A new report jointly released by AC Ventures, Boston Consulting Group (BCG), BCG X, and the Indonesian Chamber of Commerce and Industry (Kadin Indonesia) has illuminated the transformative impact of Generative AI (GenAI) on the Indonesian financial sector. This technology notably enhances revenue for food and beverage (F&B) enterprises by as much as 40%, with significant contributions from OLIN, an AI-driven solution developed by ESB Restaurant Technology.
OLIN: A game changer in the F&B industry
OLIN boasts a remarkable 90% accuracy in sales forecasting and equips F&B businesses with actionable recommendations on menu optimisation, pricing strategies, and fraud prevention. This boost in business operations is pivotal, particularly for Indonesian F&B micro-businesses facing challenges in securing bank loans and working capital due to traditional financial barriers.
OLIN's intuitive interface simplifies complex data analysis, allowing business owners to easily obtain actionable insights, thereby enhancing their financial stability and operational efficiency. Despite the nascent challenges of GenAI adoption, 61% of Indonesian financial institutions are confident in their infrastructure's ability to support this advanced technology, as highlighted in the report.
Strategic integration of AI in business operations
The report titled “Harnessing the Power of GenAI in Indonesian Financial Services” delves into the integration of GenAI into business strategies and operations. ESB Restaurant Technology's use of both AI and GenAI underscores the significant role these technologies play in fostering financial inclusion and economic empowerment in Indonesia.
Gunawan Woen, Co-founder and CEO of ESB Restaurant Technology, shared insights about the company's new AI breakthrough, OLIN, on an episode of AC Ventures' podcast, “Indonesia Digital Deconstructed.” According to Woen, “OLIN is helping F&B businesses grow their revenue by up to 40% and gain essential access to working capital from local banks and financial institutions.”
ESB has integrated traditional AI solutions with the latest GenAI technologies to create an in-app assistant named OLIN, who is represented as an on-screen female colleague. This feature enables users to interact with the system through simple questions, eliminating the need for manual data analysis.
Enhancing financial stability through AI
OLIN provides recommendations on menu combinations, pricing strategies, promotional activities, and fraud prevention measures, while also monitoring overall business health. This has led to significant revenue increases for F&B merchants, enhancing earnings and contributing to financial inclusion within Indonesia's expanding economy.
Woen emphasised the role of AI in bridging connections between financial institutions and merchants, particularly in facilitating supplier financing. He stated, “While we are 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.”
He concluded, “Our SaaS offerings form the core of our business, but our future revenue streams are set to expand with AI as a central driver. Our supply chain and procurement system has been successful since launch, and our end-customer ordering system simplifies transactions while providing valuable data on customer behaviour.”
