Without a doubt, the pace of technological advancements that allow us to work harder, smarter and more efficiently are continually benefitting franchise brands. The adoption of different kinds of technology are uniform in some areas, but vary quite a bit in others. Nevertheless, the options for streamlining business practices through the use of technology is well worth a column in our Proven Match weekly blog series.
What type of technology and advancement do we mean? And how is the implementation of such progress becoming a business advantage? In this week’s blog edition, we’re going to look at some of the common—and not so common—examples of how technology is advancing the cause of profitability among franchisors.
The first consideration for any franchisor looking to implement a technological advancement into their process is timing. It has to be done in such a way as to minimize an interruption of normal operating procedures. This will be a challenge, as new systems typically require a significant investment in training and support. A franchisor’s customers must be the last ones to feel any outright effect of a seamless technological transition.
What’s a good example of a franchisor using a technological solution to better their operational output? No matter the specifics, the goal must be to improve the current situation into a progressive solution. Perhaps it’s better communication between corporate and franchisees, such as cloud-based computing solutions. Or it can be a more tailored solution, proprietary in nature to a particular franchise brand.
What might those look like?
Many fast casual franchise restaurants have begun a rollout of kiosk-based ordering systems. Implemented correctly, what is the benefit? Less overhead in salaries per location and precise ordering—entered by the customers themselves, no less.
Other franchisors have gone to technological solutions which track staffing and scheduling through business forecasting. By inputting data on when establishments tend to have the most traffic (or the least), franchisors can adjust employee scheduling accordingly, thereby gaining efficiency in overhead costs, driving down overtime waste and increasing profitability.
Bear in mind, while these two solutions are excellent examples of utilizing technological advancements designed to provide an edge in the business world, the rollout among a franchise’s franchisees must be handled correctly. Franchisees will be depending on corporate to provide the easiest and most cost-efficient way to do business. If done correctly, these technological advancements can become a fine selling point for the next generation of prospective franchisee candidates.
If your franchise brand is looking for a way to be more competitive through the use of technology, it can be a daunting task with the amount of information. It would appear that every software company has the next best thing to offer businesses, seemingly on a day-to-day basis. However, our industry does have a reliable resource available in beginning this process. The International Franchise Association’s (IFA) Marketing and Technology Committee was put in place to become an advisory resource.
The mission of the committee is to focus on how franchise marketing and technology professionals can not only co-exist but push the limits of integrating the best of both disciplines. The IFA Marketing and Technology Committee also puts on an annual conference called FranTech. This year, it will be held October 19-20 in San Diego, CA at the Westin San Diego. Taken directly from their site, the conference is designed “…for anyone looking to learn about new and innovative ways to streamline their business and grow their sales and customer base.”
As we said in our opening paragraph, the pace of technology isn’t waiting around for franchisor’s attention. Rather, it demands it for the purpose of staying as competitive as possible in the world of franchising operations.
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As a franchisor, you’ll want to know which existing and potential franchisees best fit your business concept. Proven Match is the proven solution in determining those factors. Through our proven behavioral assessment techniques, predictive analysis becomes a predictive success for your franchise concept. If you’re ready to show your leadership by getting started, give us a call and we’ll put you on the path to a more productive year in 2017.