Finance controls two levers that directly influence sales and optimize labor spend: sales goals and labor budgets. Sales goals are the numbers that everyone watches, especially Store Managers. This number is the guiding North Star. It determines both inventory allocations and the motivation of store teams. Labor budgets back these goals with manpower, telling Store Managers what they must work with to hit their goals and serve as the foundation of payroll calculations.
Trusted by leading retailers, Blueday provides Finance teams with the tools to create the right sales goals and labor budgets for each store, along with the confidence that the entire fleet is set up to meet sales and margin goals.
Learn how Blueday helps Finance teams better protect margins and put stores in the best position to drive sales.
Move beyond a blanket approach to setting labor budgets and sales goals
Blueday allows Finance to have a bigger impact on store performance by moving beyond a blanket approach to setting labor budgets and sales goals. Taking a data-driven approach overcomes the deficiencies of traditional approaches, which can lead to stores having the wrong amount of labor to achieve sales targets which may not be realistic in the first place.
Provide attainable sales goals and realistic labor budgets for each store
Blueday’s Precision Budgeting tool identifies which stores are highly effective at selling and which can do better, providing Finance teams with specific recommendations on sales targets. The tool also determines which stores objectively need more labor and which stores have a surplus, creating the right labor budgets for each store.
Protect margins by ensuring sales and payroll won’t be lost
Knowing that labor budgets and sales goals are aligned, Store Managers and Retail Operations are motivated to keep their focus on maximizing labor’s performance. Blueday’s Intelligent Scheduling and Dynamic Store Management tools ensure that Store Leaders are creating schedules and daily action plans which are focused on sales and getting the most return from their labor spend.
Retail operators don’t lack data; they’re inundated with report after report. Whether your team uses a sophisticated business intelligence system or a collection of Excel spreadsheets, it’s likely that your employees are challenged to find the time to pour through the data, interpret it, and find the golden nuggets which will help the organization. This is not the way to use data to improve your business. Instead, switch from data overload to data-driven actions.
Using the power of AI, Blueday crunches a retailer’s troves of data in real-time and finds the relevant patterns to drive action at the speed and detail of retail. This creates a powerful, data-driven approach to store labor that’s tailored to each store and responsive to changing conditions.
If you’re serious about improving the performance of your store teams by getting the most from store labor expense, an AI-based solution that optimizes and synchronizes all three components of labor spending – budgets, schedules, and daily execution – is essential.