How Food and Beverage Industry Can Leverage the Power of Big Data Analytics
Big data analytics has dynamically changed the way businesses are conducted. It largely eliminates decisions based on gut-feeling and intuition by providing extensive data for driving result-oriented decision making. The food and beverage industry is no exception to this revolution due to the vast applications of big data. Big data analytics can transform the food […]READ MORE >>
Big data analytics has dynamically changed the way businesses are conducted. It largely eliminates decisions based on gut-feeling and intuition by providing extensive data for driving result-oriented decision making. The food and beverage industry is no exception to this revolution due to the vast applications of big data. Big data analytics can transform the food and beverage industry right from the origin of production to the final delivery to consumers.
Food consumption habits have evolved over the years with people preferring takeaways and home delivery over preparing their meals. Big data analytics can highly optimize the food delivery process by gathering data from various sources including weather, road traffic, temperature, and route. By analyzing data across all points, businesses can estimate the correct delivery time for the food along with optimizing routes to get it quicker to the consumer.
The use of analytics in F&B industry seems to have no bounds. Organizations can check not only the impact of market trends on global food demand but also analyze the effect of temperature on food quality. For instance, by using predictive analytics, companies in the food and beverage industry can figure out optimal inventory levels at specific locations by taking market trends and future demands into consideration.
Consumer Behavior Analysis
Retailers can use sophisticated big data analytics tools to monitor the purchase history of the consumers along with items currently in their cart to predict the next item a consumer is likely to purchase. Based on such insights, players in the food and beverage industry can create effective combos to improve their marketing efficiency.
Today, the customers are very sensitive with their food preferences and are more than happy to share positive feedbacks or vent out their disappointments with brands in the social media. Brands and food chains can figure out customer preferences and their emotions towards the brand by using complex big data tools such as natural language processing, social media listening, and other data analysis tools. This way, food chains and retailers can take quick action to resolve customer dissatisfaction and prevent the damage by controlling the spread of negative word.
To know more about big data analytics in food and beverage industry, predictive analytics, food delivery, and sentiment analytics:
- Big Data Analytics Accelerates Growth in the Healthcare Industry
- Top Challenges for the Healthcare Industry In 2018
- Top Five Uses of Data Analytics in Hospitals