Benefits of Analytics for the Agriculture Equipment Industry
Originally published January 31, 2020. Updated July 11, 2023
For several years we have been gauging the temperature of the AG equipment industry – and, for dealers, the results of their hard work have paid off because year over year their revenues remain strong or even increase in 2018.
The AG industry continues to grow and expand, so dealers keep investing in ways to take advantage of the momentum.
Prepare for the Opportunities Ahead
The AG equipment industry is experiencing rapid and robust growth, but if your dealership isn't prepared and in a position to take advantage of the opportunities that such growth presents, it's far too easy to find yourself standing on the sidelines while the potential for increased profit passes you by. Don't let this happen to you and your dealership.
Having a strategic plan for your dealership that includes goals and measurable objectives for every aspect of your business – including equipment sales, parts revenue, service revenue, and overall profitability – can help ensure you're ready and can make the most of every opportunity that comes your way. Formulating and implementing a comprehensive strategy can benefit your AG equipment dealership in three main ways:
1. Track progress and measure business performance
Avoid surprises at the end of the quarter. Putting in place a plan with clear goals allows you to track your team's progress on a daily, weekly or monthly basis. Analyzing month-over-month, quarter-over-quarter and year-over-year trends can help you measure your business performance and create more accurate forecasts.
2. Provide even better customer service
Earn repeat business and make sure customers' experiences with your dealership are as pleasant as possible by anticipating their needs. Making sure you have what they need, right when they need it is a lofty goal, but one that can easily be achieved by gaining real-time visibility into your dealership's sales, service and parts departments. This requires establishing clear lines of communication, both internally and with customers.
3. Give employees something to strive for
Setting clear goals and providing a visible way to monitor progress toward those goals can help motivate employees to improve their performance and productivity. BI and Analytics reporting software provides both employees and managers with the tools they need to measure efficiency and productivity, which can potentially benefit the dealership in the form of increased profits.
Back up decisions with BI
To keep up with the competition, today's AG equipment dealers must come up with innovative new ways to provide better customer service and exceed sales goals. TARGIT Decision Suite, a business intelligence (BI) and analytics solution designed for the heavy equipment industry, makes it easier than ever for AG equipment dealers to analyze trends and make smart decisions for their businesses.
Download a free copy of ourAgricultural Equipment Analyticsguide to learn how tracking the right KPIs can help you achieve your goals for your AG equipment dealership.