Benefits of Big Data in The Food Service Industry
Big data has caught the attention of the IT industry – where every organization is striving to explore and implement big data; thus, adding value and driving profitability. Several tech and analytics giants are investing in building a robust data processing power to leverage actionable insights from big data. With the help of big data, […]READ MORE >>
Big data has caught the attention of the IT industry – where every organization is striving to explore and implement big data; thus, adding value and driving profitability. Several tech and analytics giants are investing in building a robust data processing power to leverage actionable insights from big data. With the help of big data, the past data can be combined with real-time information obtained through social media, point of sale terminals, and other customer touchpoints to gain relevant and actionable insights. The benefits of big data can be leveraged by companies across industries such as retail and consumer packaged goods, food service, and telecommunication among others.
The food service industry is extremely fragmented and competitive with very low customer loyalty. Traditionally, food service companies have focused on reporting rather than analyzing the available data. The consumer trends and preferences constantly keep on changing; thereby, making big data analytics all the more essential and revolutionizing food industry practices.
Benefits of Big Data Analytics in the Food Service Industry
Big data helps in the analysis of both structured as well as unstructured data, which is gathered from various traditional and modern sources that can be used to gain valuable insights about consumer behavior, shopping trends, and identify market developments. Big data analytics offers a comprehensive industry view to food and beverage companies that can be leveraged to create a competitive advantage over the other players in the market. But what are the benefits of big data analytics in the food service industry, you ask? Read on.
- Big data analytics helps companies in the food service industry to understand customer needs and preferences by obtaining real time information about consumers, products, brand, and competitors. The food and beverage manufacturers can use these insights in new product development, product launch, reducing food wastage, and menu improvement based on customer responses
- Big data analytics can help food service companies to devise tailor made marketing campaigns and promotional activities to target their customers better. The food and beverage companies can determine optimum offers and discounts, measure the performance of their campaigns and make recommendations to customers and leverage cross selling and up selling opportunities. Data and analytics enable the organization to undertake dynamic pricing based on geographic area and customer demographics, personalizing the communication message, building customer relationships; thereby, optimizing their return on investment
- The pivotal part of the food service industry is the supply chain, operations, and its security. Big data integration enables companies to reduce waste, minimize supply chain costs, and improve the overall efficiency of the organization. Food service companies can achieve this by using barcodes, RFID tags, and sensors to track food and its journey to provide fresh food to the end user and eliminate wastage