Episode 426: Digitized Dining: PAR CEO Savneet Singh Stirs the Pot on Food Service
Jul 15, 2024
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PAR CEO Savneet Singh discusses revolutionizing the food service industry through digitization, expanding products in top restaurant brands, and collaborations with Burger King and McDonald's. The podcast delves into the evolution of technology in food service, balancing convenience with human interaction for customer experience enhancement, and lessons from youth entrepreneurship. It also highlights PAR's innovative products, strategic acquisitions, and growth initiatives in the industry.
Food service industry evolving digitally through phone-enabled delivery apps and contact-free menu kiosks.
PAR Technology's shift from hardware to software with a focus on innovation and customer service.
Emphasis on continuous improvement, customer-centric approach, and personalized experiences in restaurant technology sector.
Deep dives
McDonald's Speedy Service System Revolutionizes Food Industry
In 1948, Dick and Mack McDonald's McDonald's revolutionized the food service industry by introducing a speedy service system at their San Bernardino restaurant. This system allowed for mass food production with efficiency, offering customers burgers in just 30 seconds, starting at the grill where burgers were cooked by dedicated cooks, then dressed with pickles, onions, ketchup, and mustard. This innovation laid the foundation for McDonald's global expansion to over 42,000 restaurants worldwide.
PAR Technology's Evolution from Defense Contracting to Restaurant Technology
PAR Technology, a global provider of cloud-based point-of-sale software for restaurants, traces its beginnings to 1960s defense contracting before creating the first POS terminal in 1978. An acquisition of Brink POS software in 2014 marked a pivotal moment for PAR, shifting focus from hardware to software. The company's values of speed, ownership, and winning guided its turnaround from financial challenges to industry leadership.
The Day One Mentality and Continuous Innovation at PAR Technology
Inspired by Jeff Bezos' 'Day One' philosophy, PAR Technology's CEO instilled a culture of continuous innovation and growth within the company. The emphasis on maintaining a 'Day One' mentality ensures a focus on innovation, agility, and a forward-looking approach. The company's strategic vision is centered on unifying restaurant technology, providing a comprehensive suite of solutions to empower clients and enhance guest experiences.
PAR's Commitment to Customer Service and Problem-Solving
PAR CEO emphasizes the significance of relentless intensity in serving customers in the restaurant and food service industry. By putting themselves in the shoes of their clients, PAR aims to proactively address even the minor challenges, ensuring a superior customer experience. Through open feedback culture and active problem-solving, PAR maintains a culture focused on continuous improvement and humility.
Integration Strategies to Enhance Customer Experience
PAR aims to integrate acquisitions by tightly combining products to offer a seamless and enhanced customer experience. Rather than just consolidating vendors, the focus is on providing integrated solutions that offer superior functionality and convenience. By prioritizing product cohesion and personalized customer experiences, PAR aims to create a unique value proposition for its clients in the restaurant technology sector.
The days queuing to order food are numbered. With the rise of phone-enabled delivery apps and contact-free menu kiosks, food service has evolved from a person-to-person transaction to a seamless digital experience. Leading the transformation is PAR CEO Savneet Singh. Savneet goes Inside the ICE House to discuss how PAR is revolutionizing the food service industry through digitization and its recent product expansion into some of the world’s top restaurant brands.