Why are Standards Important

Why Are Industry Standards Important?

The college store industry is being disrupted by a variety of factors including changes in higher education and the evolution of both course materials and retail. College stores and college administrators need better tools by which they can measure the store's performance in order to maximize their success. Unified, industry-specific standards and meaningful metrics aid store leaders in educating and sharing important information with institutional leadership and other key constituencies. 

IMPORTANT METRICS

  • The Campus Store Insights (CSI) platform provides business intelligence and data visualization to stores that participate in the NACS Financial Survey or share their ICSR data with NACS

  • KPIs, or key performance indicators, outlined in the financial resources portion of the project, help stores gauge performance and make data informed decisions

CONSISTENT DEFINITIONS

  • Starting with a common framework and consistent descriptions ensures an apples to apples comparison in statistical data

  • Adhering to consistent definitions allows stores to create business objectives and accurately track growth over time

GUIDE TO STORE SUCCESS

  • Assessment can provide a roadmap for improvement

  • Direct strategic planning

  • Following standards and guidelines leads to better decision making

CLOSE KNOWLEDGE GAPS

  • NACS Education can responsively plan education that is timely and meets current store needs

  • The consistent, objective feedback gained from monitoring metrics will help stores identify areas for continued process development

AUXILIARY VALUE COMPARISONS

  • Use complied data to build metrics that can be compared to other business auxiliary units

  • Leverage the outputs of the Campus Store Insights (CSI) platform to illustrate the value of the independent campus store within the larger institution’s mission

SUPPORT STUDENT SUCCESS

  • Create rationale around programs that benefit students

  • Creating and maintaining a solid infrastructure allows students to have a positive experience with the campus store and view it as a go to resource on campus

  • Standards developed around course materials will aid conversations around affordability
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