Dealers are operating in an increasingly disrupted environment, creating the need to review operating models, identify and unlock efficiencies, and discover new ways to operate in a digital, omnichannel environment.
A look under the hood of a typical dealership reveals they use four separate systems – credit application network, dealer management system, F&I product sales platform, and website merchandising and search platform – to bring a deal from the lead or “up” to booking.
All of these systems may have completely separate information and user interfaces. But from the management point of view, it is important to study all of them together before making any business decisions.
If product data, consumer data, and financial data are stored on different systems, it is difficult to leverage the rich real-time data available to the company. Managing disparate data across various systems can result in fragmented views of business performance and competing versions of the truth. This model lengthens the time to sale, while the online customer’s Amazon expectations are growing higher by the day, as safety concerns mount, and behaviors adjust.
A single version of truth is about delivering the right data to decision makers so they can clearly understand business performance. Unified processing helps in maximizing the data resources and allows managers to deliver better productivity and make more informed decisions.
Unified processing is focused on integrating and synchronizing data, which makes it easier to consolidate and align the reporting and analytics. Depending on the complexity of your current data environment, establishing a single source can be a significant lift for your sales, marketing and technical team.
Agreeing on a single version of the key metrics you will use to run your business has a more focused scope that should be less difficult and time-consuming to implement and effectively manage your business. All this integration, tracking, and data-driven improvement add up to one thing: higher gross.
Unified Processing Benefits:
- Better employee experience, easier to train, everyone is speaking the same language
- Clear path for sales reps to follow, more effective sales coaching
- More insight into sales team performance, ability to constantly refine and improve sales methods
- Improved communication between company teams
- Better shopping experience – consistent, standardized sales process regardless of how (and who) the customer engages
- Greater predictability of sales and revenue
CreditIQ: The Complete “Discovery-to-Delivery” Auto-Retailing Platform
