In this article, we will look at some of the HoReCa software providers' opportunities and challenges when it comes to deriving value from data.
We live in a world where business decisions are ever more based on data. Big data is an important source of information for most businesses that want to strive in today’s competitive environment. The global big data market is forecasted to grow to 103 billion U.S. dollars by 2027, more than double its market size in 2018.
The HoReCa industry is no exception to this new business reality. Big corporations spend billions of dollars on analyzing their sales and the use of their products. For instance, the market for Big Data In Food and Beverage is forecast to reach $ 2.1 billion by 2026, due to rapid increase in data availability, technological advancement and consumer behavior changes.
The size of the restaurant POS terminal market gives us an idea of the importance of POS terminals for gathering data. The global restaurant point of sale (POS) terminal market was valued at $16.5 billion in 2021 and is projected to reach $44.6 billion by 2031.
POS systems collect a wealth of information, which could be used in a variety of ways:
The transaction data from POS can also be used to see trends in consumption of various products, for example, Beers, Spirits, Cold Drinks or specific meals, which is a valuable insight for product manufacturers or distributors.
However, most POS companies struggle to extract value from their data. It is in fact rare for POS providers to use the full potential of the data they have.
POS data is potentially very valuable but it is also messy and hard to use unless you decide to make a significant investment in it.
The most common scenario is that POS companies sit on the data and do nothing with it. Even those companies that realize the potential value of the data often struggle to use it to their advantage, use it to empower their customers or monetize it. There are several good reasons for that:
As a result, the data often remains unused.
We will continue this article with a sequence of additional write-ups about our ideas and approach to data processing, data monetization and its legal aspects. In the meantime, if you see yourself in the situation outlined above, we are happy to discuss how we can help you start extracting value from your data.
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May 29, 2023
May 23, 2023