The foodservice industry has seen explosive growth over the past few decades, with many restaurateurs and suppliers turning to new technologies to help run their operations as efficiently as possible. In order to stay ahead of the competition, smart businesses are leveraging the power of data to make informed decisions about where to invest resources and how best to target customers. However, not all data is created equal, and understanding the right source and how to interpret it is an integral part of effective decision-making.
Here is our list of the top 10 things to consider when investing in foodservice market data:
1. Is the Data Comprehensive and Up-to-Date?
The first thing to consider when investing in foodservice market data is how comprehensive it is. Many data providers are only offering insights that are limited to a single region, sector, or even a single country. It is crucial to ensure that the data is not only comprehensive but up-to-date with current trends and events in the foodservice industry. If the data isn’t kept up to date, it’s possible that important changes in the market may be overlooked. Companies should also be wary of data sources that provide too much information, as this can lead to data overload and make it difficult to draw accurate conclusions from the data.
2. Does the Data Have the Right Details?
Another important consideration when investing in foodservice market data is the detail of the data. Getting the right details is essential for making informed decisions about where to invest resources and how best to target customers. Different data sets may offer different levels of detail, so it is important to choose a source that provides the right level of information. Look for datasets that provide customer segmentation data, insights into menu offerings, and a detailed look at prices, as this can help narrow down the scope of potential customers.
3. Is the Source Reliable?
When it comes to foodservice market data, reliability is key. Data can be a valuable asset, but only if it is reliable and trustworthy. Before investing in foodservice market data, research the source and verify the accuracy of the information. It is also important to consider the longevity of the source, as some data sources may only be available for limited periods of time. Companies should also check for customer reviews and other forms of feedback before investing in a data source.
4. Is the Data Accessible?
In addition to being reliable, data should be easy to access and use. Many data sets can be found online, but they can be difficult to navigate. Investing in a data platform that provides a simple and intuitive user interface can save time and help make the most of the data. Data should also be easily exportable so it can be shared with other members of the organization. It’s also important to be aware of any data protection or privacy regulations that might affect the use of the data.
5. Is the Data Actionable?
The final thing to consider when investing in foodservice market data is how actionable it is. The data should be structured in a way that makes it easy for decision-makers to understand and act upon. Look for data sets that provide both broad insights and more specific details, as this can help uncover key trends and opportunities for growth. For example, a comprehensive dataset can provide insights into different types of restaurants, regional preferences, and popular menu items.
Concluding concepts
Investing in foodservice market data can be a great way to increase efficiency and grow your business. It is important to consider the source of the data, the details offered, the reliability of the data, and the actionability of the information when choosing a data source. With careful research and consideration, organizations can leverage the power of data science and AI to gain valuable insights and make informed decisions about their operations in the foodservice industry.
