When you’re in the foodservice industry, having the most current and comprehensive data available is essential for smart decision-making. Whether it’s researching markets, verifying data or understanding trends, taking the time to understand the ins and outs of gathering data will ensure that the decisions made are successful. That’s why, when it comes to evaluating and understanding syndicated data, there are vitally important principles and steps that need to be followed.
For those that are in the restaurant technology provider world, assisting food manufacturers and restaurant operators with data-driven decision making is an invaluable way of gaining new business and aiding in their success. But, before that can happen, properly evaluating and understanding syndicated data must be taken into account. Here’s a brief guide that explains why data collection is important for the industry, how to effectively accumulate it, and the value it creates for businesses.
What is Syndicated Data?
Syndicated data is a compilation of information collected from thousands of sources and broken down into smaller, more reliable pieces. Most typically, this data set is used by businesses as market research, to gain consumers’ insights. However, it can be useful in other ways including helping to guide decisions about marketing campaigns and giving businesses the opportunity to get insider views on their competition.
Why it’s Important to Understand and Evaluate Data
Data takes time to properly source, compile, and apply to an organization. That’s why it’s important to understand and evaluate data correctly in order to make informed decisions. Poor decision making based on inaccurate data sets can lead to costly mistakes, and bad decisions that could have been avoided.
Additionally, syndicated data can be used for sales prospecting, competitor research, or even marketing campaigns. By evaluating data sets like menu trends, or social media behavior, businesses can glean insight into their competitors’ tactics and adjust their own strategies accordingly. Ultimately, with the correct usage, understanding, and evaluation of syndicated data, businesses can gain an advantage and become more successful.
Steps for Evaluating and Understanding Data
1. Source the Correct Data Set: It’s vitally important to find the right data set for the job. When sourcing data, consider the parameters you need to cover, cross-referencing the data set with the organization’s goals. Determining the currency of the data, and the market segments you need to focus on is also key. Only with the correct data can accurate predictions be made, and successful decisions be reached.
2. Break it Down: After the data has been sourced, break it down into smaller data sets in order to more clearly identify the trends within the overall set. By breaking down the data, and cutting away any irrelevant information, businesses can better understand what information the data set contains.
3. Present and Visualize the Data: When it comes to understanding data, the human brain can recall or remember information more easily when it’s presented and visualized in the right way. After the data set has been broken down, pie charts, bar graphs, or other diagrams can be used to present the data in a manner that’s easy to interpret. Additionally, using tools like artificial intelligence and machine learning can make the task of understanding data easier, and allow for more complex data sets to be visualized.
4. Compare and Interpret the Results: After the data has been visualized, it’s time to interpret the results. This is where good judgement comes into play, as businesses need to compare the results with their goals and decide if the data is conclusive or inconclusive. One of the most important steps of the evaluation process is to make sure that the conclusions made are valid, and can guide decision-making.
The Value of Evaluating and Understanding Data
Compiling, evaluating and understanding accurate data sets can open up new opportunities for a business, leading to new strategies and strengthened operations. Digitizing market operations and providing insights in real-time makes it easier to stay competitive in the ever-changing foodservice market. Additionally, being able to interpret and visualize data can help keep customers up-to-date on the latest trends in the industry, while keeping pace with competitors.
Having a deep knowledge of syndicated data can be one of the key ingredients in helping a business to set and reach their goals. Evaluating and understanding data allows businesses to make better decisions, gain a competitive advantage, and increase their profitability across the board. With effective use of syndicated data, there’s no limit to what a business can accomplish.