The ever-growing role of technology in the business world has made it nearly impossible for businesses to thrive without employing tech solutions. The way business owners conduct business and engage with consumers has been dramatically altered by artificial intelligence, the Internet, automation, digital solutions, and social networks. For instance, a study shows that 90% of prominent companies invest in AI to boost growth.
Similarly, modern franchises rely heavily on new technologies since they may considerably boost the likelihood of acquiring more franchisees and customers. Franchise models are more appealing to business owners and customers, especially tech-savvy millennials.
This article will talk about the advantages of integrating technology in your franchise and how to ensure you are keeping up with tech advances. Lastly, we’ll discuss how to explore different types of technology for franchises.
The Advantages of Using Technology in Your Franchise
With the right tools and confidence, you can scale your business by using franchise technology to manage your expanding franchise at every stage. Technology such as AI and digital solutions may help you run your business while keeping track of client communications, synchronizing several franchise locations, and allowing your internal team more time to concentrate on other tasks.
Technology Can Help You Increase Profits and Reduce Costs
When it comes to running a business, every dollar counts. Many franchise technology tools require monthly payments. But you won’t need to worry about making a sizable upfront financial commitment to get access to the service. The AI or digital marketing tool will be maintained on-site, and before making monthly payments, you can evaluate whether the investment is worth it.
Improve Efficiency and Productivity
Franchise technology now routinely uses Bluetooth-enabled mobile devices to track inventory levels for franchisees and automatically submits restock requests to franchise owners.
Using machine learning and predictive analytics, Franchise owners may get real-time data on consumer spending patterns and the likely next purchase a client will make.
In order to increase earnings and speed up turnover, several large national full-service food chains already have terminals that let customers pay for meals at the table. Therefore, it makes sense to look for franchise chains that accept payments using digital wallets like PayTM and GPay. The days of using a fast swipe of our phone reader to pay for our items at our favorite franchise store are over.
Provide a Better Customer Experience
The point of integrating technology in franchising is to meet the demands of both customers and franchisees. The importance of the customer experience in gaining and retaining customers makes it crucial to ensure that the technology in use is user-friendly and efficient.
Here are a few franchising technologies you can leverage:
- Self-scheduling options for clients
- Mobile payment options
- Relevant email marketing tactics
- An engaging social media presence
How to Make Sure Your Franchise Keeps Up With Technology?
As a franchise owner, you’ll be leading franchises and staff. You will be constantly re-evaluating processes and making changes accordingly. Here are a couple of ways your franchise can keep up with dynamic tech trends:
Attend Virtual Conferences and Webcasts
Thanks to AI and ChatGPT, we see tech advancements every day. Trade fairs and conferences, formerly an essential component of several industries, are poised to undergo a major change.
Accept invitations to join webcasts hosted by IT corporations. They provide information on how their solutions, products, and businesses may help your franchise.
Streamline Operations
As newer technologies emerge, systems have become more streamlined, operating faster than previous technologies. Tasks that were formerly considered laborious can now be readily performed or even automated with the correct technologies. By being aware of the latest trends in tech, you can ensure smooth and efficient business operations.
Automate Software Updates
There are many programs that will automatically update or remind you when it is time to upgrade. Meanwhile, others do not inform you when upgrades are available, even if they are available. Plan how to automate these updates so your business does not fall behind and use outdated software as part of its IT strategy.
Exploration of the Different Types of Useful Technology for Franchisees
As a result of the pandemic, franchise businesses have adopted or greatly accelerated their digitalization strategies. Here are a few types of technologies you can adopt:
Automated Business Intelligence
Automated BI refers to data collection, management, and analysis in order to help businesses, including franchises, make informed decisions. It enables franchise owners to analyze customer behaviors, improve their products and services and boost profits.
Here are some benefits of automated BI:
- Better decision-making
- Cost saving
- Increased employee productivity
- Better customer service
Cloud-Based Systems
Cloud-based systems, or cloud computing, involve the delivery of hosted services via the Internet. Remember that a public cloud can sell services to anyone with WIFI access.
Franchise owners and workers can employ cloud computing anywhere with a cell-connected device. This allows for production and financial data to be accessed in real time. Owners of multiple businesses can analyze a comparative view of all their locations using this method.
Mobile Technology
Lastly, you can leverage mobile technology to further your franchise. Smartphones, laptops, mobile applications, and GPS devices help business owners stay in touch with customers and keep colleagues in touch. Mobile marketing is a growing field especially relevant to small businesses trying to connect with customers in their local area.
Conclusion
As shown by franchising companies like Chipotle, which gained massive success from leveraging digital solutions, technology is a great way to generate value for franchisees while building a more robust franchise brand. Thus, franchise owners are urged to look towards powerful and intuitive technology.
If you are thinking about starting a franchise, it is important to consider how technology will impact your operation. Learn more about how you can use software to run your franchise more efficiently.
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