Getting user-friendly insight from company data is a game changer for dealerships in the heavy-equipment industry. At last, the data locked away in your core operational systems—DMS and ERP—can be combined and presented in clear reports and data visualizations that make it easy to make business decisions.
Unfortunately, most heavy equipment companies are basing these important decisions on dated reports. If it takes a week to pull a report, that data is no longer fresh. But that’s better than nothing, right? Otherwise, decision-makers have nothing to go on except experience or gut, and these options will only get you so far. It shouldn’t be this way.
Today, there are business analytics and reporting solutions designed to give heavy equipment dealerships near real-time access to data. This “new way” of transforming your data is powerful, and it shouldn’t stop with your core operational systems.
In addition to your DMS and ERP systems, there is a wide range of other data sources that can shed new insight into your everyday reporting and analytical needs. Imagine how confident you’d feel making decisions based on insight from other data sources such as Excel spreadsheets, weather data, or market data on top of your internal company data.
Before we go on, let’s take a quick step back to understand the differences between internal and external data sources. When looking at internal data sources, you are looking at lagging indicators. In other words, the “what happened.”
When you can pull and align external data sources into your reporting and analytical solution, you are now looking at leading indicators. That’s the “why it happened.”
Expanding the level of insight and offering different angles to analyze your data will provide a clear path to improving your business. When you can see what caused a trend, you can correct it or build on it to advance your bottom line.
There is a range of ways dealerships use internal and external data to increase performance and boost their businesses. But the problem with a huge array of data source options is it’s often hard to wrap your head around where to even begin. Great, you have access to this data, but how do you make sense of it all?
That’s why, in addition to pre-built integrations into DMS and ERP products, you should look for an enterprise solution with experience tapping into all the software products designed for dealerships in the heavy equipment industry.
The right enterprise BI solution for the heavy equipment industry joins all these separate data sources and transforms data into digestible information you can act on without sending a firehose of data overflow.
Through decades of our own heavy equipment dealership industry research and experience, we put together a list of the data sources that we commonly found our customers utilizing and why they would matter to your business.