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“The key is to understand and contextualise your data, using it to make informed decisions.”
Big data, data science or data mining. Whatever you call it, one thing is clear, data has become an increasingly valuable asset for hospitality businesses to capitalise on. And in creative ways too.
BUT the key is to understand and contextualise your data, using it to make informed decisions.
To move the conversation on and create this insight, we teamed up with data analytics provider Zizo to host a hospitality industry roundtable, ‘Big Data: The Gamechanger’ at The Foodservice Show 2019.
Matt Napleton, sales and marketing director, Zizo on the event: “It’s clear that despite some initial reticence about data and its value to the hospitality business, the volume and variety of data created by the industry means there is clear value to be had.
“The roundtable brought together a wide spectrum of organisations from the industry, with data creators engaging with data consumers to understand how we can pull data together to create new opportunities. As we have seen in other sectors (such as retail, logistics and finance in particular) the ability to pull together diverse data sets into something that delivers value will be key for future growth, of both wallet share and consumer voice. Even if you feel you are not ready to use data yet – you would be best to start thinking about new ways to use it – before somebody else does!”
Industry experts within the hotel, drinks, foodservice, purchasing, food waste and software development sectors joined us to debate some of the challenges associated with retrieving, understanding and acting upon data.
Anita Murray, William Murray CEO, said: “Over the last few years, data science or ‘big data’, has become widely valued and utilised in the technology, finance and retail industries. However, in the hospitality sector, I think we’ve only scratched the surface in knowing exactly what gathering and understanding our data can do for our businesses. By gaining valuable insight, hospitality businesses of any size are better equipped to make informed decisions, using data to improve efficiency, build customer loyalty, predict behaviours and increase profits.”
Drawing upon these discussions, this report considers the most valuable types of data and whether the hospitality industry is ready to evolve with it.