Franchise reporting software sets up a connection with several data sources, collects information, and offers valuable insights in charts or graphical formats depending on input data. Users find the information put forward by the software extremely helpful to make well-thought-out decisions concerning their franchises.
The franchise reporting software application typically comes encased inside a business intelligence (BI) suite. The software’s constituent tools help franchisors and franchisees make prudent choices. Comprehensive insights give them more data visibility.
The tools belonging to franchise software furnish data in a visually appealing way so that the data becomes presentable, readable, and understandable.
Franchise reporting software generates two kinds of reports namely static and interactive reports. While static reports can’t be edited by the users, interactive reports enable users to obtain a profound understanding by going into the microdata levels. The reports also facilitate users to view, sort, filter and navigate the data.
The reporting tools of franchise software usually generate the following types of reports.
Application performance reporting
Finance related reporting
Reporting for business intelligence
Visualization and reporting
By and large, many people are of the opinion that any reporting software and BI software are identical. However, in actual fact they’re different.
As stated earlier, any franchise reporting software is integral to the BI suite whereas the BI software comprises several different tool categories. The primary difference between the two is defined by how they do data correlation.
It’s important to note that productive reporting and analytics focus on much more than mere data collection. Franchise reporting software incorporates a broad-based spectrum of reporting mechanisms and gives assistance to management with precious information that helps take them well-informed business decisions.
In a franchise operation, reports in connection with the production, sales, and inventory – the essential elements that reflect a business’s bottom line – the ROI, are generated with absolute precision for consistent analysis to discover ongoing and future trends and potential opportunities.
However, as the franchise business keeps on collecting more data, the problem occurs in truly getting the time for reviewing the acquired information and drawing inferences that will aid the business in moving ahead. In an ideal scenario, with the help of properly optimized franchise reporting software and its procedures, it’s possible to churn out germane information and present them to the team to decide future actions with prudence and accuracy.
If you incorporate accounting and inventory software into franchise reporting software, you’ll be able to get your reporting process automated and streamlined. With time the aspect of reporting has become paramount for franchises – startups or large corporations alike.
Benefits of franchise reporting software
If the franchise reporting software is correctly implemented, it can offer the following benefits.
When franchisors and franchisees share the same information, it results in better intra-team and inter-team communication to discern areas of improvement and mutually decide on agreeable solutions. The franchise software can keep on sharing statistics and progress reports once the solutions are implemented.
This happens to be one of the central benefits of reporting software as it generates readily available data and helps clear communication conflicts and builds mutual trust.
Heightens productivity and improves accuracy and timeliness
Best-in-class franchise reporting software not only aids in promoting collaboration among cross-functional departments but also helps in decreasing redundant efforts put forward by team members. Automatically generated reports also come to the succor of the franchisor and franchisees in saving plenty of time while being engaged in extensive paperwork to seek out data and results.
The franchise employees show more productivity. This is because with franchise reporting software in place they’re no longer required to squander their time to collect data and create reports manually. Therefore, the software allows them to put more focus on core tasks and tackle them with efficacy.
Makes decision-making better
In the absence of full-scale, effective franchise reporting software, franchise owners frequently rely just on their experience. Sometimes, other franchise employees even don’t have clarity and direction. With the software in place, you get more available information. This diminishes the level of uncertainty and allows franchise owners to make prudent decisions depending on authentic data.
Identifies potential problems in time
The franchise management software also caters to the franchise being a kind of preventive measure. Its design is primarily meant to lend a helping hand to franchises in achieving maximal efficacy before the odds of a serious crisis set in. The reporting software also enables the franchise to explore different alternatives and study the probable outcomes prior to taking decisions and making commitments.
Results in cost efficiency
This is a tangible benefit of a typical franchise reporting software. This implies your franchise is able to save costs and garner more revenue with the implementation of the software that ensures all the data is at your ready disposal. This helps the franchisor to facilitate switching gears, if at all essential, and quickly adapt to changing business environments. To cut a long story short, curtailing budgets isn’t longer productive unless you’ve got data to back the decision.
Puts focus on customer satisfaction
Your customers will have different issues and queries. They want their issues to be heard, responded to, and resolved. Franchise reporting software comes up with extensive data pertaining to customer needs and preferences. With the data ready available you’ll be able to bring lots of improvement to your customer service. In addition, it lets you plan and implement more effective service delivery systems. All-inclusive automation in the software also makes it easy and quick to generate reports for your customers on a quarterly or yearly basis.
A franchise reporting software system is necessary for all franchises that are serious about making their performance better and doing well. In the absence of any such good, powerful software, franchisors will be left with only resorting to a trial-and-error approach instead of reaching sound decisions based on thoughtful and insightful analysis of data.