Last valued at $5 billion, restaurant management platform Toast has joined the sweep of startups laying off employees due to the economic impact of the COVID-19 pandemic. Toast reduced the size of its staff by 50% through layoffs and furloughs, according to a blog post from Toast’s CEO, Chris Comparato. It also reduced executive pays across the board, frozen hiring, halted bonuses, and pulled back offers.
The company’s flagship product helps restaurants process payments and handle orders through a mix of hardware and software. Think handheld ordering pads, self-service kiosks, and display systems for kitchens. It also connects businesses to food delivery services like Grubhub.
Toast sits on the bridge between two industries in the spotlight, for better or worse, right now: restaurants and fintech. But restaurants have been hit hard as eateries were forced to close down due to state mandates, or to simply promote social distancing. As a result, fintech companies that help restaurants work better and depend on foot traffic are seeing less transaction volume.
Comparato, in the blog post, cited how restaurant revenue broadly took a huge hit in March, which naturally trickled down to Toast’s operations.
“With limited visibility into how quickly the industry may recover, and facing slower than anticipated growth, we now find ourselves in the unenviable position of reducing our headcount,” he wrote. He noted that before the pandemic hit, Toast revenue grew 109 percent in 2019. In an interview with Crunchbase News in February, chief financial officer Tim Barash said that the company’s goal in the next few years is to go public.
The Toast employees laid off were offered a “severance package, benefits coverage, mental health support, and an extended window during which they can purchase vested stock options,” the blog post detailed. Toast is also developing a program to help those laid off or furloughed look for new roles, a move that mimics other efforts we’ve seen across the startup world.
Investors in Toast include TCV, Tiger Global Management, Bessemer Venture Partners and T. Rowe Price Associates.
How Mixed Reality can support Industry during the Covid-19 outbreak
The current pandemic situation has forced the subjects of the entire economic system to rethink work in many new ways and in no time. Even if the companies all reacted rather quickly to the changes imposed by the workers’ health protection measures, this does not mean that they managed to do it in the best way.
In almost all cases of readjustment of working conditions, the digitization of processes is involved at different depth levels.
Depending on the nature of the activity carried out, some companies had only to have their employees work from home, while for others, especially those of the industry, more structured changes were needed.
Industrial companies base their activity on the production of goods, therefore the factory is the beating heart of their processes. To guarantee production continuity to the factories, it was necessary to introduce very strict rules in protection of the health of workers, providing them with personal protective equipment, reviewing the mode and duration of shifts, sanitizing the work areas with a certain frequency and monitoring the temperature of the workers at the entrance.
Factories, by their nature, being places with a high social interaction, are very exposed to contagion and therefore must manage a series of risks that concern not only production, but also other processes including logistics, administration and in general staff. The contingencies due to the measures required to deal with Covid-19 have imposed a limitation of business travel, forcing companies to search for alternative ways of managing operations.
Below is a list of some of the industrial processes impacted by the health emergency, with an indication of how Augmented Reality can support certain activities, and some considerations on what will await us once the emergency ends.
- It has now become a practice, not only in companies, but also in some public bodies and commercial activities, to measure the temperature at the entrance. High temperature is one of the possible symptoms of Covid-19 positive and verifying that it does not exceed a certain threshold is fundamental in environments with many people. In this case, using computer vision solutions that leverage cameras or Smartglasses equipped with thermal imaging cameras, could speed up operations and streamline the queues at the entrance, without the need to point a laser at people.
- One of the reasons that determine the greatest movement of personnel in the field concerns the management of maintenance. Even during the health emergency, it is essential for companies in certain sectors to ensure continuity and therefore they cannot afford to keep production or parts of it steady. In order to limit the movements of specialized maintenance personnel, it is possible to provide workers with practical tools that through the use of Augmented Reality help them to identify and solve problems, at least for those of small and medium size.
- Some industrial activities resort, in certain cases by law, to inspections of work areas or equipment, in order to carry out checks, measurements and other controls. During the pandemic, it was particularly critical in certain sectors to ensure inspection activities, in order not to endanger the health of inspectors. To this end, advanced computer vision systems, equipped on board of drones or other equipment, could guarantee the correct conduct of inspections without compromising human health.
