The heavy equipment industry is not escaping the explosion of data now available. With updated machines hitting the market with Internet of Things (IoT) capabilities and more platforms than ever before that make capturing customer data a part of the everyday process, many companies are struggling to capture and understand what all of this data means and how it could improve their business.
Industry leadership is embracing the importance of business intelligence (BI) and analytics for heavy equipment for insight into ways to streamline processes throughout the company and improve bottom-line results. One department particularly poised to ride the wave of insight from data is Sales.
Tracking key metrics in the sales department will reveal better insight into their performance and areas that could use improvement. Creating a strategy that leverages the growing influx of data and examines the most important KPIs is critical for increased growth and continued success.
Return on Average Assets (ROAA) measures how efficiently assets are utilized. This metric highlights the return on the assets purchased using invested or retained dollars. This is an important KPI for dealers with large value assets across their fleet and sales lot.
Percentage of Industry Sales, also known as PINS to Caterpillar dealers, is used to measure improvements in the company’s competitive position in the market by comparing dealer sales or equipment to industry sales.
A key to improving the sales process lies in the Market Basket Analysis. This KPI helps you understand what products customers routinely buy together. The Market Basket Analysis arms sales representatives at dealerships with the data they need to recommend add-ons to customers at the time of sale.
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