Systems used to manage your franchise can produce a lot of data. This data comes from the corporate level and the unit level in various forms and from across every department in your organization – financials, field operations, development, and marketing. To complicate things even further, individuals across the departments, as well as your franchisees, need to see different types of data to successfully do their jobs. It’s a challenge to take it all in, and even more of a challenge to make sense of it all.
This is where business intelligence comes in. In case you are too busy sorting through data and haven’t had time to focus on it, “business intelligence is an umbrella term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance,” as defined by Gartner. In other words, it’s the process of collecting data from every aspect of a business and analyzing that data to enable a company to make a wide range of business decisions, from operational to strategic.
This has become such an important part of running a business that business intelligence software is a rapidly growing market, and there are even industry-specific business intelligence tools emerging. The idea behind any comprehensive business intelligence software is to unite data from multiple sources and turn it into information that you can use to make better business decisions. Ideally, it gives you the exact information you want, the moment you need it, allowing you to turn data into information to make on-the-spot decisions. Gone (or at least going...) are the days of waiting a week for someone to pull a report, only to then have to take time to analyze it and turn the data into useful information.
In my opinion, it’s not a matter of if you have a business intelligence tool, but a matter of when. If you don’t have one already, take some time to research options – it’s going to save you time and money in the long run. There are many options, but I’m proud to say that FranConnect just launched a franchise-specific business intelligence tool called Insights, and I encourage you to take a look at it – it unifies real-time data across your entire system for easy access in a digestible, dynamic format. Plus, as is everything with FranConnect, it’s built for franchisors, by franchisors. For more information and to request a demo, contact FranConnect.