5 Ways of Using Analytics in Food and Beverage

In today’s world, data analytics is becoming increasingly important for businesses across all industries to make informed decisions. Food and beverage businesses, in particular, can benefit greatly from data to improve their decision-making process.

Effective decision-making processes are essential to the success of many organisations, as they help improve market position and maximise revenue potential.

However, decision-making has become more complex in recent years, with?65% of decisions?being more complex than they were two years ago according to a survey by Gartner. Mostly due to a lack of fresh and reliable data.

Therefore, we have identified 5 main ways Food and Beverage businesses can improve decision-making with data analytics.

5 Ways Food & Beverage Businesses Can Use Analytics for Better Decisions:

1. Understanding Customer Preferences
2. Streamlining Production Tracking
3. Develop Energy Management
4. Optimising Pricing Strategies
5. Predictive Analytics

Understanding Customer Preferences.

One of the most significant advantages of data analytics in food and beverage is that it helps businesses understand customer preferences.

In fact,?understanding customers is key to sustainable growth. For food and beverage companies, this means gathering information on the types of food and drinks customers prefer, how often they order products, and what they are willing to pay for them.

Data analytics can help food and drinks businesses collect this information through evolving?customer behaviour, customer surveys, and point-of-sale data analysis.

For instance, a food and beverage business can analyse the top 10 trending products that have been selling well recently. The data is compared to the previous 13-month period to ensure that it’s an actual item in demand.

This can help the business gain insights into what customers prefer and what they don’t like. Moreover, with this data, businesses can improve their existing list of items, consider creating new products that meet customer preferences and ultimately increase customer satisfaction.

Another way data analytics helps food and beverage businesses understand customers is by identifying those who are no longer purchasing as much as they have been over the past 13 weeks.

This can indicate when someone is ready to replace you as a provider. Moreover, it highlights which type of product your customer is purchasing less and which item they are most interested in.

Find out more in our blog post –?BI in Food and Beverage Industry in 2023

Streamlining Production Tracking.

Another way that data analytics can benefit food and beverage businesses is by streamlining production tracking. By analysing product stage data, businesses can identify inefficiencies in internal processes and areas for improvement.

For example,?data analytics?can reveal the current stage of orders, the number of items ready for delivery, and which department holds orders the longest. Armed with this information, businesses can make informed decisions regarding staffing, inventory, and delivery timing.

Our order tracking system allows you to monitor each stage of the approval process with ease. Whether you need to check outstanding customer orders or locate a specific product, our system provides real-time updates to keep you informed. You can quickly access the details of any order to see its status, whether it’s in the hands of our customer service team or already prepared for delivery.

This level of transparency ensures that you?... <continue reading on our website ??...>