The Internet of Things (IoT): Automated system of intra-connected devices, machines and objects with the ability to communicate over a network, without requiring any human interaction. Making any device “smart”, from sensors to smartphones and wearables to any “thing”. The real value is in gathering the data, analyzing it and creating an action1-2. This is how it works:
The Internet of Things market, also known as the Digital Transformation, is expected to grow to $1.6 trillion with over 38 billion connected devices by 20253.
Companies who digitally transformed are 26% more profitable than their competitors4. According to Gartner, by going digital F&B companies could improve their efficiency and create 15% in annual cost savings by 2020 with the use of smart appliances5. 73% of restaurant operators believe that IoT gives them a competitive advantage and helps increase their profitability1-2.
IoT recipe for restaurants: sensors, a gateway to gather data, a platform to analyse the data and an app to receive the actionable data.
A connected kitchen
A restaurant in Dubai tested smart kitchen and refrigerators which helped to manage their food more efficiently, reducing 40% of their operational costs. 44% of F&B companies would like to add “smart” back of house equipment6. Read more on the key elements for a connected kitchen.
1 Modern Restaurant Management, 2019. The Connected Restaurant.
2 Wired, 2018. What is the Internet of Things?
3 Statista, 2019. IoT market size worldwide 2017-2025.
4 Forbes, 2019. 50 Stats That Prove The Value Of Customer Experience.
5 Gartner, 2017. Leading the IoT.
6 Restaurant Business, 2019. Today’s tech landscape.