Increase in deployment of cloud storage and to capture the preference of customers, quality, customer service, on-time delivery big data analytics is being employed to gather massive amount of information and turn that into actionable insight to cut down costs and generate more revenue. Its benefits include, improved product innovation, greater sales effectiveness, enhanced margins and increase in profit level, extending customer reach with customer satisfaction and loyalty.
What are Big Data in Food and Beverages Industry?
Big Data is referred as the collection of data sets so large and complex that it is not possible to process it in traditional way. Big Data in Food and Beverages Industry has dynamically changed the way of doing business. It eliminates the decisions based on gut feeling and intuition by providing analytical data to run the business with result oriented decision making. Big Data can transform the Food and Beverage industry right from production to the consumer consumption. Manufacturers, Retailers and Restaurant Chains can leverage from big Data analytics for their business to know the consumer preference, pricing, product making and others. Big Data can increase the business as well as the revenue generation. So to stay competitive in the industry, food and beverages companies consider implementing Big Data analytics tool.
What are the applications of Big Data in Food and Beverages Industry?
Big Data driven analytics provides the concrete base to the food and beverages industries with decision making, pricing, product promotion, product development and demand forecasting of the business. The application of Big Data in Food and Beverages industry are Agriculture, Restaurant chains, Supply Chains, Manufacturers and others.
Market Research and Market Trends of Big Data in Food and Beverages Industry:
- Big Data has become an integral part of the food and beverages industry by providing analytic support for decision making capabilities in the area of product pricing, product promotion, product development and demand forecasting. Food and beverages is essential part of life and a major economic force. So it makes perfect sense for the food industry to follow the path taken by major financial and marketing firms and use sophisticated analytical tools and methods to understand consumers and market trends. Big Data can be levied in the operations fields to check with the procurement of material, production, Quality control and Packaging.
- The usage of big data in food and beverages industry can be leverage in these process such as On-time delivery where food can be optimized and timed using various big data analysis tools and techniques. In operational efficiency big data can be utilized to analyze the impact of market trends on stock consumption to the effect temperature has on food quality to provide better quality to the consumer. The sentimental analysis is done to monitor the customer emotions over social networks to know the review of the product from consumer end. This technique is beneficial for large scale food and beverages retailers. Quality, itself denotes the meaning and why it is being taken into consideration in food and beverages industry. In personalization and market analysis the big data provides the analytical result on customer views and the prediction of next product which they are preferring to buy. Last not the least customer service is the most difficult part to optimize. Big data in food industry can help analyze inputs from all these factors to give meaningful insights.
- One of the current trend in the Big Data in food and beverages industry is the usage of Cloud computing as a storage to cut short the investment made on building a new infrastructure. Cloud computing has made big data analytics approachable to everyone. This technology will certainly grow and revolutionize the working of many industries. A food program has been created based upon original recipes mentioned on food items. The program uses big data analytics to study different aspects of food like the taste, combinations, chemical properties and others to suggest new and innovative recipe.
Who are the Major Players in Big Data in Food and Beverages Industry?
The companies referred in the market research report are Subway, Kroger, Oberweis Dairy partnership Organization and 10 other companies.
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