Business intelligence company Overproof has rolled out BarInsights, which will give bars and restaurants the option to monetize their point of sale (POS) data and add more insights for suppliers, Overproof said in a press release.
The release says the solution works via companies enrolling and then uploading their menus, setting pricing for the performance insights related to the items on the menu.
Popular items tend to generate larger data sets and the insights are more valuable, the company said. BarInsights gives merchants “full flexibility” on pricing, according to the release.
“BarInsights facilitates strategic partnerships between on-premises accounts and beverage alcohol suppliers,” said Marc De Kuyper, CEO of Overproof. “For beverage alcohol brands, the lack of on-premises performance data is a fundamental issue to determine ROI or ‘return on effort.’ The platform opens a new revenue stream that offers consistent, monthly profit to merchants, while giving suppliers the insights they need to make data-backed decisions that drive brand strategy, product development, and marketing and sales efforts.”
Merchants will be able to connect with supplier partners or use BarInsights to make new supplier relationships, the company said. They will also have the ability to purchase brand trend insights.
Once a supplier accepts, Overproof’s Data Science team will pull the data and then clean, enhance and enrich it to deliver the monthly reports. The company also handles payment collection from supplier partners, delivering an all-in-one monthly payment to the merchant.
In other news about the world of alcohol suppliers, an executive from Provi this spring talked with PYMNTS about the nuances of dealing with B2B challenges in that sector. Provi Vice President of Product Ashley Phillips noted that alcohol is regulated at the state level and has rules governing both the consumer and B2B operations.
Read more: The Beverages Sector Toasts B2B Payments Digitization
Phillips said there are myriad differences like different payment terms depending on the type of beverage in question.
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NEW PYMNTS DATA: 58 PERCENT OF MULTINATIONAL FIRMS ARE USING CRYPTOCURRENCY
About: In spite of their price volatility and regulatory uncertainty, new PYMNTS research shows that 58 percent of multinational firms are already using at least one form of cryptocurrency — especially when moving funds across borders. The new Cryptocurrency, Blockchain and Global Business survey, a PYMNTS and Circle collaboration, polls 500 executives looks at the potential and the pitfalls facing crypto as it moves into the financial mainstream.
Enterprise intelligence firm Overproof has rolled out BarInsights, which can give bars and eating places the choice to monetize their level of sale (POS) knowledge and add extra insights for suppliers, Overproof stated in a press launch.
The discharge says the answer works through corporations enrolling after which importing their menus, setting pricing for the efficiency insights associated to the gadgets on the menu.
In style gadgets are likely to generate bigger knowledge units and the insights are extra helpful, the corporate stated. BarInsights provides retailers “full flexibility” on pricing, in accordance with the discharge.
“BarInsights facilitates strategic partnerships between on-premises accounts and beverage alcohol suppliers,” stated Marc De Kuyper, CEO of Overproof. “For beverage alcohol manufacturers, the shortage of on-premises efficiency knowledge is a basic difficulty to find out ROI or ‘return on effort.’ The platform opens a brand new income stream that provides constant, month-to-month revenue to retailers, whereas giving suppliers the insights they should make data-backed choices that drive model technique, product growth, and advertising and marketing and gross sales efforts.”
Retailers will be capable to join with provider companions or use BarInsights to make new provider relationships, the corporate stated. They may even have the flexibility to buy model pattern insights.
As soon as a provider accepts, Overproof’s Knowledge Science group will pull the info after which clear, improve and enrich it to ship the month-to-month studies. The corporate additionally handles fee assortment from provider companions, delivering an all-in-one month-to-month fee to the service provider.
In different information in regards to the world of alcohol suppliers, an govt from Provi this spring talked with PYMNTS in regards to the nuances of coping with B2B challenges in that sector. Provi Vice President of Product Ashley Phillips famous that alcohol is regulated on the state degree and has guidelines governing each the patron and B2B operations.
Learn extra: The Drinks Sector Toasts B2B Funds Digitization
Phillips stated there are myriad variations like completely different fee phrases relying on the kind of beverage in query.
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NEW PYMNTS DATA: 58 PERCENT OF MULTINATIONAL FIRMS ARE USING CRYPTOCURRENCY
About: Despite their value volatility and regulatory uncertainty, new PYMNTS analysis reveals that 58 % of multinational companies are already utilizing at the very least one type of cryptocurrency — particularly when transferring funds throughout borders. The brand new Cryptocurrency, Blockchain and International Enterprise survey, a PYMNTS and Circle collaboration, polls 500 executives seems to be on the potential and the pitfalls going through crypto because it strikes into the monetary mainstream.
