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Any technology or system should positively impact the top line, the bottom line, or both. Fortunately, QVALON’s system can help improve your companies financial performance. For instance, by using QVALON, Burger King fast food restaurants reduced the cost of cleaning by 9%. You can achieve similar, or even greater results, you just to utilize the QVALON system structurally and systematically.
Influence can be direct and indirect
Almost any business process or standard influences the financial performance. This influence can be either direct or indirect. For example, a “goods re-evaluation” process will have a direct impact on financial performance, and “pre-sale goods preparation” will have an indirect impact. Let’s look at the example of a fashion store, whose KPI’s can be influenced by business processes:
|Business processes, standards||Influence|
|Customer service standards||CR increase (conversion), increase in customer loyalty (NPS increase)|
|Merchandising standards||Increase in the amount of the average check, UPT increase (units per transaction)|
Promo activities standards:
||Traffic growth, number of units sold|
How to “see” the results of using QVALON
To measure the impact of the system on financial results, we recommend the following methodological approach.
Identify the key KPI (or set of KPIs) that you want to track over a specific period. Record the value before you start using QVALON. We recommend focusing on one or two KPIs.
Create a checklist to control the operating processes directly affecting the selected KPI. For example, you want to estimate UPT changes (units per transaction). To do this, you can include the following questions in the checklist:
- the entire approved range of bags is displayed in the store;
- the entire approved range of stoles is displayed in the store;
- look is formed in accordance with the merchbook requirements;
- there is an approved assortment for cross merchandising in the cash area;
- cashier offers additional goods.
Choose multiple stores with approximately identical scores according to certain criteria:
- location (city, region);
- monthly maintenance;
- number of personnel;
- commodity matrix and so on.
We recommend that you choose an even number of stores from different commodity turnover clusters.
Divide the selected stores into two groups:
- pilot (with thematic audits);
- comparative (which will not be audited).
The results of the stores in this group will be required for comparative analysis with the results of the experimental group.
Set a task for regional store managers of the pilot group to monitor the UPT dynamics for a specified period (at least one month). Schedule audit days and auditors that will be regularly scheduled on certain days, such as Tuesdays and Fridays, to perform audits on the thematic checklist.
Please note that auditors should not only perform audits, but also monitor the elimination of the identified violations, as well as the dynamics of tasks execution within the checklist.
After the set period, compare the values of the selected KPI in both groups before and after using RetailAudit. The difference in indicators will be the numerical expression of the results of our system. For the purity of the experiment, we recommend that you do not inform store managers about their involvement in the test.
What guarantees does QVALON provide
Some customers ask what kind of guarantees we can give for the efficiency of our system, preferably expressed in terms of profit growth. We have the answer to this question: The manufacturer of a hammer cannot guarantee that you will make more money with it. It’s up to you: learn how to nail quickly and accurately, and you can nail more nails per hour, and therefore earn more money.
QVALON is a tool: convenient, efficient, multi-functional. But it’s a tool that’s managed by people, so financial results will depend on your systematic and methodical approach to using the platform. Financial results will depend on your systematic and methodical approach to using the platform. For our part, we are ready to provide comprehensive qualified assistance in the development of the system and its implementation in your company.