How FranConnect Helps Franchises Understand the Whole 'Big Data' Thing

Collecting and analyzing data can be a powerful business function, and the world’s most progressive companies have been investing in it for years. But the franchise world has been relatively slow to realize the power of big data -- ironic, as data has the potential to aid franchises more than other types of companies, since franchisees can benefit from unit-level metrics that let them harness the ideas and strategies that are working for fellow franchisees, while corporate can customize systems for various regions or cities.

Of course, other franchisors can’t get in the DeLorean and head back to the late ’80s to start collecting data. That’s why multiple services have emerged to help them get up to speed. Reston, Va.-based FranConnect, which helps franchises manage almost all aspects of their businesses, is pushing hard for its clients to begin gathering and analyzing data. The FranConnect analysis model is based on modules that track sales, marketing efforts, royalties, staffing and other metrics.

“Our modules allow franchisees to compare themselves to other units, and they can use this systemwide data to see where they stack up,” explains CEO Christopher Fountain. “It helps them create better programs for same-store growth, and makes franchisees and franchisors happy.”

Read the entire article at Entreprenuer.com 

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