2023 Review: A Year of Growth and Innovation at 5-Out
Recap of 5-Out's 2023: New features, partnerships, and expanded client base. Discover how we're revolutionizing restaurant profitability through AI technology.
2023 was an exciting year for us at 5-Out. We expanded our platform's features and functionality, developed new partnerships with premier restaurant tech providers, onboarded hundreds of new restaurant locations, and grew our team. These efforts highlight our dedication to our mission: to optimize the profitability of all restaurants. We are excited to share some highlights from this fantastic year with you!
More Features and Enhanced Functionality
Our dev team was hard at work all year launching new features and product updates to make 5-Out an even more powerful tool for restaurant operators.
A few of our favorites include:
1. Improved Item-Wise Sales Forecast Model
The Improved Item-Wise Sales Forecast Model enhances accurate daily item-level forecasting, aiding in inventory management, cost reduction, and improving customer loyalty.
2. 5-Out Mobile App
Currently in BETA but launching very soon…Stay tuned!
3. Consolidated Emails for Multi-Unit Groups
5-Out's Consolidated Email Notifications simplifies performance tracking for multi-unit restaurateurs, offering a unified view of metrics across locations in one email.
4. Knowledge Base
We created a Knowledge Base within 5-Out to answer all of your setup and day-to-day usage questions, and we added a live chat feature for quick access to any questions you might still have!
5. Logbook Module
We created a customizable, centralized hub for staff communication. Restaurants leveraging the logbook see a significant boost to operational efficiency.
6. Even Better Forecasts
We supercharged our forecast modeling by developing new methodologies to exclude anomalous data features, extending forecasts out to 35 days, and building out an entirely new next-gen neural network model.
New Integration Partners
In 2023, we expanded our integration partnerships by adding several industry-leading solutions:
Our collaboration with Craftable provides a seamless, all-in-one management solution for restaurant owners, enhancing operational efficiency and profitability by integrating purchasing, inventory, and sales with accounting.
The partnership with Harri merges 5-Out's AI-driven sales forecasting and real-time labor monitoring with Harri's smart scheduling and communication tools, integrating workforce management for optimized staffing and scheduling.
MarketMan's inventory management and 5-Out's sales forecasting are combined for enhanced operational efficiency. This integration effectively improves inventory control and food cost management while offering key operational insights.
Enhanced integration to include actual labor data alongside sales.
Our Tripleseat integration allows 5-Out to merge event management with predictive analytics for improved forecasting and budgeting.
Our new xtraCHEF upload feature enhances purchasing efficiency by enabling easy entry of purchase data into 5-Out. This functionality is particularly effective for multi-location operations and extends to any inventory partner using our new upload feature.
These partnerships have significantly bolstered 5-Out’s capability to provide comprehensive data analysis and management tools for restaurants.
More Restaurant Clients
To maximize the profitability of every restaurant, we need to reach a lot of new customers. We’re proud of the work we did last year to further our mission:
1. Onboarded 200+ New Restaurants
In 2023, we successfully onboarded 200+ new restaurants to the 5-Out platform! 5-Out customers achieved an average 1% net profit increase for these partner restaurants, translating to an impressive 15x return on their investment in 5-Out.
2. Launched the Referral Program
Aligned with our goal to further expand our reach, we launched a Referral Program. For every new location referred to us, we are offering a $400 incentive. We are THAT excited for more restaurateurs to experience the profitability benefits of the 5-Out platform. Ready to refer a restaurant?
A Growing Team
In the fall, we welcomed Mike Diminick to head up our sales team. He’s been hard at work with outreach and demos, and -- if you’re ready to take your restaurant to the next level -- he would love to talk to you. Chat with him today!
Looking to 2024
As we prepare for the year ahead, we have a FULL roadmap that we could not be more eager to block and tackle.
Some of our most exciting releases on the horizon include:
- Launching the 5-Out Mobile App and Smart Actions to make it easier for restaurant operators to make smart decisions on the floor and on the fly
- Further investment in COGS budget automation and management solutions through new integrations and a suite of new functionality
- Monthly and yearly budget tracking with a Financial Planning & Analysis module
- Improvements to our emails to make the 150,000+ insights emails our customers open each year even more impactful
Most Importantly: Thank YOU!
We could not be more grateful for our customers and partners who made 2023 such a successful year. Through formal feedback and casual conversation alike, we learned so much from the 5-Out community and leveraged these insights to get us where we are today. Thank you for your time and support. We look forward to the year ahead!