The food industry, grocery stores, and food producers are coming up with new forms and data sources to get new information about the industry trends in restaurants. Whether it is artificial intelligence, data analytics, or the Internet of Things, these technologies are completely reshaping the future of the food industry.
Moving on, what is Big Data Analytics? Examining large data sets to know the hidden patterns, market trends, unknown correlations, and other useful information to help bigger organizations to arrive at wise decisions is what is called big data analytics.
There have been epic changes in the behaviors of millennials and centennials as far as the restaurant industry is concerned. Food points and grocery owners are focusing largely on retaining customers. And to achieve this, it is important to have data-driven information to make informed decisions.
Wondering how big data analytics is reshaping the food industry? Here are five ways to unravel the power of data analytics and let you know how it is shaping the food kingdom. Keep reading to know more.
Supply chain transparency – Improper inventory management result in huge losses for the food and beverage industry. And this can also lead to unhappy customers. The supreme reason for the losses in inventory management is due to contamination which leads to the decreased life span of products during logistics.
Big data and analytics help maintain transparency in supply chain management. How? It predicts the storage conditions, shelf-life, and contamination level. With the help of predictive analysis, companies can predict the demands for their products and hence optimize their supply chains. Evaluating suppliers also becomes easy with big data analytics to ensure compliance with ethical standards. It allows companies to use the Internet of Things devices like barcodes to track food items.
Food delivery – How many players were in the food market offering the option of home delivery around a decade ago? Very few. But the situation has changed a lot in recent years. All thanks to the advancement in technology. Almost every food outlet nowadays has the option of food delivery. But do you know what the major challenge is? The answer is on-time food delivery. Nowadays, data analytics for food industry is used to determine things like weather, traffic, route, temperature, etc., to find out how much time the food item will take to reach its destination.
The data from the online food ordering software is also used to obtain solutions to estimate the food quality and to ensure the safety of perishable food items in terms of reaching their specific place.
Branding and marketing optimization – The food industry is growing at a rapid rate. And globalization has played an important role in it. To get ahead of the competition, the food industry is paying the utmost attention to branding and marketing to squeeze out industry revenues. The use of big data analytics for food industries helps in discovering new markets. You get a better understanding of changing market dynamics.
You can address the social and digital media platforms effectively by knowing the data analytics. Besides, it helps optimize the marketing strategies to build the trust of your brand.
Quality control – The success of food supply chains largely depends upon quality. Perishable products like fruits, milk, vegetables, and seafood are prone to spoilage if the temperature in which they are kept keeps on fluctuating. This becomes all the more important when these food items need to get transported over a long distance.
To tackle this problem, IoT-based sensors are used by food logistics companies in warehouses. In this way, food-related data is collected and transferred to big data systems to process the data in real-time. You can then timely replace the spoilt food items. And ultimately, unforeseen issues can be avoided if you have the facility to examine the raw materials and the finished products.
Operational efficiency – How do you record the daily activities of systems? With the use of application logs. It keeps operational efficiency high. For instance – If you want your restaurant to run right, everything ranging from POS to kitchen display systems to inventory management systems needs to follow an order. And if you aren’t taking the help of the data solutions, things can become quite tricky for you.
With big data solutions, restaurants can easily detect vulnerabilities before they turn into major issues. All in all, data analytics gives a kick to the operational efficiency of the food industry.
To make a long story short
Big data analytics has taken the food industry to unimaginable heights. That is why it has become possible for small restaurants to compete with big brands. No wonder the world of emerging technologies in the food industry has endless opportunities to offer which will transform the entire food ecosystem for the better.