Franchising Evolves with Insights, Business Planning and Artificial Intelligence (AI)
As the International Franchise Association (IFA) 2020 opens this year in Orlando, thousands of franchising executives are exploring ways to give their franchisees the competitive edge in the marketplace. Franchisors are embracing evidence-based tools helping them reach new heights in both growth and satisfaction scores.
FranchiseBlast pioneered Franchisee Scorecards to the marketplace two years ago. Scorecards help aggregate and benchmark key performance indicators from disparate data sources. They help franchises focus on what matters without having to login to many systems. Today, adoption of this practice and of the platform is accelerating at a fast pace.
After advising with customers, and following market trends, FranchiseBlast is now rolling out Business Planning tools to help franchisees set goals and achieve them. IFA 2020 marks the official launch of Business Plans.
"Our franchisors are benefiting from the actionable insights that they get at a glance from our franchise scorecards," explained Jason Kealey, President and Co-Founder of FranchiseBlast. "We bring it to the next level when the Franchise Business Coach (FBC) and franchisee work together to build a concrete and trackable business plan."
With tracking metrics such as average check size, percent online orders, labor costs and converted leads, for example, a franchisor can gain a deeper understanding of what is driving Unit Level Economics. Each franchisee can see how they benchmark against peers, creating a culture of self-management among them.
"FranchiseBlast has been leveraging the power of Artificial Intelligence (AI) to reveal insights that franchisors can act on in a concrete way," said Dean Hatzitheodosiou, Sr. Director of Sales at FranchiseBlast. "In this next phase of franchisee coaching tools, we are integrating AI to provide actionable feedback that will help increase Unit Level Economics. There are exciting things to come for our customers."
FranchiseBlast will be exhibiting at Booth 409 for IFA attendees to explore the tools.
FranchiseBlast's Scorecards, Business Planning and Franchisee Field Audit Apps empower franchisors to achieve brand consistency across locations. The apps can be used by the franchise business coaches during their field visits or directly by franchisees themselves via self-assessments. Their user-friendly apps are used by over 100 brands including Focus Brands, Liberty Tax Service and Pita Pit.