- Both during the Phase 1 and Phase 2 of the emergency, the factories have reviewed the relationship between people and the work environment in a very profound way, making a number of choices aimed at limiting the density of people in the space, aimed at providing protection tools and aimed at informing workers about risks. Augmented Reality has already proven to be a very effective tool in the field of risk management in the workplace, thanks to its ability to allow an “augmented” visualization of the surrounding space, associated with rules and actions to be carried out to manage risks .
Except for the temperature control at the factory entrance, it can be said that all the other use cases in which Augmented Reality can support workers to contain risks by helping them to reduce travel and contacts with colleagues, are intended to prove useful even in a post-pandemic phase. Several of these scenarios are already reality in many industrial contexts, although often only for experimental purposes.
The emergency we are experiencing has only increased the awareness that digitization in industry is no longer just an option, but has in fact become the main road to rethinking processes.
Are Chatbots the technical answer to flattening the Coronavirus curve?
The novel coronavirus is keeping the world under a tight grip. Governments from across the world are finding newer measures to flatten the curve, schools are getting closed, companies are finding newer ways to keep their profits afloat.
While on one side, the economies are taking efforts to lower the impact on coronavirus on industries, new-generation technologies, on the other hand, are taking efforts to make the process of curbing the spread slower.
In this article, we are going to look into a technology that is making its fair share of efforts to flatten the curve — Chatbots.
Use Cases of Chatbots Bringing the COVID-19 Spread Down
A. Dissemination of Information
One of the biggest challenges of every pandemic is the abundance of information that comes sweeping in from all directions. It is the same story all the time. Accurate information comes much later than fake information. Chatbots — taking information from authorized public health agencies — can help bring this issue down. They can offer people concise information which has been shared by the right authorities.
B. Monitoring of symptoms
Considering the nature of the coronavirus, the healthcare frontlines have to be protected a lot more than people self-quarantining. In order to make it successful, it would be important to give people a platform to monitor themselves. This is where chatbots come in handy. By making people answer simple questions, bots will be able to help the users monitor themselves.
C. Mental Health Support
Even though the national and global health bodies are highlighting the need of mental health in a pandemic, the frontlines are, however, not extremely equipped in offering psychological support. The chatbots, can be a great way to eliminate the psychological issues of isolation by becoming 24*7 listeners to the users.
Chatbots are a great digital medium for lowering the load on the healthcare domain. By enabling people to self-serve and monitor themselves and backing them with accurate and relevant information, the hospitals are able to provide help and care to the ones who need it.
But the use cases of chatbots in the fight against COVID-19 is not just limited to the health and care domain. They are also being used in multiple scenarios by other industry verticals.
● Volunteering- More people want to get involved in the coronavirus-fighting community and help. Chatbots are being employed by NGOs across the globe for making the “How to get involved” information accessible in real-time, with less human interaction.
● Retail: The retail houses are changing their hours of operation and limiting shipping options because of the closures. Keeping people updated about their product delivery status is a responsibility that these retail houses are outsourcing to chatbots.
● Restaurants: A number of restaurants around the world are limiting the number of employed staff. They have now started incorporating chatbots in their systems for the purpose of taking in orders from their customers.
Chatbots That Are the Textbook Examples of How the Technology Can be Used to Limit the Coronavirus Spread
1. Rapid Response Virtual Agent Program
Announced by Google, the bot enables Google Cloud customers to respond to questions coming in from their customers more quickly. The bot is mainly designed for the organizations who wish to offer COVID-19 related information to their customers — these include government bodies, financial, retail, or travel industries.
2. MyGov Corona Helpdesk
It is the official chatbot of the Government of India, launched to answer questions around COVID-19. It has been made available on WhatsApp. The bot provides huge information about the pandemic in an easy to understand, conversational manner, which includes symptoms, health & travel advisories, and transmission details.
3. Microsoft Azure
The tech giant is offering companies and the healthcare organizations focusing on COVID-19 an infrastructure to develop enterprise-level chatbots which can interact, listen, and understand. The technology has also been devised in a way that it can automatically answer queries about COVID-19 and evaluate the patients before inviting them for in-person health checks.
The bot has been developed by Verloop and Portea Medical to help people in accessing information surrounding COVID-19. All the information that the bot is offering has been gathered from the Centers for Disease Control and Prevention, WHO, and the John Hopkins University.
Cobot-19 too functions through WhatsApp where people can choose from several available options on the basis of the information they are seeking.
5. CDC Coronavirus Chatbot
The chatbot powered by the Centers for Disease Control and Prevention, has also launched a chatbot on its official website to help the visitors do a basic self-assessment check on themselves by answering simple prompts and questions.
