Analytics is More Affordable Than You Think

The pioneers of big data have been big companies with millions or even billions of data points to track and interpret. These companies have big budgets and are able to dedicate ample resources to their in-house analytics activities. However, analytics can also be extremely useful to small businesses. With the right tool, any business can afford to use analytics to generate actionable insights and make data-driven improvements. For a truly massive analytics endeavor, it might be worth investing in your own hardware. For example you would need servers to run… (continue reading)

Tips for Making Data-Driven Staffing Decisions

In many businesses, there is a delicate balance to be struck when it comes to staffing. Obviously you want to be sure you have enough staff to create a superior customer experience at all times, but not so many team members on duty that your labor costs are inflated unnecessarily. You also want to keep employee satisfaction high and turnover low to promote top-quality performance and avoid the costs associated with frequent hiring. Rather than relying on guesswork or gut feelings to adjust your staffing and manage your labor costs,… (continue reading)

Why Data Visualization is Essential for Driving Change at Your Business

If you want to get the most from analytics at your business, collecting huge reams of data and compiling that data into reports isn’t enough. You need to be sure this data is presented in a form that everyone—from executive officers down to individual franchise managers and even employees—can understand and act on. In other words, you need data visualization. Data visualization is simply using visual aids to present information. This information might be the data that was collected, or the results of analytics that were run on that data…. (continue reading)

Lagging and Leading KPIs: Are You Tracking Both?

Analytics can be a powerful tool for improving and growing any business. However, it’s important to remember that not all data is created equal when it comes to the potential for delivering actionable insights for your operation. If you want to get the most from your analytics activities, first and foremost you need to be tracking the right data points. The “right” data will vary from business to business, but you should definitely make sure you are tracking both lagging and leading KPIs. KPI stands for Key Performance Indicator. KPIs… (continue reading)

8 Metrics for Comparing Retail Stores’ Performance

When you have multiple retail store locations, it can be quite instructive to compare them to one another. Ideally, you will be able to discover why your top-performing stores are doing so well and why lower-performing stores are lagging behind, and then present actionable insights to your store managers. Here are 8 metrics you may want to track as part of this effort. Obviously, a retail store’s number one goal is to sell. But comparing straight sales numbers may not give you an accurate picture of which location is performing… (continue reading)

4 Reasons to Take Your Audits Electronic with StoreRanker

Whether you are a franchise owner or you operate multiple retail, restaurant, or food service locations at your business, routine site visits are an essential activity. Traditionally, the person making these visits would use a pen and paper system for evaluating each location. If you’re still using this method, you’re missing out on valuable opportunities presented by electronic tools like StoreRanker. StoreRanker can be installed on any smartphone, tablet, or laptop to deliver the following benefits for your site visit auditing process: Using an electronic system to record observations during… (continue reading)

How StoreRanker Makes Analytics Accessible

Despite the fact that 89 percent of business leaders believe that Big Data will have a revolutionary impact on the business world, analytics remains a rather mysterious and underutilized activity for many. Fortunately, you don’t have to have your own tech department in order to benefit from the insights and possibilities presented by intelligent use of big data. StoreRanker is a simple yet powerful tool that puts the benefits of performance tracking and analytics within easy reach of any retail, restaurant, or hospitality business owner. Here’s how we do it…. (continue reading)