5 Ways Data Will Transform Retailer Performance in 2022

Turbocharged decision making

The last 18 months have been a time of considerable, and fast-paced, change for the motor industry. Many Retailers have found they have needed to overhaul digital capabilities and accelerate moves towards genuine online retailing.

The speed of this transition has intensified pressure on decision making and underlined the importance of understanding exactly what is going on in your business at any given moment.

What stock are we holding? What are our most popular vehicle types? How busy are our technicians? What does demand look like? Where are enquiries coming from? How quickly are we following up?

All are key operational questions, and the best performing Retailers are those that have been able to answer them quickly and accurately – underpinning future decisions about their businesses with precise and powerful data about the present.

Intelligent Data Analysis

But without the right solution in place, the effort required to collect, report on and analyse this varied mix of data can be very time intensive in itself and is another distraction from the number one objective of increasing sales and generating revenue in the business.

That’s where a business intelligence dashboard like The Hub comes in.

The Hub is AutoBI’s comprehensive analytics suite providing near real-time updates on critical information about all aspects of your automotive business including CRM, Sales, Service, Parts and Finance.

It seamlessly brings together the facts and figures you need from across your automotive business and presents headline KPIs in a visually engaging way which means you have an up to the minute overview of what matters most to your commercial success.

The business benefits of utilising such a solution are considerable, including:

1. Saving time through faster analysis and intuitive dashboards

Just take a moment to think about how much time is spent every day preparing reports. The traditional approach of extracting information plus collating and cross-referencing spreadsheets from multiple systems is hugely time consuming.

It is also open to human error as different systems report back in different ways so the numbers can often be tricky to interpret. Any errors need to be reviewed and rectified, or worse still, are missed and the wrong picture presented.

With a digital solution in place that automatically collates and interprets key data from a variety of systems and then presents it via an intuitive dashboard, there are significant time savings.

The correct information is collected. The numbers are 100% accurate. Everything is constantly updated.

Furthermore, an automated solution liberates team members to focus time and effort in other areas of the business that can have a positive impact on performance.

It is a powerful and profitable win-win.

2. Focusing on one source of truth

We all know the adage ‘what cannot speak, cannot lie’.

It is a phrase that has stood the test of time and it should resonate with management teams that are looking to get a clear picture with hard facts about their organisation.

Dealer Management Systems hold huge amounts of data from millions of transactions. This data is reliable and governed by rules around accuracy and compliance.

By using an intuitive BI Dashboard you can extract, interpret and report this data to quickly gain an understanding of the good, the bad and the ugly within your Retailer or Retailers.

It is a go-to fount of knowledge that you can put faith in day after day – and easily share with all key stakeholders.

3. Getting on the front foot

The negative impact of a reduction in Recovery Rate, Technician Productivity or the number of customers receiving test drives or offers can hit a Retailer very quickly.

However, the ability to establish that this has happened is very often ‘after the event’ - during a review process, a debrief session or when spreadsheets are finally circulated.

By this time the damage has been done and the result can be a significant loss of revenue, customers, and reputation.

With the help of an effective Business Intelligence dashboard like The Hub, you can see the impact of changes in near-real time and use this insight to further engage team members.  This could be by motivating people to hit key numbers every day, tracking progress towards a longer-term goal or triggering warnings when data drops beneath agreed baselines.

4. Sharpening your competitive edge

With your finger firmly on the pulse and a mix of relevant data to hand, you can very quickly spot important trends that are specific to your retail operation or market area.

For example, there may be a particular vehicle type that’s proving popular across your sites or a specific repair that’s being requested more than others.

By quickly identifying such trends you can invest in appropriate stock, parts, support and customer communications that will make you the destination of choice for customers. This  will ensure you are fully prepared when the enquiries come in and help boost satisfaction levels and long-term customer retention.  

5. No hidden surprises

With crystal clear transparency across all key operational areas of the business you can be confident that there’s nothing ‘lurking in the cupboard’ ready to derail plans or progress.

With the help of the right Business Intelligence solution, you will have the information you need at your fingertips – no more chasing or pressuring for the latest reports.

This means, for example, that you will know your inventory inside out. You’ll know what needs to be moved on quickly and where efforts need to be focused to effect change.

Every day that goes by costs money so it pays to act smart and act fast.

Data – power and precision

As we move into a new year full of opportunity, it has never been more important to have a clear, accurate and live picture of Retailer performance.

Using innovative Business Intelligence dashboards management can make the right decisions quickly and motivate teams to perform at their peak.

Secure, scalable and affordable – invest in your dashboard solution today and watch it grow with you.

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How can AutoBI help you?

If you'd like to find out more about how our business intelligence dashboards are empowering Retailer teams to work smarter and generate more profit, simply email us via hello@autobi.co.uk or call us on +44 (0) 1522 711111.

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