New technologies are changing the way modern day businesses run. This definitely isn’t breaking news, but are you utilizing these advancements to their maximum potential? Business intelligence and artificial intelligence are newer developments that — if used correctly — can create noticeable improvements in your bottom line. Business intelligence or “BI” serves as the link between a business’s owned data and their optimal sales strategies. BI provides historical, current, and predictive perspectives on operations by analyzing data and business information. The automotive industry is one of many industries beginning to harness the power of BI.
Shoppers don’t visit your dealership without visiting your website — you’ve probably heard this a million times. But as BI develops there are new ways to capture a car shopper’s attention online. Now’s the time to use data to create a more personalized, retail-like shopping experience. Customer interactions with your dealership’s website aid in the collection of data relevant to their preferences and train of thought. This data, if collected, mined, and used correctly helps in decision making, thus increasing vehicle sales.
“…use BI to create the ideal mix of vehicles to meet the needs of your in-market shoppers.“
BI data shows exactly what adjustments will lead to improvement. More specifically, use it to create the ideal mix of vehicles to meet the needs of your in-market shoppers, in turn improving inventory health. With help from BI, you can make more informed decisions instead of solely relying on gut instincts. Tapping into your owned data shows what vehicles customers are purchasing and which vehicles spend more time on your lot. This information makes it clear which models to restock in higher volumes and which models aren’t performing. Additionally, BI data helps you understand customer needs and preferences in regards to a vehicle’s available features.
“Showing trends inside the dealers market and surrounding zip codes allows them to focus advertising dollars on the most influential areas.”
It’s vitally important to not just use BI data — but to use it effectively. Dealers must answer these questions, “Are you using the data to achieve a competitive advantage?” and “Does your inventory solution maximize data to create an optimal inventory mix?” When choosing an inventory software dealers must be sure that it’s capable of improving their bottom line. Inventory solutions may not always offer predictive capabilities, but it is ideal for dealers to arm themselves with automotive data that provides detailed views of sales and trends tailored to their exact market. Showing trends inside the dealers market and surrounding zip codes allows them to focus advertising dollars on the most influential areas.
Solutions should save time, speed up inventory turn, and influence customer loyalty to create additional purchases. By utilizing inventory solutions built with Business Intelligence, dealerships can create the ideal inventory mix and maximize their profits.
Stay tuned to learn how artificial and business intelligence can be useful in other areas of your dealership. To implement effective inventory solutions using business intelligence in your dealership call 877.421.1040.
