Benefits of Big Data in Food and Beverages Industry

There is no doubt that the food industry is the most vital and largest sector in the industrial world. Now, the food and beverage industry is increasing at a fast pace in terms of technology. On top of that, technology with the addition of the advancement with Big Data is taking the industry to a whole new level. The new technology is allowing the food industry to improve the capacity of insights from data, marketing campaigns, more interactive development and creating an innovative product.In a nutshell, Big data has taken food industry one step forward.

The food industry is increasing in terms of Big Data at a drastic speed. FnB is getting more accumulative with actionable insights and gain relevant touch points with sale terminals. This is all done with the help of big data that companies can leverage for their respective services.The main concern with the food and beverage industry is low customer loyalty that made it more competitive and fragmented.

Traditionally, food industry didn’t depend on the available data instead they depended on reporting format. However, the customer’s food preference and trend differ on a daily basis with time, weather and mood and so on. It becomes difficult to keep up with it. This has brought out a new revolution in the field of food and beverage industry.

Big Data is the one that helps in the analysis of unstructured and structured data that can be gathered through modern sources or traditional methods. This data collected can be leverage for the insights in the shopping trends, consumer behavior, and market development identification. The Big Data analysis has given a competitive edge to the food and beverage industry. Many big players are taking advantage of this to stay one step ahead.

Analyzing customer behavior

The demand of a consumer is changing at a fast pace that is making it difficult for the industries to keep up with them. However, Data analysis can give an insight on their changing behavior and improve the marketing efficiency. With the advancement in technology of online and smartphone, the consumers have a wide choice through which they can meet their requirements.

This has given a chance to FnB industries to collect maximum data regarding their choice of food at a particular time, change in their choice and order value. It is simple to get a hang on customer’s information that will help in obtaining the potential value to the business.

On an average, the food and beverage e-commerce stores are around $900 million that was $200 million in 2010. This totaled value is from online and mobile technologies that can easily collect the customer’s information that is immensely used to improve marketing campaigns.

Enhanced insights

The most technically innovative area in the food and beverage industry is data analytics. Sine, the industries are now altered to customer-centric and are coming up with ideas that can improve the data quality. This quality data is widely used to adjust the product offering and customers demand.

The main promoter of the food and beverage sector – Data analytics – has made a huge impact on the companies. However, at this point, the quality efficiency and effectiveness of that data are not equipped with desirable results that are the main challenge. This lack of one single point has made it essential for more innovation to come and opened up the doors of the subject. The new innovation will allow the companies to have a better insight, the effectiveness of brand and manage the products.

Improved efficiency

The restraint chains will allow you to explore new options with the help of bid data. It is the best way to improve your sales and business efficiency. The data-driven allows you to pursue new trend with the help of efficient analysis of the data sale. This helps in better understanding of restaurants with their customers that will automatically improve you’re the company.

The improved practiced of the food and beverage industry can have a huge leverage on the big data sector. Each individual restaurants can also understand their competition at a better rate. It might take some time but will give you all the proper data and will track the growth rate of your competition. This will give a competitive edge and a more improved form of marketing.

Improved sales & marketing tactics

You can easily track purchasing decisions with big data for wholesale. When the product that is purchased at an increased rate can help you out to increase business sale. For instance, if the sale of diet food is sold at the 15% in one region then the data can be analyzed such as the profit obtained by keeping this offer or whether there was an increment in the sale of diet food.

This will give you a record of data that can help you to set the beverage and food quality of the products. With the help of that particular data, industries can send out that particular food item in a specific region. This improved the quality of sales and marketing of a product in areas.

Quality Control

Big data plays a vital role in the quality of food and beverage. They can easily maintain the consistency of the food supply with the help of collective data. The expectation of customer is to have same quality and taste of food like the previous taste. If they found any change in the taste then it repels them and something ends up with losing a potential customer.

In such cases, the collection of data can be the friend in disguise. The data analyses will update you on the quality of food. If there are any changes then it can give you an insight into the changes so that you can cover them up with the help of secure ways. It will make sure that your quality of food is not lowered and will ensure always at the top.

F&B companies have a lot of hold on Big Data to improve their profit rates. Big Data has made it easy for companies and restaurants to come up with a more advanced form of marketing that can attract an audience at a global level. In addition to this, companies can also take help from social media networks that are used by a number of people. The reviews provided by them can take businesses to a whole new level.

Are you looking at implementing Big Data analytics for your business? Get in touch today for a proof of concept for your industry.