How Food and Beverage Companies Are Using Big Data to Make Better Risk Management Decisions and Cut Costs
A Fortune 500 food supplier needed to contain its growing expenses and educate its business units on the hidden costs of workplace injuries. By analyzing available data and partnering with outside experts, the company was able to assess the situation, develop incentive plans, and ultimately save more than $500,000. A decision that may once have been based on guesstimates was instead driven by metrics, harnessing the power of data.
By using big data-based tools to quantify their risk, food and beverage companies are assigning values to the unknown, forecasting the extent of potential financial damage, and assessing possible mitigation opportunities to manage their exposures. In short, they’re using data and analytics to drive intelligent business decisions and change.
In this issue of Food for Thought, we explore how food and beverage companies are using data and analytics to:
- Capture and analyze the potential volatility of new facilities and product lines as they relate to the bottom line.
- Forecast the probability of potential losses.
- Explore a range of potential loss outcomes.
- Identify potential risks, including those that haven’t historically led to losses.
- Target excessive risks before an incident occurs.
- Identify product exposures.
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