CASE STUDY

How Customer Experience Analytics Helped Food & Beverage Client Realize a 40% Increase in Revenue?

Nov 16, 2022

Customer Experience Analytics for F&B Industry 

Like every industry across the planet, the food and beverage industry has also adopted Industrial Internet of Things (IIoT) in a bid to improve customer experience through real-time insights. In a bid to improve reliability and real-time monitoring, industry professionals are implementing state-of-the-art tools and software. With the rapid changes in technological advancements, customer experience analytics has helped the food and beverage industry streamline operations.  

Predictive maintenance allows organizations in the industry to automate processes. There are a plethora of cutting-edge software programs to enable predictive maintenance. Customer experience analytics helps the food and beverage industry leverage data historian to identify causes for failures and use the data to make informed decisions in case the problem repeats itself. Quantzig offers state-of-the-art big data analytics solutions to not only boost productivity but detect any failures as well. 

With the changing preferences, increasing population, and the age of rapid digitization, the food and beverage industry is witnessing considerable growth. Along the same lines, the convenience factor and changing lifestyles are playing a major role in catapulting the industry ahead of its time. In this booming industry, customer experience analytics in the F&B industry comes as the perfect solution for gaining a competitive edge. . With experience spanning decades, Quantzig has helped F500 companies effectively navigate this volatile industry.  

Despite the upheaval brought on by the pandemic, the global food and beverage industry has registered a compound annual growth rate (CAGR) of 8.7%, taking it from $5,818.25 billion in 2021 to $6,327.35 billion in 2022! Even with the restrictions on dine-in customers, the food delivery industry saw a rapid rise as well.  

If you’ve been a part of the industry then you must already know about the vast amounts of data included in the industry, such as: 

  1. Shifting Customer Preference 
  1. Consumer Test Results 
  1. Experimental Test Findings 
  1. Commercial Performance 
  1. Abundance of Delivery Apps 

Analytics can help any organization uncover actionable insights from these factors and hence, increase the organization’s market share significantly. 

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Challenges Faced by Food & Beverage Client 

A leading multinational food and beverage manufactures with operations across the globe was facing challenges and needed assistance. The client wanted to improve the uptime and reliability of their products, implement superior safety precautions, all while reducing the working costs incurred during the process. 

After attending one of our webinars on customer experience analytics, the client connected with us to understand how Quantzig can help them improve efficiency and optimize resource utilization through our AI predictive analytics solutions.  

As the first step, we started with an in-depth understanding of the challenges faced by the client, and we found various areas needing improvement, such as: 

  1. Unscheduled downtime   
  1. Unscheduled equipment maintenance and unplanned repairs   
  1. Missed production timelines   
  1. Changes in consumption pattern   
  1. Lack of insightful data on competitors’ prices and discounts   
  1. Inability to cope with the demand   
  1. Shifting customer preference  

In the current state of constantly evolving economic environment, organizations must know their supply chain processes in detail. Like the rest of the globe, organizations in the food and beverage industry also face dynamic fluctuations in market trends and consumer demands due to their trend-driven products. Due to such products, the industry is also prone to challenges such as chain interruptions and shortage of raw materials. 

Customer experience analytics experts at Quantzig have helped leading organizations improve supply chain visibility. Get in touch with them right away! 

Quantzig’s superior big data predictive analytics apply to all pain points mentioned above. In a bid to help the client leverage maximum benefit, the solutions offered by us are integrated with the existing systems to save on resources. 

The client also faced challenges amidst the regulatory norms due to their rapid expansion in other geographies as well. When expanding to other geographies, the client also wanted to understand their rivals’ pricing strategies to adopt suitable pricing strategies in the new countries.  

Cloud kitchens have already become a pedestal for the food and beverage industry due to the pandemic, the client wanted to embrace technology-drive ordering systems  

The client also wanted to gain a detailed understanding of cloud kitchens as there is high demand for embracing technology-driven ordering systems to effectively adapt to shifting customer preference.  

However, to reduce the redundant expenses and wasted resources, our experts proposed the adoption of on-demand delivery software to help streamline the entire ordering process. Ranging from the display of products to quick delivery, and ultimately receiving the payment in a rapid and hassle-free manner.  

Once the pain points were identified by our research experts, the second step was to develop bespoke solutions capable of optimizing pricing strategy, monitoring pricing gaps against competitors, implementing real-time analytics to deliver what their customers wanted, when they wanted, how they wanted. 

