Category

Analytics
A young woman wearing red lipstick works on a laptop

How Businesses Can Benefit From Using Business Analytics

Understanding your company’s performance is vital for business owners since it helps them make critical decisions for the future. That’s where business analytics comes in. Business analytics provide detailed insights that make it easier to measure your company’s performance, establish actionable steps to achieve your business goals and solve reoccurring problems within your business. This post will explain how data analytics helps your business expand and thrive in a competitive market.

What Is Business Analytics?

Business analytics is a method of interpreting data to find valuable performance patterns and insights. Examples of business analytics tools and techniques include machine learning, predictive analytics, and natural language processing. These tools transform data analytics into usable insights to determine your website’s performance. You can use these insights to make decisions and improve your marketing strategies to reach more people.

Analytic tools need clear and accessible data to provide real-time, accurate business analytics. Several tools and cloud storage software platforms exist to access and process your vital data to provide valuable business insights.

How Can Businesses Benefit From Using Analytics?

Identifying patterns and trends in your business data helps you find ways to change your business practices for a more favorable outcome. Here are a few specific benefits of business analytics:

Improve Customer Insights

Your goal as a business is to improve your customers’ experience when they use your products or services. However, it may be challenging to enhance their experience if you know how they feel. Business analytics tools analyze data to create detailed customer profiles, allowing you to understand individuals’ behavior to provide tailored services to meet their unique needs and preferences.

Track KPIs

Key performance indicators (KPIs) are quantifiable measurements that evaluate your company’s long-term performance and can determine your strategic, financial, and operational achievements compared to other companies in the same industry. Business analytics track your company’s performance metrics by collecting data and converting it into measurable insights you can display on charts and dashboards.

Simplify Decision-Making

As a business owner, you have many decisions to make every day. Business analytics can provide insights that guide you in making informed decisions. Business analytic tools use predictive analytics to suggest the best responses to changes in your business. These tools can use sales data to determine the chance of success, helping you decide on your company’s right course of action.

Request A Demo

Mitigate Business Risks

You are likely no stranger to business risks. Legal liabilities, employee safety, and delayed deliveries are just some risks your business may experience. Business analytics models can evaluate business data, such as your location, product demands, and current inventory, to predict potential risks and allow you to prevent them. Business analytics can also help you recover from setbacks by recommending a suitable solution.

Enhance Data Security

In addition to mitigating risks, business analytics tools can also identify security vulnerabilities and help you protect your data. Some data analytics models can use information from previous data breaches to strengthen security and prevent recurrence. Investing in business analytics solutions will help you protect your company’s sensitive information and maintain compliance with privacy regulations.

How Can FranConnect Benefit Your Business?

At FranConnect, we offer analytics solutions for franchises and multi-location businesses. FranConnect’s Analytics includes a catalog of pre-built analytics to provide your company’s development, operations, and finance teams with valuable insights that streamline decision-making. We use scorecards, benchmarks, and dashboards to represent your company’s performance, allowing you to increase profitability and strengthen your brand.

FranConnect’s Analytics catalog has a user-friendly design to ensure you get the most out of our tool. We have optimized the catalog’s dashboard and scorecard to be mobile-friendly so you can access your data no matter where you are. Experience all the benefits of business analytics with our comprehensive and innovative solutions.

Contact FranConnect for Analytics Software You Can Trust

Would you like to know more about FranConnect’s Analytics and other catalog solutions coming soon? Our experts are happy to assist you with a tailored solution to expand your units. Feel free to request a demo or contact us directly to speak to a member of our sales team.

A man's hand next to digitized stats

10 Ways to Leverage Unit-Level Performance Data for Franchise Growth

With constant change the only certainty, harnessing the power of data for growth amid shrinking resources and shifting consumer behavior is critical for franchise brands of all sizes. Advanced point-of-sale and customer relationship systems offer franchisors the digital footprints to engage, garner feedback, track trends, try new products, and create unmatched customer experiences. Analytic data, swiftly served up, can also be a powerful ally to predict the success of local marketing and franchise development tactics and drive growth-focused operations and franchise relations decisions.

(more…)

A group of friends eat together at a restaurant

The 15 Most Important Restaurant Franchise KPIs

The majority of restaurants are franchised. According to the U.S. Economic Census, an estimated 122,042 limited-service franchise restaurants make up approximately 54% of all fast-food restaurants in the United States.

(more…)

A man places an arrow on a digitized dartboard

Unit Level Economics for Franchise Businesses

We have all heard that Unit Level Economics is important in franchising but going from understanding it in theory to transforming it into action is a big step.  According to QSR Magazine, “the success or failure of a franchise concept can pivot off of how well unit economics are tracked, managed, and improved.” After working with over 900 brands a common practice among them is working together with their franchisees to improve their unit-level economics: not only their top-level sales but also their bottom line. If you’re not doing this today, you will have trouble selling franchises in the future.

(more…)

A woman looks at FranConnect's dashboard on her desktop whilst talking on the phone

Introducing FranConnect Franchise Scorecards – a snapshot of your franchise’s health!

We recently launched Franchise Scorecards and are excited to share the news! The franchise scorecards, part of FranConnect’s Operations platform, equip brands with a complete view of the health of a unit at your fingertips helping franchisees drive unit-level economics. Anyone involved with franchise field visits likely agrees that the prep work for a visit can be daunting. It seems to take hours, pulling information from different systems to end up with questionable economic insights. Additionally, comparing one unit against the average of their peers is nearly impossible without having key performance metrics identified.

(more…)

A hand sets down a wooden block with a lightbulb on it next to other wooden blocks with brains on them

4 Things Keeping Franchisors Up at Night

At a recent franchising conference, we were lucky enough to sit down for interviews with a variety of senior executives from the FranConnect customer base. This included franchise brands of different sizes and from different industries.  We asked them what business challenges are most important for them to solve using technology. It was great to know how they are getting so much value from FranConnect, but it was also enlightening to hear some of the common themes that surfaced. Here are four of them, with actual soundbites from those customer interviews. For the full catalog of interviews, check out our Testimonials Resource Center.

(more…)

1 2 3 4
en_AUEN_AU
FranConnect's NEW AI-FIRST Sales Agent: Candidate Coach is now LIVE
This is default text for notification bar