The business world has changed dramatically over the past two years. With the pandemic continuing to affect almost everyone in the world, companies have had to make many adjustments to the way they operate. These adjustments have been particularly necessary for businesses that require frequent interaction with customers. The hospitality industry, travel industry, retail industry, entertainment industry and many more have been affected by Covid and the need to maintain social distancing practices.
These restrictions have resulted in the need for businesses to adapt and develop innovative ways to continue to serve people and make money. For example, home delivery has become an increasingly popular way for hotel companies to continue serving their customers. Curbside pickup has also become a popular method of reducing contact while maintaining service. This innovation has allowed a range of hospitality and retail stores to stay afloat despite tough times.
Unfortunately, not all companies have been able to adapt to the pandemic as quickly and efficiently. Many have suffered a loss of income and some have even closed their doors completely. For those businesses that continue to struggle, certain technological developments that have occurred can be of great benefit to them. The systems that allow companies to better monitor their performance in all areas of activity have enabled them to identify where they need to improve and adapt in order to stay afloat. These systems can help track operational metrics and performance indicators so that businesses can better respond to change.
What are franchised businesses?
Franchises are increasingly popular in the industry. These chain stores make it easier for customers to access products from a company they already know and love. Popular franchises include fast food restaurants like McDonald’s or Pizza Hut, retail stores, or even services like auto repair stores. These franchises all require a sophisticated level of technology in order to track their successes and failures and further develop their business. One problem that many franchises face is synchronizing data from all of their franchise locations to create a succinct overview of their performance as a business. They need platforms that can connect their franchises in real time to information such as top-selling SKUs, KPIs, compliance gaps, impact on pricing and more.
What is a dashboard solution?
Dashboards have many advantages for franchises because they can measure performance on a quantitative scale. They include very useful information that can be easily interpreted to measure overall performance and more specific areas of performance. Dashboards can show a franchise owner how each of their stores is performing both individually and in relation to other stores. The best part about these dashboards is that they offer real-time data so owners immediately know how their stores are tracking. Live business information is crucial in educating management on areas they need to improve to continue their business success. They can be the missing key for owners to understand what they are missing in their service.
Why use franchise dashboards?
Using Franchise Dashboards from a Growing Business Franchise dashboards can give your business a boost. They can be used by franchisors or multi-unit franchisees and provide crucial information on how a business operates. Data from different systems within the franchise, such as point-of-sale systems, customer retention, payroll, human resources, and accounting systems, can be monitored and measured in one convenient place. Because of these many systems, data can sometimes be difficult to assess. Franchise dashboards will allow you to see a clear representation of this data and how it affects your success as a business. They are an innovative and affordable way for small businesses, in particular, to take advantage of big data technologies.
How were franchise scorecards developed?
The Franchise Scorecards activity is the result of 18 months of careful and in-depth research and development. In 2021, it was launched and extremely well received by franchisors who were looking for a way to understand their business and what it needed to be successful. Real-time information has enabled franchisors to take feedback into account and improve their business operations. Franchise dashboards provide insight across all areas of business, from sales to finance to marketing, and create a succinct overview of how it all works in individual stores and across the franchise. They allow franchisors to compare their stores and note areas for improvement in each.
The highly informative dashboards and reports provided by Franchise Scorecards are changing the way businesses operate. Nowadays, it is clear that the need to adapt is more important than ever, and it is essential that companies take advantage of the latest technological developments to do so well. Industries can change at any time, and the valuable information, coupled with real-time alerts, that franchise scorecards offer businesses are invaluable in helping them maintain their success.
Sinead Jacobi is Content Manager and News Columnist for Kev’s Best. Before joining Kev’s Best, she was a journalist at SFJ.
She covers business and product reviews, but also writes news and opinions.