SpotQuest has launched a new global F&B location intelligence and menu price benchmarking AI platform for restaurants, in partnership with The Cutting Edge Hospitality Agency in the Middle East.
Set to be a game changer for the industry, Singapore-based company SpotQuest built an AI platform able to provide food and beverage professionals, including operators, developers and investors with an in-depth assessment of millions of data points that takes the guesswork out of selecting and managing restaurant locations as well as fully automating the process of menu pricing comparison with intelligence insights.
Founded by hospitality leader Hannes Bos and tech innovator Sachin Chauhan, the platform provides access to the world’s largest location intelligence data with actionable insights at the click of a button. It sources data from data points globally as well as at the micro-neighborhood level, curating the data, which holds only the filtered 1 percent of gold data relevant to the specific hotel or restaurant location.
Customized map embedding, spot selection, location quests, area visualization, competitor analysis, destination analysis and additional services are available in a detailed, customized location intelligence report within a few clicks.
After noticing a gap in how restaurants set the prices for their food and beverage menus, SpotQuest F&B menus was developed. Restaurant operators frequently use a straightforward cost + percent margin method and only take into account a small amount of market data because they don’t have access to all competitors’ pricing strategies.
To automate price comparison for the restaurant business, SpotQuest spotted an opportunity to use the millions of microlocation data points underlying their SpotQuest location intelligence technology. Restaurant operators will now have access to completely automated price intelligence, joining many other businesses, including airlines and hotels, that have long benefited from competitive benchmarking tools.
Hospitality expert and published author Duncan Fraser-Smith, founder of The Cutting Edge Hospitality Agency, stated: “It is a wonderful opportunity to provide access to these innovative cutting-edge products, rich in data-driven information, to restaurant owners and developers and enable such a high level of intelligence to inform their decision-making process and ultimate success in their venture. This provides timesaving, cost saving and profit enhancing tools for restaurant operators in location assessment for a new or existing development, determining what concept or cuisine to launch and accurate menu item pricing and benchmarking with competitors.”
thecuttingedgeagency.com
