Food companies, including grocery stores, consumer packaged goods corporations and small suppliers, are using big data analytics to make more informed choices that can boost success and profits.
A new startup that recently hit the market aims to do just this. As Retail Leader explains, Food Genius funnels information about common food combinations, taking spices, ingredients and flavors into consideration and turning them into actionable insight for companies looking to pick the most profitable products.
Food Genius CEO Justin Massa told Food and Tech Connect in an earlier interview that the program enables users to discover vital contextual data and gain inspiration, simply by analyzing key pieces of information.
Most grocery chains already do this, according to Compliance Week. When customers hand over their loyalty cards to participate in sales or recoup their member benefits, they are helping supermarkets understand consumers' preferences. This information can then be used to make better choices about future sales and optimal price points.
Companies that launch big data campaigns must make sure to include data quality checks in their strategies, or their efforts could result in time and money wasted.