AI sales forecasting and restaurant analytics startup Tenzo, in collaboration with UK innovation agency Innovate UK, will “continue the fight against food waste in restaurants and help restaurants survive and thrive as the world emerges from the pandemic.”
In the middle of what Young’s pubs call the “toughest year” in their 189 deal, the UK restaurant industry is suffering very much in the face of the coronavirus pandemic. The widespread lockdown measures forced most of the restaurants to close doors to the public during the spring, and despite the initial success of the government’s “help with the meal” scheme, the scaffolding appears to have taken a fatal blow amid ongoing virus horrors.
Tenzo – launched in 2016 with “Mission to Revolutionize the Ways of Restaurants and Retailers Using Data” – says it will use its funds to “use the power of artificial intelligence and machine learning to develop the most cutting-edge sales forecasting platform for restaurants.”
The new tool uses AI to “improve the accuracy of daily restaurant sales forecasts by up to 50%,” providing operators with hourly forecasts at the item level, and “not just whether they need to order and prepare at any time.”
Tenzo CEO and co-founder Christian Mouysset welcomed the news of the new project.
“The UK hospitality industry generates more than 1 million tonnes of food waste each year, with CO2 emissions of over 4.5 million tonnes, increasing revenues of over 3.2 billion pounds.
“Additionally, restaurants operate at an average profit margin of 3-5%, making them one of the least profitable sectors in the country. The ongoing pandemic and subsequent lockdowns have also had a major economic impact on this sector. Restaurants need to save more costs than ever before.
“By 2025, Tenzo will reduce UK hospitality food waste more than 180,000 tons a year, which will save more than 800,000 tons of CO2 and nearly £100 million.”
Tenzo’s business model is particularly ambitious, but reflects the growth trends towards sustainability initiatives in a variety of sectors, from manufacturing to restaurant dining.
“We want to be in every decision maker’s pocket in every restaurant, store it all around the world, give actionable insights to the right devices at the right people, at the right time. Through our insights and predictions, we aim to help all brick and mortar businesses not go to waste, reduce the impact humanity is having on the planet, and create more efficient businesses that grow faster.
Tenzo is already in use in over 10 different countries, including well-known brands such as Nando’s and TGI Friday.
