To maintain a competitive edge and achieve profitability in today’s dynamic foodservice industry, relying solely on culinary expertise and innovative menu offerings is no longer sufficient.
It demands a deep understanding of consumer preferences, market trends, and operational efficiencies. This is where the power of foodservice insights comes into play. By harnessing the wealth of knowledge that insights provide, foodservice operators can unlock valuable insights that pave the way to sustainable growth, enhanced customer experiences, and increased profitability.
What are insights?
Insights refer to deep understandings or valuable observations gained through the analysis and interpretation of information or data. Insights provide meaningful and actionable knowledge that helps individuals or organizations make informed decisions, develop strategies, or gain a deeper understanding of a particular topic or situation.
Insights are different from raw data or simple observations because they involve critical thinking, analysis, and context. They go beyond surface-level information and offer a deeper understanding of the subject matter. Insights can be qualitative or quantitative, subjective or objective, and they help drive decision-making, problem-solving, and innovation.
Here are some examples of the types of foodservice insights that operators can leverage to make more profitable business decisions:
- Areas for Savings
- Switch and Save Opportunities
- Top Categories and Items
Our goal at Buyers Edge Platform is to provide our members with the data and insights needed to make those more informed business decisions. The level of information that we have visibility into would normally take operators hours to collect and decipher on their own. Now, it’s available at your fingertips!
Using the “Insights” function within the member portal gives operators a quick glance into their purchases.
Here are 3 ways that using “Insights” could help operators drive profits.
Savings and Opportunities
When you connect your distributors to Launchpad, all of your purchases will flow directly into your account. The “Savings and Opportunities” section, shows the amount of your purchases which are receiving rebates or deviations vs the amount of your purchases which are not receiving any savings. It’s recommended that you login to your account and view this section. There’s always room to maximize your rebate savings, but you need to first understand where to start.
Switch and Save Opportunities
What is a “Switch and Save” opportunity? Switch and save refers to the chance for operators to switch their current supplier or vendor and achieve cost savings by leveraging the negotiated discounts and competitive pricing available through the GPO’s network.
As a member of a GPO, foodservice operators gain access to a wide range of suppliers and vendors who have agreed to offer discounted pricing or special deals exclusively to GPO members. A switch and save opportunity arises when an operator identifies a supplier or vendor currently used by their business and realizes that they can obtain the same or similar products/services from another supplier within the GPO’s network at a more favorable price.
The beauty of being a partner with the Buyers Edge Platform is that we do all the heavy lifting of identifying savings opportunities. You just have to accept the savings!
Switch and Save Opportunities, utilizes our AI software to help find items that qualify for rebates but are similar to the items that you are purchasing today. Perhaps you buy smoked bacon from brand A. Our software is able to analyze millions of items in our database to find a similar smoked bacon to brand A but one that qualifies for savings.
Right from the Launchpad, you could request a sample to see if this is a product you would be interested in benefiting from.
Top Categories and Items
Top categories and items allow operators to easily see where the majority of their purchases and spend are going. Once you understand your top items and categories you can take steps to properly monitor these items. Perhaps it’s time to run a tighter inventory? Or maybe you check that these items bring in proper margins. The list goes on.
Users can easily take their top items and use “Item Intel” to better understand the price they are paying vs other operators. They can also look for a similar item that is either a) more cost effective or b) qualifies for a cash back rebate.
Item Intel is just another way that the Buyers Edge Platform allows operators to run more efficient operations while putting more time back in their day.
In a rapidly evolving foodservice landscape, the benefits of leveraging insights to drive profitability cannot be overstated. By harnessing the power of data-driven decision-making, operators can unlock hidden opportunities, optimize operational efficiency, and enhance customer experiences. Having access to insights empowers operators to stay ahead of the competition, adapt to changing consumer preferences, and make informed strategic choices that lead to increased profitability. Insights provide the roadmap for success in an industry where precision and agility are paramount.