Business intelligence dashboards are quickly becoming an essential part of tracking the performance of both franchisors and franchisees within a franchise business. Shadan Malik, founder of Franchise Scorecards, has developed his software company into one that creates optimal dashboards for monitoring the data from the various systems within a franchise.
The commitment to helping people operate their business in a more streamlined way is evident and is part of the reason why Franchise Scorecards has become such a popular solution for franchisors to turn to for help.
Hi Shadan, thanks for speaking with us. Can you tell us a bit about yourself to begin?
Thank you! My professional background is grounded in the data analytics and management science. After completing my Masters in Operations Research in 1993, I worked in the field of data processing and data analysis for large data volumes. In those times, we didn’t have fancy terms like Big Data or Business Analytics – we simply called it what it was such as Data Analysis and Data Processing. I worked in several different industries such as consumer packaged goods, retail and pharmaceuticals. They all had similar challenges dealing with ever growing large volumes of data – how to find out what is the story being told by the data, and how to timely convey those stories to all of the decision makers that matter. During all these years, data quality has also been a consistent challenge to resolve because often it takes blending of data from several different data sources to reveal the data insights. Extract, Transform, Load (ETL) or Data Blending are the contemporary terms used to refer the area of bringing together data from multiple sources.
When did you become interested in business intelligence dashboards?
It was around 2003 when I first ran into the concept of management dashboards. A similar concept in those times was referred to as Management Decision Support. The term business intelligence was not all that popular then. I was instantly drawn to the value of the idea of dashboards, an analogy taken from the automotive field. Just like we need dashboards to effectively drive a car or truck, a management dashboard could be a great way to help managers and decision makers make effective decisions in driving their organizations. I wrote the first book on the topic of Enterprise Dashboards that was published in 2005 by John Wiley & Sons.
How did you develop your business Franchise Scorecards?
Franchise Scorecards is a business division of iDashboards, a leader in dashboards and data visualization technology. iDashboards has thousands of customers worldwide, and many of them are franchisors. Our franchise customers helped us understand the specific challenges and requirements for the franchisor reporting and franchisees. They have built franchisor dashboards as well as franchisee dashboards with key performance indicators KPIs relevant to the franchise business. And that’s where the Franchise Scorecards concept was born.
What kind of service does Franchise Scorecards offer?
Franchise Scorecards provides out-of-the-box designed franchisor dashboards and franchisor scorecards to help franchisors keep track in real-time of their performance. It also has franchisee dashboards and franchisee scorecards that help show each franchisee their relative performance against their peers, as well as how well they are tracking against goals and targets. Franchise Scorecards also include operations reporting, franchisee compliance tracking, real-time coaching and alerts. Franchisees can take corrective actions as the real-time dashboards tell them where the performance gaps are happening as they happen. Traditional reporting shows old data, and the window of opportunity to make timely corrective action is lost.
Why do businesses need a platform like yours for tracking their performance?
Changes are happening too fast. Pandemic has disrupted most industries and taught us that businesses need to be very agile in responding to changes. The pace of change was so rapid when it came to remote work, online order and pick-up, food delivery, virtual collaboration and e-commerce. Businesses that were not able to respond quickly have paid a huge price, and in many cases went out of business. On the contrary, businesses that had the agility thrived. Ability to tack their performance in real-time in each of the areas of business is a key requirement for agility. Tracking their operational metrics and KPIs, and responding to the changes is key for surviving and thriving in today’s business environment.
What is unique about the way that your business helps franchisors and franchisees grow their businesses?
Franchise Scorecards is an operational performance booster for franchise businesses, whether it is for franchisors or multi-unit franchisees. They can monitor the data from the various systems, point-of-sale, customer loyalty, payroll, HR and bookkeeping systems and see the big picture. This also helps them get better utilization from the investments they have made in getting the various software systems, and put a business intelligence system on top of them all. It is a force multiplier for the franchisors and franchisees to benefit from the big data being generated from various facets of their business. Big data has become a buzz word but often smaller sized franchisors have not been able to take advantage of the emerging trends in big data. Franchise Scorecards makes it affordable for them to leverage big data technologies.
What can clients expect when they engage your services?
Clients can expect to start seeing live business insights emerge almost immediately after they implement Franchise Scorecards. Like our other franchise clients, “Aha moments” start to emerge almost immediately. They start to see what they didn’t know. This will have a direct and immediate impact on their business decisions, and start having a strong return on investment ROI.
What do you think the future holds for you and your business?
We are very excited about the launch of Franchise Scorecards after almost 18 months of research and development. We are expecting rapid growth because this will be a game changer for any franchisor that is trying to have near real-time insights into all of its franchisee locations. Also, the franchisee dashboards will be indispensable for franchisees to guide them with real-time feedback of what is happening within the business. Most importantly, it will give them the much-needed benchmark in all areas of operations – sales, marketing, finance and compliance. Knowing how other franchisee locations are performing and their relative scorecard against others will be an essential guidepost for every franchisee.
Thank you Shadan for your time!