The pandemic created levels of volatility never before seen in the restaurant industry, and the pressures keep on coming. A year ago, we tracked capacity restrictions, stay-at-home orders and case counts. Now we’re watching commodity pricing, labor stats and the consumer price index.
Standardized and aggregated unit level financial insights at your fingertips
If the growing level of interest in our newest solution, metiRi, is any indication, it is clear that operators are looking for more insight to better understand their financial health.
A cloud-based software-as-a-service (SaaS) solution that empowers franchise brands to understand, manage and navigate their financial health, metiRi was in place well before the pandemic. But the insights delivered by the solution are ever-more-important, as franchise brands and franchisees seek tools that help them address challenges such as minimum wage and labor cost increases, as well as rising supply chain costs.
metiRi collects, standardizes and aggregates unit-level financials from any accounting source (franchisees can continue to use their existing reporting methods), so the important decisions can be made quickly and based on sound information.
Financial data benefits franchise brands AND franchisees
As the industry faces inflationary pressures, it is now more important than ever that there is clear communication between franchise brands and franchisees. Accurate, standardized financial data can help. Here’s why:
- Identify where opportunities and growth for individual locations as well as the entire portfolio lie at the click of a button. Compiling information manually can take hours or even days to complete, but metiRi can return these insights in minutes — and tailor the data to KPIs specific to your needs. As users log in, they get an instant overview of their business’ performance on the most recent period uploaded.
- Peer benchmark. Franchisees are required to submit a P&L to the franchisor, but often receive little or no feedback.Therefore many of them spend considerable time creating their own benchmarking templates, which can often be incomplete and even misleading.
With metiRi, franchisees gain instant visibility to anonymous system-wide financials and unit-level performance. They can peer benchmark using interactive reports to compare their stores to others selecting attributes specific to the brand, such as store types, regions and more. This feature allows them to quickly identify opportunity costs for various KPIs, including food and labor, and compare them to average scores within the system.
- Tailored reporting. With metiRi in place at more than 30,000 franchise locations globally, RMS works closely with brands to tailor the solution to real-world, specific needs. Authorized users can quickly gain access to intuitive and visual reports that provide a deeper understanding of their business portfolio’s financial health.
For example, you can get a view into YOY unit-level profitability to help make informed decisions about rightsizing and future-proofing, or drill down into attributes tailored to specific brand needs such as market area, store type (drive-thru vs. mall locations) and management area.
Accurate data for today’s turbulent times
metiRi is an easy-to-use solution designed specifically for franchise brands based on more than 25 years of industry experience. If you’re interested in learning more and seeing how metiRi can accelerate your brand’s growth by easily aggregating, benchmarking and evaluating financial information across your entire organization, we encourage you to reach out to schedule your personalized demo. Contact us today or email firstname.lastname@example.org.