AI sales forecasting and restaurant analytics startup Tenzo has joined forces with the UK’s innovation agency Innovate UK to launch a £500k initiative to “continue its fight against food waste in restaurants and help restaurants survive and thrive as the world comes out of the pandemic”.
In the midst of what Young’s Pubs has called one of its “toughest years” in its 189 years of trading, the UK restaurant industry has suffered immensely in the face of the coronavirus pandemic. Widespread lockdown measures forced the majority of restaurants to close their doors to the public during the spring, and despite the initial success of the government’s ‘Eat Out to Help Out’ scheme, footfall appears to have taken a fatal blow amid ongoing virus fears.
Tenzo – launched in 2016 with “a mission to revolutionise the way restaurants and retailers use their data” – has said that it intends to use the funds to “develop the most cutting-edge sales forecasting platform for restaurants using the power of artificial intelligence and machine learning”.
The new tool will use AI to “improve the accuracy of daily restaurant sales forecasts by up to 50%” and will give operators item-level and hourly forecasts so that they know “exactly what needs to be ordered and prepared as well as when”.
Christian Mouysset, Tenzo CEO and co-founder, welcomed the news of the new project:
“The UK hospitality industry generates over 1 million tonnes of food waste each year, amounting to over 4.5 million tonnes in CO2 emissions and costing the industry over £3.2 billion in lost revenue.
“On top of that, restaurants operate on a 3-5% average profit margin, making it one of the least profitable sectors in the country. The ongoing pandemic and subsequent lockdowns have also had a significant financial impact on the sector; restaurants need to save on costs now more than ever.
“By 2025, Tenzo will reduce annual UK hospitality food waste by over 180,000 tonnes – over 800,000 tonnes of CO2 and save the industry close to £100 million in costs”.
“We want to be in the pocket of every decision-maker in every restaurant and store on the globe, giving actionable insights to the right person, at the right time, and on the right device. Through our insights and forecasts, we aim to help every brick-and-mortar business become less wasteful, reducing the impact that humanity is having on the planet, and creating more efficient businesses that grow faster”.
Tenzo is already being used in over 10 different countries, including by famous brands such as Nando’s and TGI Friday’s.