Business intelligence is reshaping the foodservice industry through a clear view of what’s happening now and what’s likely to happen next in the market.
Using business intelligence isn’t just for tech experts or data geeks; it’s for anyone who wants to expand their food service business.
How is business intelligence helping the food service industry, and how can you leverage food business intelligence software to make informed decisions? Let’s discuss it.
Here’s why business intelligence is becoming more important than ever in the food service and restaurant industry:
For a supplier, understanding which market segments are most profitable can make all the difference.
BI has helped suppliers identify that while fast food and casual dining spaces are crowded, the fast-casual segment is expanding rapidly, offering a more promising avenue for growth.
In 2020, a sudden surge in baking sent suppliers scrambling as the demand for flour and yeast skyrocketed.
Businesses using predictive analytics saw this customer behavior developing in real-time data, allowing them to adjust their stocks and marketing strategies accordingly.
By analyzing search trends, purchase data, and social media sentiment, BI tools can give suppliers the foresight to stock up on rising star ingredients and dial back on waning ones.
The journey to find and secure the right customers or partners is often a time-intensive aspect of business growth. BI tools excel in cutting down this prospecting time so you can focus more on expanding your business.
Brizo FoodMetrics offers descriptive analytics needed for this task. The platform’s targeted insights enable businesses to identify and engage with leads that promise higher conversion rates.
For example, when Bbot paired with Brizo FoodMetrics, they gained access to a robust database to refine their prospecting process. They could target their leads more precisely, leading to improved response rates.
Business intelligence platforms like Brizo assist in mapping out the market landscape, pinpointing ideal collaborators, and ensuring brand standards are upheld.
Using BI to find and assess potential partners for their virtual brands, Dickey’s BBQ could align with food service operators that matched their business goals, ethos, and quality standards.
BI goes beyond what’s on the plate; it’s also about what happens behind the scenes. Brizo’s BI tools boost business process efficiency and allow businesses to focus on what they do best — serving their customers.
For ezCater, managing a vast network of 94,000 restaurants, the power of BI is reflected in their operational efficiency. The targeted selection and qualification of potential partners are critical to maintaining their service quality.
The business intelligence system enabled them to quickly evaluate and prioritize leads, optimizing their key performance indicators and significantly reducing the time spent on research.
Customer experience is king In the US market, where 59% of people dine out as soon as they can.
Artificial intelligence can help businesses understand and cater to customer preferences, making each dining experience bespoke. This approach can turn casual diners into loyal patrons, increasing overall business performance, customer satisfaction, and revenue.
BI assists food service businesses in uncovering data that could lead to more cost-saving opportunities, pricing strategies, and consumer demand.
Business intelligence tools like Brizo FoodMetrics incorporate review and rating filters to provide an invaluable perspective on current market activity. This feature offers businesses a clear view of how customers perceive their services and those of their competitors.
For a company like Bbot, which relies on its reputation for innovative contactless payment solutions, these valuable insights are vital to making strategic decisions. By evaluating customer feedback and ratings, Bbot could measure satisfaction levels and identify improvement areas.
Beyond internal assessments, this BI feature also helps businesses keep a close watch on their competition.
Your gut has helped you make some great calls, and that experience counts for a lot. But with business intelligence, you’re not just guessing; you’re making data-driven decisions.
You can see the patterns, get the big picture, and make moves that put your products in the hands of chefs and restaurants who need exactly what you’ve got.
Go beyond intuition and arm yourself with precise and actionable insights. Try Brizo today!