Revolutionary CX Solutions  

The next step was for our wizards to come to the stage and work their magic. In order to help you understand exactly how we helped our client, we’ll be highlighting what we did corresponding to their pain points: 

  1. Unscheduled downtime  

To reduce unscheduled downtime, we developed a superior forecasting precision tool through our AI-driven approach. This, in turn, helped manage inventory while also improving warehousing capacity and reduce costs. Our solutions offered dynamic routing, multi-drop product delivery, automatic scheduling, ETA accuracy, and much more!  

Our revolutionary customer analytics solution helped our client leverage in-depth customer insights including buying patterns, sentiments, history, and touchpoints. 

Our superior predictive analytics solution driven by ML technologies helped identify patterns in machine failure instances. These patterns were then used for predictive maintenance and reduction in unexpected downtimes. 

The client was able to realize a significant improvement in the entire production process and uptime. 

  1. Unscheduled equipment maintenance and unplanned repairs  

Due to the fluctuating demand, the client was often facing unscheduled equipment maintenance and repairs during the peak rush. Our predictive analytics allowed the client to anticipate the maintenance beforehand using the data from earlier instances. 

The solution not only helped the client be better prepared for the repairs, but it also rather helped the client cut down on maintenance and repair costs by implementing a safe method to operate the machinery at peak hours.  

The model was able to improve the customer experience while streamlining the cleaning and maintenance of machinery as well.  

  1. Missed production timelines 

Our analytics solution enabled the client to showcase their extensive range of products offerings to cater to any kind of customer. Our big data analytics solutions helped the client by providing decision-making information for product pricing, development, and forecasting demand. 

While maintaining timelines, the client also saw enhanced product innovation, high margins, targeting right audience, improving customer experience through analytics. 

Quantzig’s solution helped the client derive value from databases and target right customers based on their demographic and habits. 

  1. Changes in consumption pattern  

Our AI-driven big data analytics solution analyzed customers’ preferences and created data through targeted surveys to understand any changes in consumption pattern. 

The solution also combined client flavor pallet database with marketing and sales data to recommend offerings for customers, while also identifying potential ingredients and ultimately develop new products.   

Customer data holds immense value, and a detailed analysis of these data sets using advanced analytics methodologies can reveal incisive insights that can help build a customer-centric organization. Quantzig provided real-time data collection of customer expectations and needs, which offered insights about customer behavior and identified previously unimagined market opportunities.  

  1. Lack of insightful data on competitors’ prices and discounts 

Customer data is one of the strongest weapon in the arsenal of food and beverage industry. Our tool helped the client process pricing patterns and customer behavior of their own organization and their competitors’. This resulted in the client develop key pricing metrics and develop the right pricing strategy and ultimately realize superior ROI.  

  1. Inability to cope with the demand  

Moreover, real-time operational intelligence (RtOI) and predictive analytics solutions enabled the client to stay on top of operations in all its factories. This enabled insights into potential production roadblocks before the impact.   Our predictive analysis system implemented the following to drive production efficiency:   

  1. Shifting customer preference  

The client ultimately used the data intelligence to sell their offering based on the customer. The algorithm created by our wizards helped the client mold their offering according to the habit and flavor pallet of the customers. 

This helped the client drastically improve their return customers and opened various avenues in the new geographies. 

At Quantzig, we use analytical tools to help our client realize the maximum revenue through customized analytics dashboards. Request a FREE demo to know more. 

Key Outcomes of Customer Experience Analytics in F&B Industry:  

We’re all aware that the food and beverage industry is a highly volatile one, where any unplanned downtime can result in staggering financial losses. Similar losses can also be incurred by spoilage of raw ingredients or inability to meet the targets. Therefore, all organization in the industry see a high demand to improve their uptime through big data analytics.  

With Quantzig’s help, the client was able to implement protocols to enable proactive maintenance, resulting in increased uptime. Our solutions also helped the client improve their sales margins and realize 40% increase in revenue post a pilot of 6 months.  

Key Takeaways 

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Our solutions had the following impact on our client’s business:   

  • Streamlined profit and revenue management   
  • Optimized pricing and promotion strategies   
  • Real-time insights price fluctuations  
  • Increase in revenue by 40% 
  • Reduction in downtime by 15-20% 
  • Reduction in maintenance costs by 18-25% 
  • Decreased product development time by 50% 
  • Reduced water consumption by 20-40% 

RELATED ARTICLES:

Customer Analytics in Food and Beverage Industry Helped the F&B Client with Logistics and Warehouse Order Management Systems During the Pandemic

Pricing Analytics in the Food and Beverage Industry Helped Increase Revenue for an F&B Major by Improving their Portfolio Pricing?

How Predictive Analytics in Food Industry Increased Uptime of the Production Machines for a Major Canadian Multinational Food and Beverage Manufacturer?

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