Although data is critical to improving every aspect of a business, using it correctly can pose genuine challenges for retailers.
Data can be dense, which can make interpretation difficult. And, because multiple systems typically generate data, compilation often is easier said than done.
As a result, dealers are and should be looking to unique management and reporting platforms to help generate data and reports and to help make sense of it all.
The right reporting tool can and should help management make more informed operational decisions while monitoring the overall financial health of the dealership.
The right reporting tool will decipher, decode, and predict areas of weakness and strength—problems and successes that might not even be on your radar.
Plus, the right software presents transparent reporting that can lead to improved employee productivity and accountability. If you can see a deal from beginning to end and track the performance of your staff, you know exactly where your money is at all times and your staff can be held accountable for their results.
Here are some key characteristics to look for when choosing a reporting platform:
- Easy to use by everyone in the dealership.
- Presents easily understandable reports.
- Generates data in real time or near-real time.
- Has built-in analytics that automatically decipher and decode the data.
- Is grounded in an accounting system to help ensure data integrity and prevents department staff manipulations. (Everyone, across the dealership, sees the same numbers).
- Tracks deals from beginning to end and shows exactly where the money is.
- Enables both a “what if” analysis and predictive look at departmental operations.
- Serves as a reliable communication tool across departments and stores.
Reporting software with all of the above characteristics will generate insightful, actionable data – data that you and your staff can use to bring about operating improvements in the dealership, uncover profit losses, and manage employee and business performance.
Investing in and implementing the right reporting tool ultimately can lead to greater success and profitability in your dealership.
Author: David Spisak
After serving in the navy, David Spisak worked in the automotive industry for 17 years. Knowing there had to be a better way to find and utilize information in the dealership, he founded ReverseRisk, a reporting and analytics tool which was recently acquired by Reynolds and Reynolds. By figuring how to quickly find and use information, David went from general manager of a single dealership to managing 32 stores with 3,500 employees for AutoNation. David knows that with the right reporting system and the knowledge of how to use it, dealerships can increase employee productivity and profitability and succeed in any economic climate.