Tag: food industry

food delivery companies

Why Online Food Delivery Companies Bet Big on AI and Machine Learning – A CXO’s Guide

food delivery companies

After several years of being confined to technology labs and the pages of sci-fi books, today artificial intelligence (AI) and big data have become the dominant focal point for businesses across industries. Barely a day passes by without new magazine and paper articles, blog entries, and tweets about such advancements in the field of AI and machine learningHaving said that, it’s not very surprising that AI and machine learning in the food and beverage industry have played a crucial role in the rapid developments that have taken place over the past few years.

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How Food Delivery Companies are Improving Performance Using AI and Machine Learning

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data science in food industry

Data Science in Food Industry: Transforming the Business Operations

The food industry is a consumer-driven industry that is growing at a rapid pace. However, this industry is facing a series of challenges that can be attributed to the changing demands of consumers and a stringent regulatory landscape. Today there has been a paradigm shift in the perspective of consumers with respect to food habits. This is the reason behind the growing demand for healthy and fat-free food products. As a result, companies in the food industry are looking for solutions like data science to bring about significant changes in their manufacturing and distribution process.

Data science is fundamentally revolutionizing the way food is manufactured. Companies in the food industry are actively tapping into data science to bring about improvements in inventory management, enhance quality control methods and meet growing consumer demands. In this article, we have discussed a few benefits of data science in food industry that can help companies to improve business operations and meet customer satisfaction levels.

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FOOD INDUTRY

Benefits of Data Science in Food Industry

Improves operational efficiency

Data science techniques can help food manufacturers to analyze the impact of market trends on stock consumption. Also, it can help in analyzing the effect of temperature on the quality of food in real-time. Furthermore, data science in food industry is helping companies to analyze customer behavior and buying habits using various algorithms. Data science techniques can also help food manufacturing companies to analyze customer shopping history data that can further help them in personalization.

Helps in customer sentiment analysis

Data science in food industry can help companies in monitoring customer sentiments over social media platforms. By leveraging the use of techniques such as natural language processing, companies in the food industry can categorize customer feedbacks into positive, negative and neutral. This can further help in analyzing customer sentiments on the scale. Additionally, by analyzing negative feedbacks, companies can take preventive measures to improve customer service and satisfaction.

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Aids in quality enhancement

For brands in the food industry, maintaining the same quality of packaging is quite a challenging task. Apart from the proper measurement of ingredients, it also depends on the quality and storage of the ingredients. Data science in food industry can help companies to analyze such factors and predict their impact on the quality of the food. Furthermore, data science tools and techniques can also help analyze factors that affect the quality of packaged food. By gaining insights from such analysis, companies can easily understand the pain points and work on the improvement of customer service.

Our customized analytics dashboards help food industry businesses with capabilities in the areas of pricing, product promotion, product development, and demand forecasting. Gain limited-time complimentary access to our analytics platform right away.

Enhances market basket analysis techniques

Data science in food industry can help companies in market basket analysis through which they can predict frequently purchased items. By gaining valuable insights from this analysis, food manufacturers and retailers can improve their marketing campaigns and strategies. Furthermore, data science in food industry can be leveraged to improve the cross-selling and up-selling strategies.

Learn more about how data science techniques can help you grow your business in the food industry.

IR23

Is Analytics the New Protagonist for Food Safety?

Analytics is helping food producers, retailers, and restaurants to better understand customer needs and uncover important food safety and industry trends.

The food industry encompasses everything from producers and shipping companies to retailers and restaurants, making them one of the world’s largest and most important business sectors. However, with increased globalization in this sector, the tastes and preferences of customers have become more complex than ever before. Furthermore, the rising rate of food safety concerns is putting players in the food industry under constant pressure to meet the expected standards.

Analytics solutions help food industry companies with critical decision-making capabilities in the areas of pricing, product promotion, product development, and demand forecasting. This consequently results in improved product innovation, greater sales effectiveness, enhanced margins and profitability levels, extended customer reach, increased marketing ROI, and greater customer satisfaction and loyalty.

Analytics in food safety 

Reduce food recalls

The case of food recalls can cost a company millions of dollars in direct costs alone, not including lost future sales from the damaged reputation and goodwill. When factoring in medical expenses, productivity loss and mortality, the cost of such unfortunate events become higher. Despite increased regulation, the number of food recalls has continued to rise in the past couple of years. Food safety has garnered greater importance with the growing global complex food supply chain. Though regulation plays a major role, preventing future recalls require improved traceability throughout the food supply chain. The use of analytics solutions helps food companies to track production and operations, improve food traceability, and prevent contamination. Using technologies such as the Internet of Things (IoT), food companies can collect data through sensors embedded within the advanced food packaging. Furthermore, smart packaging provides real-time monitoring and management of food products frContact USom the farm to the table. Having the right data in hand is the key for food companies to stop contaminated products and prevent recalls altogether, eventually resulting in enhanced food safety.

