McDonald’s is an American Fast Food company that has branches all around the world. Established in 1940 by brothers Maurice and Richard McDonald, the company is currently at a net worth of over $160 Billion. Growth and innovation is required in any field, the fast food world is no different and the fast food giant has been investing heavily in tech in recent years.
McDonald’s has been actively investing in ways to improve their services and much of this is going to improving customer experiences across the board. Spending over $250 million on tech startup Dynamic Yield, the company seeks to reform its drive-thru experience. The startup was founded in 2011 and specialises in personalization of customer experience through machine learning. Mcdonald’s didn’t stop there, continuing to strategically invest in digital related services. App development, voice technology and eventual formation of McDonald’s Tech Labs. It’s clear that the fast food giant is going big on tech. It’s new Silicon Valley based hub will be the central point of research and development.
Strategic investment of tech is no easy venture, choosing the right opportunities to lead and grow are vital. Every pathway of growth is built on the foundation of technology, McDonald’s are set to realise bespoke and tailored solutions with inhouse development at their disposal. Other industries have long since invested in digital technologies and adapted to the current state of fast-food consumption. Analysts conclude that McDonald’s are a little late to the party but it might be a case of better late than never with the company having revenue much higher than its competitors. Perhaps this will give some room for a late start, but growth is just as important as performance. Significant investment will need to yield results in the years to come and the company is keen to start accelerating these plans.
Perhaps the stance is not to reinvent the wheel of fast food for now, but enhancement of customer experience is to be expected. Analytics and personalised experiences are but a few of the upcoming improvements the business intends to realise. AI, analytics and other technologies will be used to create effective suggestions and may even influence future menu offerings. It’s interesting to see how far the digital revolution of fast food will go and perhaps there will be a time when robots, AI and other tech will be at the store front of your next fast food drive thru.
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https://www.marketingweek.com/mcdonalds-digital-transformation/
https://en.wikipedia.org/wiki/McDonald%27s