Benefits of Analytics for the Agriculture Equipment Industry

For several years we have been gauging the temperature of the agriculture (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. 

The AG industry continues to grow, so dealers continue to invest to capitalize on the momentum. 

The 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. Establishing a plan with clear goals enables you to track your team's progress daily, weekly, or monthly. 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 them can 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 benefit the dealership by increasing profits.

Back up decisions with BI

To keep up with the competition, today's AG equipment dealers must develop innovative ways to deliver better customer service and exceed sales targets. 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.