Consumer preferences can change as rapidly as a trending hashtag on social media. This constant shift in trends can hamper the profitability of businesses. This is why staying ahead of these ever-changing trends and making well-informed, timely decisions is crucial to seize the opportunities at hand. Nowhere is this reality more evident than in the retail industry.
However, a majority of multi-location retail franchises still rely on manual methods, such as spreadsheet-based calculations, to conduct financial analysis. In fact, in our recent survey report, we identified that a staggering 52% of respondents were using manual methods for financial data analysis, and manual intervention for creating financial reports is favored by 58% of respondents.
This is precisely the reason why a significant number of retail businesses struggle to accurately gauge the financial performance of their operations, especially when managing a complex multi-location franchise. The challenges are manifold, from consolidating data from various locations to interpreting it effectively. But there is a solution, and within this blog, we are set to explore how retailers can conduct in-depth financial analysis using smart financial analysis software.
Read More at https://pathquest.com/knowledge-center/blogs/financial-analysis-in-retail-industry/
