In a fast-moving and increasingly competitive world, real-time data will help you reduce costs, avoid risks and make better business decisions.
Of all the key performance indicators in your business, few are more important than planning. Every dealership is a complex organism comprising many different moving parts. As such, there are plenty of things which can go wrong.
The answer lies in real-time data. Solutions which can put real-time information about the many different parts of your business in the palm of your hand, provide better insights, save money and give you more control over all those moving parts.
If you want to read more about the advantages of real-time data in a more general sense, please read this article.
How real-time metrics can improve performance
In a business as usual approach, managing your data places an enormous strain on your human resources. Not only does it require enormous effort, but also a considerable amount of skill. Any error can be fatal.
To reduce the risk of error, most businesses invest in training. However, mistakes are inevitable. No matter how well trained your staff are they will, from time to time, make mistakes.
Those errors will leave you working on incomplete or accurate data. Problems can be missed and you’ll be making key decisions with an incomplete view of your true situation.
Imagine being able to reduce the possibility of human error, automate data collection and provide accurate, up to date insights in an easily accessible format.
The benefits will be considerable. You’ll save money on training and administration; you’ll free up members of your team for other, more productive, areas and have better information with which to make business decisions.
In short, realm time data will drive value across multiple areas of your dealership in ways you might not fully realise. Here are just a few of them.
– Extracting maximum benefit from resources
Once you have clear real-time knowledge of your resources, you’ll be able to see which areas of your business are working well and which are not; where you’re generating profit, which functions are costing money and where you can improve efficiency. The more you know about your operation, the more effectively you’ll be able to deploy your resources.
– Data is presented in a simple, usable format
Managing resources across multiple locations poses all sorts of challenges. If you’re operating several dealerships in parallel, you’ll be performing hundreds of different tasks.
This can be daunting and human error is bound to creep in at some point. If you have a better view of the operation and can rely on the quality of the data in your reports, you’ll be able to make better decisions which are more profitable for your business. Best of all, if you have the entire layout in front of you, making a decision becomes much more straightforward.
– Transparent workflows and reports with real-time data
Having real-time data in front of you helps you monitor the performance of every part of your company. Live data will show you which areas of your business are underperforming and help you put problems right.
More transparency will also avoid miscommunication between the team and keeps everyone on the same page. Problems with communication are one of the main reasons why different departments develop different standards.
Having more transparency in the organisation helps to nullify the possibility of those errors, reduce unnecessary effort and improve standards of reporting.
If people are reporting in inconsistent ways across your organisation, it will be difficult to draw reliable conclusions which will lead to further problems among your key decision-makers.
– Avoid problems in the future
Prevention is better than cure, so they say. What works in healthcare also applies to your business.
To keep the motor churning, you’ll need funds in the future. This will be crucial in a notoriously capital-intensive business such as ours. Real-time data helps to recognise patterns within your business, plan cashflows and pinpoint where your company may be leaking capital. This allows you to resolve problems before they become more serious.
– Make the right decisions at the right time
Timing is vital for any business. With reliable, consistent and live data, you’ll be able to take immediate steps to remove bottlenecks in your business, become more competitive and make better, timelier, business decisions.
– Cut costs with real-time data
Accurate real-time data helps you take a peep into the various divisions of your business and see if there are any opportunities to cut costs. For example, with the country in lockdown and economic activity reduced, you may not need as many assets in the short term until the dealership is functioning at full volume once again. Automated metrics will provide more insights into the engines of your business and identify exactly how much money and resources you need to manage operations. This frees up capital which you can either deploy elsewhere in the business or set aside for the future.
Make Wiser decisions with reliable data
This economic downturn presents businesses of all kinds with unprecedented challenges. Now, more than ever, you need to work more efficiently and make the best decisions for your business, clients and your employees.
The latest reporting technology gives you consistent and transparent information to free up time at all levels of your business. It allows you to leverage real-time data to use resources more efficiently and streamline operations across your operation. By getting access to better real-time information, free from human errors or inconsistencies, you can take proactive decisions which will stand your business in good stead throughout the current crisis and beyond.