Analyzing the market performance and getting the desired insights into the foodservice industry is a challenge faced by many restaurants and food & beverage distributors. For this, chefs, marketers, food-led research analysts, salespeople, and strategists need access to the right insights into the food and beverage industry. With account-based analytics tool, such as Brizo, restaurants and food & beverage distributors are able to gain in-depth insights into the foodservice market – specifically in regards to menu data, sales and market prospecting, and operations expansion.
The aim of this article is to discuss the pros and cons associated with account based analytics tool for restaurants and food & beverage distributors. To provide an overall analysis and evaluation of the restaurant industry’s effectiveness in using account based analytics tools, the article will address the various applications of such tools, the insights it provides, and the potential benefits to the restaurant’s operations.
Application Of Analytics Tool For Restaurants
In terms of applications and insights, account based analytics tools provide detailed insights into the foodservice markets. For restaurants, insights into their menu analytics, performance of their restaurants, customer data, and pricing of competitors are all actionable, data-driven insights that can be obtained through account based analytics. These insights allow for deeper analysis and understanding of the foodservice market which can yield more effective sales prospects, targeted research, and more accurate customer data. Additionally, account based analytics tools can help restaurants identify opportunities for product innovation, operations expansion, and potential cost savings.
Insights Into Availability & Pricing of Foods
In order to gain a more precise understanding of the foodservice market, account-based analytics tools provide insights into the availability and pricing of foods. Foodservice professionals are able to analyze monthly, seasonal, and even regional availability of foods and ingredients – eliminating the necessity of manually searching for prices, availability, and other necessary information. With such insights, restaurants are able to fine tune their operations and ensure timely availability of ingredients for a consistent and uninterrupted product line.
Menu Analysis & Performance Insights
Another major benefit of account-based analytics tools is the insights it provides into the performance of your menu. Through trend data and insights available via analytics tools, restaurants and food & beverage distributors are able to quickly analyze sales performance patterns and identify areas of improvement. This helps restaurants identify key “pain points” in their menu and quickly adjust to improvements that are needed.
Expanding the Reach of Restaurants & Food & Beverage Distribution
Account based analytics tools also provide foodservice professionals a platform to expand the reach of their businesses. Restaurants are able to leverage unique data fields and develop highly targeted strategies for market penetration and operations expansion. Additionally, by taking advantage of sales prospecting tools, restaurants and food & beverage distributors are able to identify new markets and customers for their offerings and expand their reach.
Pros Vs Cons of Account Based Analytics
While there are numerous advantages associated with account based analytics tools, it is important to consider several potential drawbacks associated with such tools. The foremost being the cost associated with the use of such tools, which is relatively higher than their peers. Additionally, as most account based analytics tools are cloud-based, there is a reliance on a stable and reliable internet connection for uninterrupted usage.
Concluding concepts
Account based analytics tools provide a range of benefits to restaurant, chefs and food & beverage distributors alike. With insights into availability and pricing of foods, menu analysis and performance insights, and extensive market coverage, such tools provide an effective platform for achieving efficiency gains and operations expansion. While cost and reliance on internet connectivity are potential drawbacks, the long-term benefits are likely to outweigh these drawbacks.
