When I am out in the field visiting members, they frequently ask me about technology. Operators are often wondering if they should upgrade their pumps or their point-of-sale system, invest in a mobile app, update their web site or purchase digital devices, such as a menu board.
As with any major purchase, business owners also want to know what the return on their investment (ROI) will be, but that isn’t always easy with technology investments.
To start, it is helpful for operators to gather information about the benefits of the technology they are considering, such as increased speed of service for their customers or their employees, which can result in decreased costs and an improved experience.
From there, operators can begin putting a pencil to paper. Let’s say you find new point-of-sale technology that can save employees time counting a till, and it saves you one hour and you’re paying that employee $15 an hour and you have three employees on shift. Now you have a number associated with your return. You may also find that an updated POS system provides a streamlined reporting process, allowing you to take care of it faster, or create a loyalty program that will allow you to establish a correlation of growth. Those are all quantifiable benefits. More