What Does Data Intelligence For Car Dealers Mean?
In the current landscape where businesses are shifting more towards intelligent automation, data intelligence for car dealers has become an increasingly popular trend. In the past, auto dealers have been sceptical as to whether this type of technology could really be beneficial, but that’s no longer the case.
Data intelligence as a concept makes use of different types of technology, applications, tools, and practices that involve the analysis of all of your organisation’s raw data. Afterwards, the resulting analytics are presented into an actionable form of business information, which your car dealership can then use to make better business decisions.
As an owner, you can use business intelligence for automotive dealerships to figure out major changes in your business environment and employ that information to help monitor shifting trends. The technology enables you to respond to these trends, quickly adapting to new business environments.
What Are The Benefits Of Business Intelligence For Automotive Dealerships?
Primarily, you make money in your dealership through sales, not just of cars, but car parts and other services as well. Business intelligence looks at data from different angles.
In the case of your employees’ productivity, for instance, data answers questions such as:
- Who’s making the most sales?
- Who produces the most leads?
- Who converts or loses the most of the leads generated?
Data intelligence also looks at data about your customers and helps you determine crucial information, such as how many of them used your service department for oil changes, scheduled maintenance, and other routine services.
Here are other major benefits of using data intelligence for automotive dealership:
· Rapid Acquisition Of Essential Business Metrics
Data analytics together with business intelligence have made it possible to facilitate business data accessibility as long as there’s Internet access.
This capability allows you – and any other employees authorised to use the dealer metrics and reports – to view them without ever having to wait longer than a few minutes to get access.
· Customer Behaviour Insights
The tools involved in business intelligence for car dealers lend insights into your customers’ behaviours, such as their buying patterns. This information offers you actionable steps to follow to ensure higher profits and gain new clients for your car dealership.
Our team at Automated Metrics have the tools to help you access these types of insights so you can take appropriate steps quickly with the use of high-powered data analytics. With our technology, you can expect to get results in much less time than if you had to analyse such big data manually.
· Speculation Removal
Previously, business owners and other members of upper management made decisions mainly on pure instinct and estimations. But as your dealership’s reputation is what’s at stake, you’re expected to make sound judgements most, if not all, of the time.
When you rely on guesswork, it’s much harder to demonstrate that you have a structured data framework for making sound business decisions.
Data intelligence provides you with insights that are based on relevant data, which enables you and your staff to improve decision-making and therefore, over the longer term, profits. Also, with the help of data analytics, you’ll have the ability to predict the effects of changes to business trends and effectively reduce the risks that your dealership needs to take.
Big Data And Your Auto Dealership
To streamline your marketing campaigns, increase efficiency, and boost the cost-effectiveness and returns on investment (ROI) of your vehicle dealership, there are some factors to watch to ensure that the data strategy you’ll create becomes a success:
- Performance Management
Turnover, customer purchase history, inventory level, and other types of transaction information all firmly relate to performance management. With that in-depth data, you’ll be able to make the optimum choices to improve operational efficiency and management of your premises.
This information is already available within your auto dealership and has the potential to provide meaningful insights that assist with both short-term decision-making and long-term planning.
Performance management is ideal for dealers with historical databases and helps improve customer segmentation and targeting, ultimately enabling your dealership to come up with better business marketing strategies.
- Data Exploration
Data exploration makes use of data mining to come up with solutions that you don’t normally find in your in-house dealership data. It helps your business spot new segments of information and get better insights into your customers’ behaviour and preferences.
You can effectively use data exploration in your inbound marketing campaigns to better understand the behaviour of leads generated by your website.
- Social Analytics
Social analytics deal primarily with non-transactional data, measuring them on different social media channels.
Sentiment analysis and other in-stream data analysis techniques are highly effective in these situations as they give you a broader look at your dealership’s brand identity and how your prospective customers see your services and promotions.
This technique has also been proven effective in the prediction of demand surges for specific car models.
- Decision Science
Like social analytics, decision science involves the analysis that you do on non-transactional data such as client testimonials and other content.
But unlike social analysis, which is based on engagement analytics, decision science prioritises hypothesis testing and the generation of new ideas. This process involves using sentiments and content analysis to determine how your customers view your dealership and its services.
To ensure you’re making the most of your data intelligence insights, it’s essential to make both data and processes easy to understand and usable at all times.
There are times when the insights you generate may be beyond the understanding of your dealership sales staff. It is critical that you can present the data in such a way that it can be easily understood by everyone, even those who don’t have a background in statistics.
Finally, it’s critical that you can send the right information to the right person at the right time; again, in a format that can be easily grasped. Here at Automated Metrics, the tools you’ll use employ visual representations and infographics, which are much better at conveying information than complicated spreadsheets.
If you’re looking to improve your daily revenue and exceed the monthly targets you set, we’ll be more than happy to help. At Automated Metrics, you can try out our product for 30 days without any contracts or credit cards required.
For more information and to see our demo, log on to our website now! If you have any questions, feel free to contact us on 02890 538252 or firstname.lastname@example.org.
FREQUENTLY ASKED QUESTIONS
What is data intelligence?
Data intelligence for car dealer business involves the analysis of various forms of company data with the goal of improving or expanding investments or services. It also refers to the use of internal data by companies to analyse their operations or workforce to come up with better business decisions in the future.
