The latest technological advances have inclined businesses towards effective communication, increased productivity to save business costs, automate operations and increase business data. Dealerships can benefit by using computers, apps, and the latest software to store and enhance business data. It helps to compete against their competitors.
What is business data?
Any information that can be incorporated into making business decisions is classified as business data. The DealerAdmin.io is built to help a dealer leverage business data to help them gain a competitive edge in the market.
Use of business data:
Gathering data for a dealership helps better to understand your customer in a relatively easy way. Given below are some ways the business data is used in dealership and administration.
- Claims information
- Timing of claims
- Types of claims
- Reinsurance performance
- Sales performance
Business data solves problems:
Many times a dealership can experience high losses on claims, but they don’t know why.Business data helps to uncover the specific information that can help you tie mechanical failures to types of vehicles and how it impacts the customer paying. This type of information can help a BHPH Dealer buy the right cars and the data to know why.
Business data enhances performance:
My friend, Richard Tucker has been able to take financial data, vehicle data and use it to help BHPH Dealers 3x their profitability. At DealerAdmin.io our system is built to support these types of improvements. Good Business Data can help a dealership make the decisions that will increase their profits substantially. If you are not getting this type of information currently, you are probably losing profits.If you want to learn more about how Richard could help your dealership utilize data you can reach out to him at firstname.lastname@example.org 972.854.8057.
Business data improves process:
Technology helps to improve the business process so you can minimize waste. From buying and sourcing your vehicles to how the loans perform, business data can improve your processes to help your dealership run like a well-oiled machine.
Business data helps to understand customers.
Without technology and business data, how would the dealership know about their customers? What are marketing efforts work? Revenue and profit breakdowns, by loan types, vehicles terms, addon sales and etc? Who are your most profitable customers and where do they come from? If you know this data, could you put more marketing focus on these customers and look at how retaining these customers will impact profitability. As a result of this, business data is the key to understanding the customers’ needs and then how to leverage it in the marketplace.
Types of business data:
The most important types of business data explain business a lot. For DeaelerAdmin.io, the following types of data will suffice.
- Big data:This data is characterized by volume, velocity, and variety. All big companies opt for this type a lot.
- Smart data:It is actionable, makes sense, and has a clear purpose. All dealerships usually go for this type.
- Dark data:It is usually lying below the surface and hiding within the internal network of the company. Here, the disadvantage is that the relevant information appears after the end of the requirements.
- Machine data:It comes from technology in operational systems. Machine data helps to troubleshoot problems, predict future issues and identify threats—DealerAdmin.io utilizes machine learning to transform information into data you can use.
Business intelligence serves to transform data into actionable insights. This type of data is not the norm with most independent dealerships and leaves them at a disadvantage compared to the larger corporate dealers. DealerAdmin.iois built on an artificial intelligence platform to provide “all” dealers the competitive advantage you can get from getting the right business data in a way you can act on it.