The Value of Data
I recently read an interesting article which highlighted lack of digital skills and knowledge in the Oil and Gas industry.
While the alcoholic drinks industry is certainly a lot further forward than the Oil and Gas industry with regards to technology adoption it does still lag well behind other industries and can be slow to adopt new technology and the benefits it can bring.
At MRM, our software automates many aspects of creating and distributing marketing materials. Essentially, our technology automates repetitive manual tasks that were previously done by people. This makes for a highly efficient process that allows customers to reduce their costs and and allow their people to focus on activities that add much greater value.
As the article describes, one huge advantage of using technology to automate manual processes is the ability to track and record activities which creates highly valuable data.
In the independent On-Trade market where many of our customers operate there is very little market data available and what is available is not representative of the total market.
However, the one place where you can find out what your customers are listing and what prices they are charging is by looking at their drinks menu. The byproduct of using the Menu Maker App instead of using graphic designers is that you can capture all this data and gain a fantastic insight into the market.
Several hundred menu orders a month are produced using our Menu Maker App. Included in each order is data regarding the outlet (name, address, location, market segmentation) and the products and prices featured on the menu.
Our technology captures this data and allows our customers to delve into the data and gain insight into the market like never before. The data can answer questions like “What’s the best popular cocktail amongst our customers in North London and how does that compare with Edinburgh” or “What Champagne is most frequently listed by our customers and what is the average price they charge?”
At MRM, we are currently working on a new Analytics tool that will allow our customers to visualise this data quickly and easily and develop market insights that is highly valuable to your drinks wholesalers as well as their customers and suppliers.