Technology is the backbone of any business infrastructure. Running a business without technology is practically impossible.
Similarly, if we delve into the world of franchising, technology sure has a pivotal role to play. The business model of franchising which includes the Franchise Management Software has technology intertwined within the system.
A smart franchisor with access to good technology gives way to fuss-free franchise management. At the same time, franchisees will also find it a lot easier to run the business and keeping in touch with the franchisor.
Whether you are a franchisor or considering franchise ownership, make sure that the technology is in place. Here are few technical features Franchise Management Software must have to seamlessly run a franchise and safeguard franchisors from next economic downturn.
Point-of-Sale Systems
It is one of the most valuable features of Franchise Management Software in the present day. However, this was not the scene ten years back. Back then, the POS systems were hard to navigate due to its complex interface. Also, the best Franchise Management Software was way out of the price range for emerging brands.
The scenario has changed a lot today. The options of real-time reporting have given easy access to valuable metrics. Account integrations have allowed franchisees to control the data, which was previously missing.
Key Performance Indicators
Real-time visibility to a franchise’s location performance is an important data to the franchisor. The fact that a franchise is only as strong as its franchisees only gets a better evaluation with this feature. Franchise Management Software now offers a quick overview of the entire system. The key indicators help franchisors provide quick support to the locations that are in need of it.
Integration with CRM
Franchisees are built on a database. That is why CRM integration is important. Technological advancements have now allowed Franchise Management Software to go beyond the convenience of CRM integration and get something more. From quick and easy payments to integrated accounting, technology has allowed franchisors to get a quick overview of the business’s finance.
The right grouping of software enables the franchisees and the franchisors with valuable information like why, when and how a unit is performing. For the franchisor, it offers a detailed analysis of the yearly or monthly financial report.
Training and Online knowledge platform
From the initial training to the subsequent knowledge base, technology has helped Franchise Management Software to serve as an all-purpose platform. Franchisees will not only get access to training but, it also acts as a platform for franchisees to see all the latest things happening in regards to business.
Online knowledge platform allows seamless communication between the franchisor and the franchisee through data sharing. New product launches, procedures, technology, and other latest additions can easily be shared by the franchisor to the franchisees.
Social Media Marketing
The rise of social media and its popularity have become a worldwide phenomenon. Now, franchise brands can take advantage of this surge and boost their creativity in a number of ways. Through Franchise Management Software, few activities of social media marketing can be automated. The headquarter can send out social promotions through its Facebook pages which the franchisees can take advantage of. There are also ways through which franchisors can manage social media pages for the franchisees, saving time.
Inventory Management
There was a time when uncertainty in inventories has dodged many companies out of the market. However, with technology closing in with Franchise Management Software, there is a solution. The gap created between the unpredictability with the actual numbers is now closed through real-time analytics and reporting. As these repetitive functions can be automated, units as well as franchisors, can spend less time doing this and more time on customer interaction, building relationships, and enriching customer experience.
Technology has enabled centralized and seamless operations to allow emerging brands to establish and grow in the market. As a result, franchises can now avoid setbacks and experience scalable growth for the years to come.