It is an example of how it is not just the tech-based companies that are making use of such digital measures but also government agencies and public health bodies.
With this we have looked into the different ways chatbots help with fighting the war against coronavirus rise along with the examples of some of the famous chatbots and companies behind them. The only thing left to do now is to get in touch with a software development agency that excels in chatbot creation or simply find ways to integrate existing chatbot systems in your business’s digital face. It will help you present yourself as a brand that cares about its customers and stakeholders’ wellbeing.
Headlines: COVID-19 Latest, Medical Marijuana Delivery Vetoed & Filming in Oklahoma
Local headlines for Tuesday, May 26, 2020:
- Health officials are reporting two more Oklahomans have died from COVID-19. (Tulsa World)
- Panhandle community divided amid COVID-19 outbreak. (NewsOK)
- Norman private school graduation ceremony comes under fire. (NewsOK)
- Oklahoma Blood Institute looking for convalescent plasma donors. (Tulsa World)
- The head of Oklahoma’s agency dealing with unemployment resigns her post. (NewsOK)
- Governor Stitt vetoes legislation to allow home delivery of medical marijuana. (Journal Record)
- Stitt signs bill barring purely aesthetic design standards from cities (Journal Record)
- Oklahoma City considers cuts to police and firefighters. (NewsOK)
- New app hopes to help people dealing with homelessness. (NewsOK)
- Pandemic isn’t hurting Oklahoma home sales. (Journal Record)
- A push for more electric vehicles and charging stations. (Tulsa World)
- Gathering Place reopens despite rain. (Tulsa World)
- Oklahoma State fans are mourning the loss of a legend. (NewsOK)
- Future screen chances could be coming for Oklahomans. (Tulsa World)
Long-Term Bitcoin Outlook Is “Super-Bullish,” Says Analyst Who Called 2019 Bottom
“Structural” shift in crypto options shows there’s an influx of long-term Ethereum bulls
It’s “Decision Time” for Ethereum, and Analysts Bet ETH Surges to the Upside
Custodian With 100k Users Plans to Tokenize $13 Billion in Assets
Will second coronavirus stimulus be a “use it or lose it” debit card?
$10 Million Burned on BitMEX Shorts as Bitcoin Surges to $9,700
Bitcoin recovers from downward price spiral
Cryptocurrency News From Japan: May 24 – May 30 in Review
Trump Tower is ‘under siege’ as Chicago Police make arrests to defend the president’s building
Ethereum Erupts 10% Higher: Here’s Why Analysts Think More Upside Is Imminent
Cointelegraph Joins World Economic Forum’s Strategic Intelligence Network
Bitcoin Monthly Close is 1 Day Away: Here’s the Level That May Trigger a Big Rally
Ethereum Price Prediction: ETH/USD Regains Ground But $250 Still Unconquered
Bitcoin: One size doesn’t fit all for UTXO management
“I Didn’t Leave My Hotel, Hardly Ate” – How Lewis Hamilton Struggled With Defeats in F1
Peter Schiff Claims The Latest Bitcoin Rally Is Due To Major Manipulation By Whales
Bitcoin Rising, Satoshi Discoveries, & Google Enters the Race: Bad Crypto News of the Week
Daily Market Report for May 30 2020
Bitcoin’s Rise has Not Been Supported by Growing Volume; What This Means
Bitcoin IRA Halving Report Suggests $280,000 Price for BTC
Gaming1 week ago
Minecraft Dungeons has charm and potential, but needs lot more time in the furnace
Blockchain1 week ago
Travala.com’s AVA Token Added to Crypto Payment Service CoinGate
Blockchain6 days ago
Mastercard Joins Accenture’s ID2020 Blockchain Alliance
Cannabis7 days ago
Vaxine Pty Ltd Announces COVID-19 Vaccine Collaboration with Leading South Korean BioPharma Company, Medytox Inc
Blockchain1 week ago
Bitcoin Could Be More Resilient to Global Electric Failure Than Banks
Gaming1 week ago
TouchArcade Game of the Week: ‘High Rise – A Puzzle Cityscape’
Fintech1 week ago
Weekly Wrap: Plaid’s new platform and RBC’s ‘deep personalization’ efforts
Gaming6 days ago
‘Dragalia Lost’ 1.2.0 Is Now Live on iOS and Android Adding Shared Skills, The Royal Regimen, Onslaught Events, and More