What Big Data Analytics Has To Do With The Food And Beverage Industry
The Food and Beverage (F&B) industry seems like the industry that needs technology implementation the least, but what if we tell you that the integration of Big Data and Data Science can solve up to 90 percent of the problems that the F&B industry has to deal with daily. In this blog post, we would like to discuss what Big Data Analytics has to do with the food and beverage industry.
It is a fact now that AI and automation technologies are at the core of every business. The F&B industry is one of the main sectors driving the global economy’s growth, and by leveraging technologies, the F&B companies will work efficiently in less than no time.
We all know that Big Data Analytics helps organizations control their data and use it to spot new opportunities to the business, make smarter business moves, more efficient operations, bring higher profits, and improve the customer experience.
Here are some of the most prominent ways that Big Data Analytics can improve the F&B industry’s bottom-line performance.
Driving In-store Revenues
F&B businesses can use Big Data to increase their brick and mortar stores’ traffic. With the GPS location function that most mobile phones have, customers can receive a pop-up promotional text message relevant to their previous purchase history. For example, a shopper, when standing in a frozen food aisle, s/he can receive a promotional text for the ice cream that s/he previously purchased last week at the same store.
With Big Data Analytics, businesses know which ice cream flavors are the locals’ most favorite and which types of wine will likely running out of stock. They will then order more and make sure that customers can always find what they need without going to their competitors.
Scheduling Food Deliveries
Big Data can also optimize on-time deliveries to restaurants, food chains, and home customers because it will collect information related to road traffic, weather, temperature, routes, and generate an accurate estimate of the order’s times, avoiding transporting stale products. Perishable food items will be delivered when they are fresh.
Allocating F&B Across The Country
Because Big Data provide specific information, including purchasing decisions to F&B providers, they will know what products are being bought and where. This knowledge allows companies to know to which location should they ship one specific product. For instance, a company might know that Southern California customers are consuming 15 percent more of a no-sugar beverage than the Northern California region. They will learn to ship more of the no-sugar product to the South and less to the North.
Analyzing Customer Sentiment
Because big data is generated every day via our social media activity, every like, comment, and share has contributed to the data warehouse. If companies can get access to this information, they will be able to see their customers’ reactions and emotions toward some specific products and make appropriate decisions before the word spreads. This tactic is highly used by large food retailers like McDonald’s, Pizza Hut, KFC, etc.
Transparency In Supply Chain
Because the F&B Industry plays an essential part in affecting human health, the industry needs more transparency in the supply chain since food contamination is the major problem they have to deal with. The products’ life span decreases during logistics. Big data tools help in maintaining transparency by providing prediction about storage conditions, environmental demographics, contamination in the air, weather, shelf-life, etc, the predictive models assist inventory by alerting owners whenever there is an inventory shortage.
Optimizing Marketing and Branding
To stand out in the market competition, the industry is pouring billions of dollars into marketing and branding. With big data analytics, businesses can discover new opportunities in the marketplace and outreach of the new target group by harnessing insights and consumer feedback. Businesses can gain a better understanding of market dynamics to build better strategies. For example, Starbucks can offer combo and value-added options to attract customers.
Sure digital disruption is affecting every industry, the food and beverage industry is no exception. With Big Data analytics, businesses can access high-quality data quickly so that they make the right decision at the right time to be in the market competition, reach the right customers, and remain profitable.
Wonder how you can use big data analytics to benefit your business? Get in touch with our experts at TP&P Technology. We have years of experience in assisting businesses in digital transformation and proud to be one of the top leading software outsourcing companies in Vietnam.