GIS to predict foodborne pathogen

GIS refers to a computer-based tool that is highly useful in mapping and analyzing things on earth. It encompasses a combination of geographical data with attribute data (such as climate conditions, or other characteristics of a location). This technology facilitates food safety as it combines information on geographical features and attribute data that includes the characteristics/information related to a specific location to identify associations between the environment and a pathogen.

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Whole-genome sequencing in food safety

The advent of new affordable whole-genome sequencing is giving rise to a higher resolution of genomic data. Whole genome sequencing has the power to differentiate virtually any strain of pathogens. This capability was lacking in previous techniques such as pulsed-field gel electrophoresis (PFGE). Genomic data is being generated in order to track and trace foodborne illnesses across different food sources, food-manufacturing facilities and clinical cases. With today’s increasingly global food supply and the fact that food products are often multi-ingredient, such robust tools are integral to ensure food safety. They can track food contamination quickly and remove any contaminated food products from the food supply and ensure food safety.


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IR27

The Ever-Growing Food Processing Industry: A Result of Technology and Innovation

The food processing industry is one of the rapidly growing industries globally and it is nearly impossible that this industry will encounter a decline in the near future. Food processing has been going on since pre-historic days. Earlier, fermenting, slaughtering, and preserving foods with salt wereContact US some common methods in practice. But the late nineteenth century was the era when this industry started evolving with the advent of innovation and technology like canning, artificial sweeteners, freeze drying, and preservatives. Then came the era of frozen foods such as TV dinners, which became readily available in all the supermarkets. But before we move on to the analysis of this industry, let’s take a brief hiatus to understand food processing a bit.

What does food processing mean?

Food processing can be defined as a new world encyclopedia that comprises of techniques and methods to transform raw materials into food or raw food or into other forms that are fit for consumption by humans and animals. This industry basically deals with harvested crops, slaughtered animal products, and produces them in a very attractive form. These processed foods are easily marketable and have a long-life.

Benefits of food processing

  • PreservationGet More Info
  • Marketing of food
  • Distribution
  • Protection from pathogens and other toxic elements
  • Easy to prepare

At the same time, processed foods have a few drawbacks too like loss of essential nutrients and the impact of additives.

Food Processing Industry Analysis

#1. The food processing industry is one of the sectors that loosely tracks demographic trends like income and population growth.

#2. Companies in this industry generate revenue from the sale of food and ingredients to lots of customers, ranging from restaurants to supermarket chains.

#3. This industry is appreciated for its ability to deliver positive investment returns consistently and countries like India are expecting to cross $540 billion by 2020 in the food processing industry.

#4. In the past 20 years, this industry has delivered high single-digit annual total retuRequest Proposalrns with very less volatility than the broader market indexes.

#5. Companies in this industry have several defensive characteristics like constant growth, solid balance sheet, and ample interest coverage, which establishes them as “safe harbor” selections during stock market and major economic downturns.

#7. There is a variety of different machinery including cutting and forming machines, automated ovens, mixers and blending machines, sortation equipment, wrapping equipment and filling equipment, which evidently proves that for this industry, automation has become critical to address the required levels of production speed, quality control, overall profitability and labor shortages.


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IR26

Churn Analytics for a Leading Fast Food Retailer – A Quantzig Case Study

What the Client Wanted

The fast food retailer wanted to accurately predict and prevent churn and build customer loyalty

The Outcome

Reduced churn rates by 10% and amplified the service offerings

Summary of the Fast Food Industry

Despite the weakening global economy and increasing awareness of health risks, the fast food industry has managed to flourish in recent years. The rise of globalization and urbanization has greatly impacted the lifestyle of the consumers as they are heavily reliant on fast food stores to grab quick and easy meal options. Request ProposalMoreover, to retain the authenticity of their product offerings and gain a stronghold in the market space, prominent businesses are also investing heavily in R&D.


Industry Challenges

The shift toward healthy options: Growing concerns about obesity are gaining traction across the world. With a goal to remain healthy, consumers are shifting their preferences toward healthier options. As a result, it is necessary for organizations in the fast food industry to re-invigorate their product offerings by including low-calorie products into their meals to keep pace with the changing preferences.

