactions.

“Companies that have digitalized their contact with consumers through kiosks and loyalty apps… now possess proprietary data, as do delivery platforms,” it states.

Report co-author, US-based RaboResearch senior analyst Thomas Bailey says current AI applications in foodservice are primarily focused on increasing efficiency, reducing staff workload, optimising marketing strategies, and improving customer experience

“Customer interactions are also being transformed through AI, with highly performing chatbots and telephone assistance software improving the customer experience and operational efficiency,” Bailey says.

“AI software can be used to improve text and images, personalise customer interaction, understand brand perception, and implement more focused pricing strategies,” he says.

However, Bailey is quick to point out that AI is a “work in progress” and “far from perfect”.

“The adoption of AI also carries potential risks, including customer alienation and technology-related issues,” he says.

The report points out that it is a necessity to define the purpose of incorporating AI and its subsequent actions.

More like this

Bank helps clients reduce emissions

Rabobank says climate change creates both risks and opportunities for the bank and its clients and that the food and agriculture sector needs to recognise the potential for both.

Editorial: Farm salaries get a boost

OPINION: The recent Federated Farmers / Rabobank 2024 Farming Salaries Report revealed strong growth in farm salaries over the past two years.

Strong growth in farm salaries - report

A new report shows farm employers across the dairy, sheep and beef, and arable sectors have continued to invest strongly in one of their greatest assets – their staff.

Featured

Feds make case for rural bank lending probe

Bankers have been making record profits in the last few years, but those aren’t the only records they’ve been breaking, says Federated Farmers vice president Richard McIntyre.

National

Canada's flagrant dishonesty

Deeply cynical and completely illogical. That's how Kimberly Crewther, the executive director of DCANZ is describing the Canadian government's flagrant…

Regional leader award

Eastern Bay of Plenty farmer Rebecca O’Brien was named the 2024 Dairy Women’s Network (DWN) Regional Leader of the Year.

Machinery & Products

Tractor, harvester IT comes of age

Over the last halfdecade, digital technology has appeared to be the “must-have” for tractor and machinery companies, who believe that…

» Latest Print Issues Online

Milking It

Substitute for cow's milk?

OPINION: Scientists claim to have found a new way to make a substitute for cow's milk that could have a…

Breathalyser for cows

OPINION: The Irish have come up with a novel way to measure cow belching, which is said to account for…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter