Mar 20, 2024
5 min read
Insights
Like it or not, technology is a huge part of our lives and businesses. We can count on the fact that technology is here to stay and will continue to change and evolve. According to Zippia, 91.6% of Fortune 1000 companies are increasing their investments in Big Data and AI because they believe that both will help them stay competitive.
Franchise companies rely on technology for all phases of business. From point-of-sale (POS) systems at the franchisee level to marketing,recruiting, and training at the franchisor level, franchising runs on technology. Franchisors are obligated to their franchisees to continually add value and make day-to-day communications and tasks more efficient. Technology is at the core of these processes.
Looking ahead, it only makes sense that technology will keep reshaping franchising. This means both challenges and opportunities for franchisors. From using data to better understand consumer behavior to integrating AI to work smarter, franchisors can leverage technology to strengthen and improve their systems. But how do they keep ahead of the curve? A Newsweek article suggests using a holistic strategy that includes staying informed, networking, hiring the right people, and fostering an innovative culture.
Sean Quinn joined franchise experts to predict how technology will change franchising in 2024. Not surprisingly, they all believe that franchise companies must be flexible and ready to adapt to these changes to stay successful.
“How will tech change franchising in 2024? It won’t! Unless that is, you identify your pain points, develop an operational plan to relieve them in a scalable way for your franchise group, and then develop the tech stack needed to achieve it. The technology is out there – from AI, CRM, clienteling, inventory control, labor management, etc. – all in the cloud and can be integrated. This gives franchise owners real-time business intelligence on every part of their business! Only some franchise organizations take the time to develop a holistic plan, and even fewer execute it. Make 2024 your year! Embrace the tech that’s out there and act on it! Cheers!” —Sean Quinn
Click here to read the full article on FranchiseWire.com!
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