Intensifying competition: The availability of lucrative prospects in the fast food industry is attracting a considerable number of companies into the industry. Besides, the growing competition is also compelling organizations to invest heavily in research and development to differentiate themselves in the market.


About the Client

A leading fast food industry player with retail units spread across 15 countries. The fast-food retailer is based out of the United States.

Client’s Challenge

The fast-food retailer was facing challenges profiling the customers that are vulnerable to churn and formulating retention strategies. As a result, the client wanted to tap into customer behavior and gain warning signs of churn. Additionally, with the help of Quantzig’s churn analytics solution, the fast food retail client wanted to seek ways to effectively predict churn and devise more targeted and personalized offers to achieve a sizeable reduction in churn.

Benefits of our churn analytics solution

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Business Impact

With the help of Quantzig’s churn analytics solution, the fast food retailer anticipated and managed risks associated with customer churn and identified the key areas to increase the business value. Additionally, the client optimized sales and marketing campaigns and improved conversion rates. This helped them reduce churn rates by 10%.

Churn Analytics Solution Insights

Quantzig’s churn analytics helps firms in the food industry anticipate their client’s service consumption that may trigger cross-sell and up-sell opportunities. Additionally, firms can gain a holistic 360-degree view of the customers’ interactions across multiple channels with the help of Quantzig’s churn analytics. Firms can also comprehend the customers’ needs, preferences, and offer personalized services across their business units.


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Food Retail Client Leveraged Marketing Mix Optimization to Improve Budgetary Decisions

Food retail

LONDON: Quantzig, a global analytics services provider, has recently completed their latest marketing mix optimization solution for a retail food client. Food retail is one of the most dynamic and fast-paced sectors with several players venturing into this market. The food retail space is a strong contributor to fueling economic growth and development of the economy. They also contribute to the rise in per capita income, improved infrastructure, and growing consumerism.

“Marketing mix optimization solutions help food retailcompanies in measuring the impact of marketing tactics on sales. Furthermore, these solutions help food retail firms in developing marketing mix models to understand and access the incremental value of their investments.” says an industry expert from Quantzig.

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The marketing mix optimization solution helped the client to determine the past impact of various marketing channels on revenues and provided insights to reallocate resources to form an optimum marketing mix model. The solution also helped the food retail client to allocate their marketing budget efficiently among various marketing channels.

Additional Benefits of Marketing Mix Optimization

  • Gain more accurate insights on the ROI of their marketing investments
  • Drive improvements in the marketing effectiveness.
  • To know more, request a free proposal

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IR29

Quantzig’s Pricing Analytics Helps a Renowned Frozen Food Supplier to Re-align their Pricing Strategies and Maximize Profitability

The client- A renowned frozen food supplier

Area of engagement- Pricing analytics

The frozen food industry is witnessing exponential growth with the rise in disposable income and the growing desire for convenience. The ease of use associated with the products is compelling consumers to shift their preferences toward the products and reduce their cooking and clean up time. With the rise in product innovations, prominent frozen food suppliers are planning to enhance their production capabilities to retain their position in the market. Moreover, the rising geriatric population and the increasing preferences for favor instant meals also contribute to the growth of the frozen food industry. Although the industry is witnessing promising growth, several factors may curtail the growth of the frozen food market. They include:

  • Inadequate cold chain infrastructure: Frozen food is normally kept at a set temperature, and any fluctuations in the temperature can further lead to the deterioration in the food quality. So, it becomes essential for the frozen food suppliers to ensure that they meet the required technical capabilities to reduce the waste and damage of food due to frequent handling and transfer. Moreover, frozen food suppliers need to devise new strategies to develop better cold storage systems and ensure better conditions in the warehouses.
  • Fresh over frozen: The consumers’ buying preferences are changing, and people prefer the need for natural ingredients in their food products. The numerous advantages of fresh products over frozen products, such as nutritional benefits, are compelling companies to add more natural flavors into their product offerings.

To address such challenges and understand the relative pricing trends in the market, businesses are facing the need for a price analysis solution. In the frozen food market, price analysis solution helps suppliers understand the pricing points and identify the internal and external factors affecting profitability. Moreover, businesses can identify the pricing opportunities and align its pricing strategies to improve the business performance.

The Business Challenge

The client, a renowned frozen food supplier, wanted to define the optimal pricing and pricing strategy to understand what drives the buying decisions. With the help of a price analysis solution, the client wanted to maximize their revenues in terms of their sales and profit margins. The frozen food supplier also wanted to identify the right price points to maximize sales and promote pricing to achieve the profit targets. The primary objective of the frozen food supplier was to streamline their pricing patterns to understand the impact of price promotion on the brand equity.

