The Economist recently cited two surveys about artificial intelligence. The upshot? The average person believes there’s a 20-22% chance they’ll lose their job in the next five years due to AI or automation. 20%!
Thinking about being replaced by a machine feels uncomfortable and disheartening at best.
Thankfully we’ve chosen a business where the human element is still central – where the formula for success still has magic attached to it.
The End of the Analysis Era
Those of us who pride ourselves on understanding restaurant numbers feel grateful that our self-esteem comes from other things we do – as our usefulness as restaurant analysts draws to a close.
A machine can just plain do it better.
I look at a restaurant P&L every day, and I’ve done that for decades. I analyze numbers very quickly and have taught a lot of people to do the same.
Fortunately, my job isn’t just data analysis. I’m thrilled that we do more important and valuable things like developing strategy, taking action, and knowing what to do next.
If we didn’t, we would be part of that demoralized 20%.
If you regularly read my work, you know how I prefer action over standing still.
Take Valuable Action Now
Reflect on what you do to make sure your business wins in today’s market.
- Boost sales by making your guests happier with the experience your restaurants provide.
- Raise your retention by making your employees proud of the new skills you have taught them.
- Increase guest count by ensuring your brand sends a clear and consistent message to current and lapsed guests and non-users.
- Foster action and accountability by sharing meaningful information with your team, and track results.
- Ensure that your life as a restaurant owner does not preclude you from doing other important things with your life so you don’t regret your time spent at work later.
Experience Counts in the AI Conundrum
One of my clients recently prepared to hire an operations director for the first time. He told me that he had been talking to AI, as he drove in his car every day, about an operations director, and he felt he knew everything about the position and what it entails.
So, I asked him a question: “How many operations directors have you hired in your career?”
The answer? “None.”
As we transition away from the analysis age to the action era, and understand the value of experience, we will have more time to consider the right actions to take and make meaningful improvements. In this challenging market, you need to have that extra edge to be your best.
Welcome to the future!
