30 June 2020

Food and Beverages Industry: Data Analytics as a competitive advantage

The food & beverages industry is increasingly demanding, highly competitive and continually changing. The pandemic situation we are experiencing reinforces this, with many challenges ahead, the industry needs to have agile internal processes, optimised costs and competitive advantages to leverage the business.

Disruptive technological solutions are transforming this industry, whether due to new forms of production, high-quality requirements, new consumer habits and even strict hygiene rules.

Presently, and more than ever, it is essential to guarantee the quality, deadlines, efficiency, costs, productivity and regulation in the food & beverages sector. In this way, Data Analytics and Artificial Intelligence solutions bring strategic benefits to organizations, as technology allows higher reasoning of decisions, and the possibility of, from there, creating strategies that reduce errors and costs.

It is indisputable that technology is taking the food & beverages industry to a higher level, giving it higher knowledge of the consumer, detailed market analysis and the possibility of developing more personalised and differentiating products.

Data Analytics, allied to Artificial Intelligence and Machine Learning, can generate insights from the millions of data available, and therefore, create a positive and specialised impact on marketing campaigns and the creation and development of innovative products. In this way, it becomes possible for organizations in the food & beverages sector, whether they are producers, distributors or restaurants, to stay one step ahead of the competition, and be able to keep up with the principal market demands.

These solutions make it possible to make the food & beverages sector more agile and increase knowledge of consumer preferences and trends, and thus make smarter strategic decisions. According to the report “Artificial Intelligence (AI) in Food & Beverages Market – Growth, Trends, and Forecast”, it is expected that Artificial Intelligence in the food & beverages sector will register a CAGR (Compound annual growth rate) of more than 65.3% during the period from 2019 to 2024.

Data Analytics and Artificial Intelligence lead the food & beverages sector to be increasingly disruptive in its offer, and make it possible to respond to the main priorities of organizations within this sector, among them, it is possible to highlight the importance of monitoring and product performance, stock management, customer service, increased revenues and cost efficiency and profitability.

The tastes and preferences of consumers, as well as the constant changes in the society, impose a fast pace on the sector, which makes it essential to transforming a large volume of data to gain the highest possible number of insights.

With the prevailing situation, distribution and e-commerce services have also become a reality for several organizations. Also here, Data Analytics systems are crucial to monitoring, optimizing and extracting data from variables such as traffic, weather, and distance, for instance. In addition to ensuring compliance with standards and food safety. So, delivery times can be customised and optimised to reduce time and costs. The available data also allows to personalise the offer, create exclusive promotions or loyalty programs.

In short, organizations, which operate in this industry and have already adopted disruptive technological solutions, recognise the importance of data, in real-time, to optimise their strategy and better decision-making. Keeping up with trends, controlling costs, optimizing purchasing decisions, in addition to the possibility of automating countless processes takes food & beverages organizations a high level, allowing them to identify new business opportunities and enhance their capacity and competitiveness.

 

 

 José Oliveira BI4ALL
  José Oliveira         
        CEO