What is DMS for car dealers?
A car dealership management system (DMS) is a management information system created specifically for the automotive industry. It is primarily used by car dealerships to manage comprehensive figures for car traders, deals involving cash and finance, customer information, and credit reports, among other things. Large equipment manufacturers like General Motors also make good use of this system.
What does a dealer management system do?
Certain capabilities and features are unique to each system, but there are still some core features that you can find in all of them. These include inventory and customer management, payment processing, and in-depth reporting features that come with customisation options.
More sophisticated systems include integrated dealership websites and other online marketing tools and mobile apps.
How can a business intelligence dashboard help a business with data collection?
A business intelligence dashboard can help you make better-informed decisions by letting you gather, consolidate, and analyse data to visualise it in a meaningful way that benefits your dealership.
It aims to simplify the analysis of data statistics for automotive brokers, which is usually complex and not easy to understand, in order to avoid missing any trends or patterns.
What are examples of business intelligence?
Business intelligence for car dealers enables you to obtain useful insights from big data. Examples of business intelligence technologies include data discovery tools, data warehouses, cloud data services, dashboards, and ad hoc reporting.
What are the basic tasks of business intelligence?
Reporting, analytics, and data mining are just some of the common functions of data intelligence for automotive dealerships’ technology. In a broader scope, it also includes complex event processing, business performance management, benchmarking, text mining, as well as predictive and prescriptive analytics.
What are the business intelligence requirements?
The seven major requirements when evaluating BI include:
- Leveraging your existing data stores and infrastructure;
- Helping business users see the answers faster;
- Providing the ability to analyse data and solve outstanding issues easily;
- Allowing quick, convenient access to data at any time;
- Enabling business users to create new reports and views without help from an IT department;
- Allowing for better collaboration with real-time sharing and updating of analyses; and
- Requiring little to no training for business users.
Operational business intelligence for dealer management can be invaluable, but only when it meets these seven key requirements.
What are the best practices in business reporting?
When doing a comprehensive report for car dealers, you should:
- Determine the requirements for your reporting;
- Identify the metrics and KPIs for each BI report;
- Choose the right visualisation for every metric;
- Lay out your BI report elements properly;
- Highlight key information in the report;
- Group all related KPIs and metrics together; and
- Get sign-off on the mock-ups.
What is business intelligence process?
In business intelligence, companies analyse both past and current data using the latest strategies and technologies. This process aims to improve the business’s decision-making processes to get ahead of the competition.
The Benefits Of Integrated Business Planning For Automotive Dealers
From a dealership perspective, much of your success is based on your ability to meet sales targets. Data intelligence for dealer management ensures a profitable operation by making your business managers capable of:
- Real-time tracking of new and used vehicle sales against targets;
- Performance optimisation by comparing repairs, customer satisfaction, and data resources;
- Standardisation of the budgeting and planning process with one accurate view of all data; and
- Viewing new car orders, used cars, and pre-registered vehicle stock across branches, sales commission figures, and more, all in real-time.
Getting Your Business On The Right Track
A sound approach that you can take to revolutionise the way you conduct business as an owner is to build your Intelligent Automation capability in incremental steps. As robotic process automation (RPA) continues to gather traction among UK businesses, it’s now the ideal time to start your own journey in fully embracing artificial intelligence.
RPA involves the process of using software robots to automate mundane, tedious, and time-consuming business tasks. Eventually, as processes become automated, companies will start to shift to more complex AI-based automation that draws information from different sources then interprets each to provide much better business intelligence.
Some Of the Best Business Intelligence Examples
Business intelligence impacts an organisation’s performance in a huge way by enabling it to come up with an accurate report for automotive traders, forecasting, analytics, tracking, and streamlining of their business processes.
Some of the companies that utilise this technology are:
Amazon – To successfully anticipate shoppers’ purchases and cut down shipping time.
Heinz – To find areas for improvement and significantly reduce their maintenance costs.
BI tools really do play an essential role in visualising data that can be turned into valuable insights, which businesses can leverage to constantly adapt, evolve, and, ultimately, grow.
Ways In Which Business Intelligence Has Transformed Retail
Business intelligence (BI) isn’t merely helping businesses stay afloat in a competitive environment. It is also helping them thrive by offering various benefits, which include:
- Improved Reports And Analytics Accuracy
BI eliminates the need for manual solutions and allows any retailer to monitor their competition in every possible aspect accurately, which results in a substantially higher number of reports and analytics that they can work with.
- Improved Analysis Of Client Buying Habits
The high-level reporting and analytics that BI presents effectively help businesses in the automotive industry determine basic sales patterns, as well as provide detailed information for car salesmen. That enables them to come up with bulletproof strategies to ensure their growth.
Business Intelligence – Unlocking Future Growth With Data
Current trends link business intelligence maturity to the overall success of your business. If you take a close look at the most successful companies, they tend to put data at the very centre of every decision and strategy they come up with. By doing this, they stay relevant and innovative beyond any other competitor.
You just need to know how to find the answers that have been in your database all this time and make use of tools that will turn this information and these insights into business intelligence that you can act upon. Data Intelligence for Car Dealers is an important aspect so make sure you are up to date.
Access live data in a simple, easy-to-use format and improve the daily productivity and efficiency of your dealership with data intelligence for car dealers. Get in touch with Automated Metrics to book a live demo today!