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, ERP, and CRM—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, ERP, and CRM systems, there is a wide range of other data sources that can shed new insight on your everyday reporting and analytical needs. Imagine how confident you’d feel making decisions based off insight from other data sources such as Excel spreadsheets, weather data, or market data on top of your internal company data.
What’s the difference between internal and external 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.
What does that mean for your dealership?
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, ERP, and CRM 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.
TARGIT’s heavy equipment analytics connects to …
Internal Data Sources:
- Payroll: Analyze HR and payroll data directly from sources such as ADP. Compare absentee days against performance and motivate technicians to improve their numbers. Get automatic notifications if technician numbers fall below a particular threshold so you can increase training or find a replacement.
- Microsoft Dynamics CRM: Microsoft’s customer relationship management platform. Follow KPIs such as Market Basket Analyses to increase profits.
- Salesforce: The world’s No. 1 CRM platform. Get access to your CRM data instantly and compare it against any other data for better insight into the lifecycles of your customers.
- Google Analytics: Tracks and reports website traffic. Arm your Marketing department with better information on website visitors to help improve campaigns and audience reach.
- Social media channels: Analyze data from Facebook, Google Ads, LinkedIn, and Twitter to see how effectively your marketing campaign is reaching your audience, connecting with potential customers, and creating new leads.
- Telematics data: Analyze machine sensor data across your entire fleet.
External Data Sources:
- Weather data: Pull in data from NOAA, CDO, or NDFD to see how the weather affected construction projects and agricultural seasons and how that affected your sales and rentals.
- UCC filings: Data compiled by the government between lenders and debtors. Help your salespeople develop new leads by focusing on active buyers in the industry.
- EquipmentWatch: Provides data for construction equipment, lift trucks, and AG equipment. Import and analyze equipment costs, values and prices, year verification, and rental rates across the market to see where you stand and how you can price equipment better.
- Rouse Services: Accurate and reliable information in the rental and construction industries. Import appraisals, used equipment sales, and other stats and analyze them against your own.
- Dodge Report: Comprehensive market research and forecasting for construction projects. Identify, prioritize, and act on key project opportunities.
- MyDealerService/MODERN: Industry-leading service and financial reporting. See the fuller picture of service and financial data and drill down into the gritty details to improve your services.
- Foresight Intelligence: Provides real-time access to financial and telematics. Know where your fleet is and measure how well individual pieces are performing.
More data, more answers
Access to more data means access to more answers. If you have a question about your dealership performance, forecasting, or financials, business intelligence and analytics can help you get to the bottom of it. Take a look at some sample dashboards, important KPIs, and efficiency tips for your heavy equipment dealership in this free eBook: Better Insight into Your Entire Heavy Equipment Business