data is the lifeblood of modern businesses. It’s used to inform decisions, create products, and improve processes. For businesses working in the food industry it’s especially crucial. With the sheer amount of information flowing in from customers, suppliers, and vendors, organizations can’t afford to ignorantly lean on the status quo.
For companies working in the food industry, understanding the rapidly changing food data trends is essential to understanding the prospects and challenges of the industry. Not to mention the implications for restaurant technology providers. Thus, we’ve put together a list of frequently asked questions (FAQs) to cover some key themes in this ever-unfolding landscape.
What are the Major Food Data Trends in 2020?
The major trends in 2020 revolve around customer experience, transparency and data analytics. All of these link together, but it’s important to break them down to have a holistic understanding of their impact for the food industry.
Customer experience is one of the most important aspects for foodservice businesses. Consumers are increasingly looking for high-quality experiences. From food quality to meal delivery options, customers expect near-flawless taverns, restaurants, and cafes to frequent. This puts high stakes on restaurant technology providers to develop systems that can meet these standards.
On the transparency side, the public is becoming more aware of food quality standards, as well as the ingredients used in certain meals. Foodservice businesses have to take into account customer preferences when it comes to the type of food served and the quality thereof.
Data analytics allow businesses to efficiently analyze and visualize the trends of their customer’s data. From financials to operational trends, businesses are able to identify areas for improvement more quickly. As these trends evolve, restaurant technology providers need to continually stay up-to-date with the landscape.
How Do Restaurants and Suppliers Use Data to Enhance Their Operations?
Data is used to inform decisions from every level of a food service business. For restaurants, they can use their customer data to understand their target market better as well as gauge their customer satisfaction levels. With this they can better tailor their services to their customer’s needs and preferences.
Suppliers can use data to understand their customer base in a deeper fashion. This enables them to present their products and services in a more effective and efficient manner. Additionally, they can also use data for forecasting, on-board new customers, improve supply chain processes as well as optimise their business operations.
Are There Any Innovations in Food Service Data Analysis?
Yes, there have been a range of innovations in the use of food service data analysis. Businesses are now using data science tools to more effectively uncover and leverage data trends at scale.
For instance, with the rise of artificial intelligence, businesses can automate processes with accurate predictions and recommendations. For example, a restaurant may use machine learning to suggest meals to its customers. In addition, businesses may use data analytics to identify customer patterns, trends and behaviours to make better business decisions.
Also, restaurants are increasingly looking for software solutions to help manage their administrative tasks. Businesses can also utilise data-based solutions to improve customer relations and optimise their service delivery processes.
What Tools Can Businesses Use to Better Analyze Their Food Service Data?
Businesses in the food service industry can utilise a range of tools to better analyze their data. The specific tools may vary, depending on the data needs and objectives, but some popular options include:
Data Visualization: This includes tools that enable users to analyze and present data trends in graphical formats for better understanding.
Data Mining: This involves using sophisticated tools to find useful data. It can be used to uncover customer patterns, trends, and behaviors.
Analytics: This can involve techniques such as predictive and prescriptive analytics to make data-driven decisions.
AI/ML-based Software: This involves utilizing artificial intelligence and machine learning technologies for automated data analysis.
What are the Benefits of Effective Food Data Management?
When businesses effectively manage their food data, they can achieve numerous benefits. These include, but are not limited to:
Enhanced customer experience. With data sourced from customer interactions, businesses can understand their trends and preferences to modify their services accordingly.
Improved decision-making. With data insight, businesses can be more informed when making business decisions, ranging from operational to business strategy.
Increased revenue. By forecasting data and understanding customer behavioural patterns, businesses can better optimize their resources and operations to maximize their profits.
Reduction in costs. With data-driven insights, businesses can eliminate costly mistakes, increase efficiency, and reduce waste.
