3 Ways Store Intelligence Makes Capex Budgeting More Efficient | AccuStore
Tracking countless projects across hundreds of stores? No wonder your capital budgeting process is such a lengthy, time-consuming process. If only there were a way to automate it so you didn’t have to wait on reports from the field and comb through endless spreadsheets. Oh wait. There is. A store intelligence platform is the better way to allocate capital with confidence:
- Smarter Planning
A store intelligence platform becomes your single source of knowledge and communications hub – a centralized repository for all key stakeholders to access. It gets everyone, every vendor, every project and every site on the same page. By providing location-specific data on capacity, space planning and layout,it will help you better predict expected cash flow in the future because you’ll be able to see more of where your budget is going – the big picture and also a drill-down: store by store, project by project.
- Data-Driven Decision Making
Store-level data drives cost-avoidance projects as well. It can replace your subjective best-case-scenario guesses and help you make more decisions based on objective rationale. For instance, you can decide whether deferring the cost of replacing a piece of equipment makes sense by adding a research component into the mix. Ask project managers to quantify the magnitude and probability of the risk of the equipment dying by providing insight into how often the equipment has historically failed or been repaired. You can also track the status of your equipment warranties across your entire estate, which is especially helpful if you’ve acquired stores with different brands of equipment than you’re used to.
You can also lower remodeling costs through greater efficiencies. By knowing exactly what each store needs, your budgeting becomes more exact as well. There’s no longer any need to build in overage.
- Real-Time Analysis
Store intelligence helps you monitor implementation of your projects as they happen. You can also identify opportunities for growth and business development. It provides analytics to help you determine which sites to invest in based on market, competition needs, pressures and even age of your stores. You’ll be able to spot trends and better understand your customers’ shopping habits. With a store intelligence platform, you’ll be able to manifest your growth strategy quickly and stay on budget as you grow.
The AccuStore® Difference
Our dashboard makes it easy to see today’s numbers or take a look at the past year. Filter to see what’s happening at any of your store locations. Easily make updates or get answers any time you want by shooting out a quick survey to your field team. Or ask your stores to snap a photo so you can immediately see results.
Spreadsheets just can’t compete with AccuStore. Spreadsheets are static; they only record one moment in time and have to be entered by hand so they’re not only laborious, but ripe with human error. It’s time to ditch the spreadsheets and infuse your capital budgeting process with the real-time data you need to succeed.
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