Artificial intelligence technology is shaping our 21st-Century world in ways that were hard to imagine just a few years ago. We take for granted the ability to ask our pocket assistants like Alexa and Siri "Who won the 1938 world series?" (It was the NY Yankees).
But AI technology is moving forward at a dizzying rate. Performing incredible tricks from fully autonomous self-driving cars to “deepfakes”, computer-generated videos of politicians and celebrities that are virtually indistinguishable from reality.
For a decade AI has beat human intuition in the financial sector. Helping Wall Street pick stocks, and showing that there's big money in picking up on patterns in the market too complicated for human brains to recognize.
It's from this modern technosphere of neural networks and machine learning that Tastewise.io emerges. An artificial intelligence startup founded by neurobiologist and former Google executive Alon Chen, it has the uncanny ability to predict the unmet demands of modern foodies.
The Fickle Nature of Food Trends
As any restaurant owner who's been in business for more than a decade knows, consumer preferences change over time.
It's hard to predict just how lasting these trends will be, so it's more important now than ever that your restaurant concept is flexible. And it doesn't hurt if your chef enjoys tweaking the menu to try new foods.
One thing is for certain, those who are first to adapt to meet evolving customer demands have a clear advantage over those who refuse change.
But how do you know the new styles of food on the rise? And how do you implement this knowledge in a strategic way?
This is the foodservice industry problem that Tastewise.io hopes to turn from an art into a science.
Market Leaders Get an Early Start
Being first to market for a new and in-demand food trend can be a serious money making game-changer for a restaurant. Latching onto modern tastes propelled mainstay brands in the foodservice industry out of initial obscurity.
From McDonald's riding the original fast-food trend to great heights in the mid-20th Century to Jamba Juice cashing in on an emerging interest in healthy shakes and juicing, these big brands, driven to maintain their place at the top, have spent countless millions on market research and product development.
And now their attention turns to AI.
The good news is that this advanced AI data about emerging food preferences is accessible to restaurant groups large and small.
"Diving far deeper than simply understanding consumer preferences, [Tastewise] insights help us select target audiences, catch micro-trends as they sweep from neighborhood to state level and design menus to suit our guests' tastes." -- Guy Heksch, Global Vice President of Marriott International-owned Pure Grey Culinary Concepts Hospitality Group.
What Artificial Intelligence Wants to Eat
So what kind of data is used by Tastewise.io to make its advanced food trend predictions?
According to the company's profile on Start Up Nation Central:
"Tastewise developed a platform that analyzes billions of food data points including menus, reviews, home recipes and social media to provide insights for restaurants, hospitality groups, and food brands. Capturing food innovation in real time, Tastewise equips industry professionals to identify target segments and competitors and understand emerging trends."
That's quite a lot of data to digest! But what does it all mean? According to a recent post on Tastewise's LinkedIn, there is currently a whopping nine billion dollars in unmet consumer need for healthy options in the USA.
While that may be interesting in a general sense, according to a press release from the company, Tastewise's data can be examined not just nationally, but also regionally. And it can provide specific predictions for hot food trends down to the dish, the ingredients...and even condiments.
Food's Fast Future
The traditionally slow-to-evolve offerings within the restaurant industry are certainly set to change. Where there is unmet demand there is gold to mine. And in the fast-paced modern world of internet memes and social media it's about time the hospitality industry had a chance to catch up.
While a seismic shift in any business creates opportunity for new winners to emerge, it also upsets the established order, creating new challenges. In these times of change, it's increasingly important for restaurant groups to remain flexible with their concepts and change with the times.
Just take a look at what the Tastewise AI engine has to say about emerging trends for a stalwart favorite: pizza. Hint — It's not your grandfather's pizza anymore.
Image from the AI food trend tracking website Tastewise.io
Launched for the US market in February of 2019, Tastewise is just the beginning of what will likely be a continuing dependence on artificial intelligence for advanced market research in the hospitality industry.
It also seems likely that in the near future artificial intelligence generated market data will be a key part of any new food and beverage services' business plan.
If you're interested in staying ahead of the competition by using the latest technology for bars and restaurants, pick up the phone and contact one of the experts at Rezku.
Since 2012 Rezku has developed, tested and put in the field advanced hardware and software to improve hospitality operations in the real world. From online food ordering and delivery to tableside point of sale, business analytics and reservations management, Rezku has helped hundreds of restaurants achieve greater business success and make more money.
Speak with an expert in restaurant management technology today and see how we can help you.