Those using AI to boost restaurant operation efficiency and link up with AI-savvy fintechs have been improve their credit score, funding
According to data from a report from the Indonesian Chamber of Commerce and Industry (Kadin Indonesia) regarding the use of AI in the country, many financial institutions are still in the early stages of implementing generative AI (GenAI).
In the food-and-beverage (F&B) industry in Indonesia, many micro-enterprises face challenges accessing traditional funding resources.
Now, there are signs that the use of AI has been bridging the two industries so that up to 40% more F&B businesses in the country have been able to enjoy greater access to working capital from local banks and financial institutions.
More F&B businesses now have access to an in-app AI assistant in their restaurant management solution that can provide recommendations on menu combinations; pricing strategies; promotional activities; fraud prevention measures; perform sales forecasts (estimated 90% accuracy) and guidance on overall business health.
Featuring a female GenAI chatbot named OLIN, the restaurant management solution allows micro-business owners and staff to ask simple questions to obtain insightful data-driven advice, rather than having to manually perform data analysis to find solutions.
With the AI empowered credit-scoring feature, even F&B businesses previously deemed unbankable by traditional financial institutions have been able to reach out to fintechs empowered by AI risk management solutions for help, as long as the incumbent businesses show improved outcomes from being assisted by their AI-powered restaurant management AI solution.
According to Gunawan Woen, co-founder and CEO, ESB Restaurant Technology, the firm that produces the AI-powered restaurant management solution for F&B micro businesses in the country: ““In addition to providing software as a service, we support our merchants in managing their supply chain relationships. Our acquisition of a payment gateway last year has enabled us to handle crucial transaction and cash flow data, which is vital for enhancing financial stability for our merchants and their suppliers. While not acting as lenders ourselves, we facilitate connections between financial institutions and merchants. We’ve identified a high demand for supplier financing, which we address through our AI.”
