Data-driven solutions are revolutionizing the way foodservice companies do business. Account based data solutions provide tailored, actionable insights into the pulse of the foodservice industry, transforming the way companies make decisions, launch strategies, and develop products and services.
For restaurant owners and F&B distribution companies – and indeed anyone involved in the foodservice industry – being able to access the right account based data is a key competitive advantage. Data can be used to understand competitors, identify ideal target audiences, understand customer behavior, drive sales, and develop product marketing strategies.
This article is designed to help companies understand what they need to consider when implementing account based data solutions. We’ll explore the top 10 things to consider when selecting a provider, how to build an effective data solution, how to maximize value from data, and the potential risks associated with account based data solutions.
1. Establish Clear Data Needs and Goals
The first step to selecting an account based data solution is to determine the company’s needs and goals. To do this, companies should consider their current operations and processes, analyze existing data and systems, and develop a clear understanding of the type of information that is needed. Companies should also consider the potential gains from a data solution – whether that’s increased sales, better customer relationships, more efficient processes, or better decision-making.
2. Identify a Provider
Once a company has determined its needs and goals, it should begin to identify a provider that can meet its requirements. Companies should look for a provider that offers a comprehensive suite of data services, and should vet them on the basis of their experience, tech security, and customer service.
3. Develop an Efficient Data Workflow
Once a provider is identified, companies should develop an efficient data workflow. This means establishing the steps and processes to collect, store, clean, and analyze the data. Companies should ensure that the data is collected and stored securely and in compliance with laws and regulations. There should also be processes in place to interact with the data and make decisions on the basis of it.
4. Identify Relevant KPIs
Another important step is to identify the relevant KPIs (Key Performance Indicators) that the data should be used to measure. This will help determine which data sets are most relevant. For example, if a company is focusing on customer engagement, they may want to look at customer data, customer loyalty, and customer feedback.
5. Set Data Security Standards
It’s important to ensure that the data is stored and handled securely. Companies should consider the data security standards of their provider, the laws and regulations that they may have to comply with, and how they will protect their data from potential threats.
6. Integrate with Existing Systems
It’s important to ensure that the data solution will be able to integrate with existing systems. This means that data should be able to be passed between systems easily and securely. Companies should consider how a potential solution will integrate with existing systems and processes.
7. Utilize Data Visualization
Data visualization is a key step in making data-driven decisions. Companies should look for a provider that offers user-friendly data visualization tools. This will make it easier to quickly and accurately interpret data and turn it into actionable insights.
8. Track Data with Dashboards
Another key feature that companies should look for is the ability to track data via dashboards. Dashboards provide at-a-glance insight into key metrics, helping companies identify trends, gain quick insights, and make decisions.
9. Analyze Performance
Once data has been collected and visualized, companies should analyze the performance data to gain insight into customer behavior. This will help to identify customers’ needs and preferences, and make decisions that will benefit the company.
10. Monitor & Optimize
Finally, companies should ensure that there are processes in place to monitor and optimize the data solution. This means regularly reviewing the data, measuring the impact of the data solution, and identifying areas for improvement.
By considering the key things outlined above – understanding needs, selecting a provider, developing data workflows, tracking data, and monitoring and optimizing – companies can ensure that they select the right account based data solution and make the most of it.
Implementing an account based data solution can be a complex undertaking, but with the right information and processes in place, it can be a powerful tool for gaining insight into the foodservice industry and making better decisions. By following the top 10 considerations outlined in this article, companies can ensure that the data solutions they choose are best-suited to their needs.