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The Solution Benefits and the Business Impact

Strategies that we recommend to improve product pricing and enhance the ROI

The price analysis solution offered by Quantzig helped the frozen food supplier estimate the impact of pricing on sales volume. The frozen food supplier was able to understand the impact of price differentials on market share and optimize their pricing based on revenues and profitability. The price analysis solution also offered insightful ways for the frozen food supplier to predict the bid prices based on the historical data and position their products effectively so that they are in line with the competition.

Price Analysis Solution Predictive Insights

The price analysis engagement offered granular insights on the relative price points, demand elasticity measures, and optimization to maximize profit margins. With the help of pricing agility, the frozen food supplier was able to stay ahead of the curve and enhance their performance in the market. The engagement also assisted the client to monitor the market closely and anticipate the impact of price change on promotional campaigns.


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IR14

Food Retail Client Leverages Pricing Analytics Solution to Streamline their Product Pricing Strategies

food retail

LONDON: Quantzig, a global analytics services provider, has recently completed their latest pricing analytics solution for a food retail client.  The shift toward online shopping and rising global population has resulted in considerable growth of the food retail space. Apart from the convenience factor, macroeconomic factors such as increasing consumer spending, flourishing GDP, and changing lifestyle are further contributors to the growth of the food retail space.

“Pricing analytics helps companies to understand the current market prices for the food products offered and estimate the impact of pricing strategies on the sales volume accurately. Furthermore, it also offers real-time insights into the market conditions and helps companies target contribution margins.” says an industry expert from Quantzig.

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The pricing analytics solution helped the food retail client to manage the prices and promotions and use the available data to drive the customer’s buying decisions. The solution also helped the client to optimize their pricing strategies to maximize profit margins.

Additional Benefits of Sentiment Analysis Solution

  • Create a comprehensive database based on the initial and the final pricing.
  • Meet the pricing needs and cover relative price points
  • To know more, request a free proposal

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4 Ways Food Technology is Turning Tables in the Food Industry

The surging rate of the world’s population is raising serious concerns over food security. But thanks to technology, we can now track, analyze, and understand the way our food system works. But that is not all that this technology can do in the food industry. In recent times, the food industry has witnessed several innovations in food technology that was unimaginable a decade or two back. Today, consumers are more concerned about the dining experience, the safety, and health aspects, and easier and faster access to food. Advancements in food technology have the ability to fulfill this and much more for the players in the food industry Here are four trends aFree demond innovations in food technology that is all set to change the way we eat:

Genetically modified organisms (GMOs)

As far as food technology is concerned, the biotechnology used to create genetically modified organisms (GMO) is critical. GMOs are genetically engineered to have certain traits like herbicide resistance, pest resistance, and increased nutritional value. The first modified tomato, the Flavr Savr that was approved by the FDA and put on the market in 1994, led to the rapid development of other seeds, which resulted in one hundred million acres of land farmed with genetically engineered crops by the year 1999. Currently, several crops that are genetically modified to grow in habitats besides their native ones are in development, which would result in increased yield productivity to feed more people. Poultry, fish, and beef are also often modified to increase the quantity of meat by quickening the rate of growth of an animal or by adding proteins or other nutrients to the meat.

3D printing

You must be familiar with 3D printing in the healthcare and transportation industry, and now this technology is slowly paving the way for itself in the food industry. 3D printing has been widely accepted as a food technology for printing sugar candy and chocolates. Modern Meadow, a startup is trying to save cows and reduce carbon emissions by creating meatless meat. Another popular example is of NASA using a 3D printer to make pizza, which could be a step forward for astronauts’ meal in space.

Drones

The news of drones being used for food delivery has been doing the rounds for quite some time. But now, players in the food industry are looking at ways drones can be used for food production. Since farms often span vast distances, it often becomes difficult for farmers to monitor the productivity of the area individually. Drones are slowly becoming a part of food technology with which farmers can precisely locate where a diseased or damaged plant and accurately release fertilizers and pesticides.

Internet of Things (IoT)

Sensors are and will continue to be an integral part of food technology. IoT is already being used for farming in the form of irrigation technologies and crop yield monitoring technologies. Additionally, with the help of sensors in grain bins, farmers can monitor the temperature and moisture levels remotely. IoT is also being used on farms in the form of Z-trap, a device used to control insects and analyze data on crops remotely using GPS coordinates and wireless sensors. The base station is designed to target certain destructive bug species, but the tool has its own communication network between all the traps on a specific field and uploads the data to a cloud.


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