HOW TO CHOOSE THE RIGHT BI SOLUTION

The first feature your Business Intelligence solution must have is Real-Time Reporting & Data Analytics. For equipment distribution and rental companies, real-time access to updates in the business is crucial for making the right decisions at the right time. Without real-time capabilities, dealers are left to use old or stale data that may result in a loss of time due to error and double work. This also means you are left to make key business decisions on outdated information.Your BI solution needs to take all the guesswork out of the equation, equipping you to make decisions backed by timely, relevant data.

Business Intelligence organizes your raw data, creating one seamless view of all the critical information you need. BI Data Analytics takes your dealership further with visibility into key metrics such as revenue, rental time/dollar utilization, cost of goods, gross profit/loss, operating expenses and much more.

The next feature your BI solution must have is Data Visualization. With the volume of data coming into dealerships today, information overload can be overwhelming and cumbersome. It is essential that your BI tool presents data in an easily digestible format. When Business Intelligence presents data graphically to the user, information is easier to understand and use in a practical way. The best BI platforms provide graphical, role-based dashboards for unique individuals within the organization such as owners, executives, managers, and technicians. Dealers heavily benefit from these role-based dashboards because they can personalize what they see based on what is most important to them.

Business Intelligence dashboards need to be designed in both operational and strategic ways. Your dashboards should provide executives a consolidated view of their entire business with key metrics around revenue, profits, and more. Additionally, technicians and managers need dashboards for daily tasks such as demo contracts, equipment due for return, and customer insurance expirations. Business Intelligence with data visualization, user-friendly reports, and drill-down features keeps your dealership informed and up-to-date at all times.

It is crucial that your BI tools don’t just serve as a reporting tool for what has already happened. Modern BI solutions include forecasting and predictive capabilities which allow you to get ahead of potential challenges, or identify potential opportunities. When using a Business Intelligence solution, Trend Analysis and Predictive Modeling play vital roles for understanding month-to-month and year-to-year trends to equip your dealership for the future. Trend Analysis delivers visibility of sales, margins, profits/losses, and more for you to determine where you currently stand, and forecast future developments. With Predictive Modeling, your BI solution enables you to identify potential areas of improvement and predict upcoming milestones for you and your customers. As you deploy a Business Intelligence solution, you can take control of your success with a proactive approach towards management.

In today’s society of smartphones and tablets, it is crucial for your Business Intelligence solution to have mobile support. Your Business Intelligence Application should be equipped with mobile capabilities, giving you access anywhere, at any time. This provides your management with peace of mind by providing real-time updates to key business metrics, even when they’re out of the office. With mobile BI, you can proactively respond to potential problems or take advantage of opportunities as they arise.

Without a Business Intelligence Mobile app, your company is hindered by limited access and functionality. Mobile BI updates your staff in real-time on work orders that need attention, scheduling and maintenance planning, business performance, and much more. Mobile Business Intelligence apps allow you to harness data wherever you are, taking your business to the next level.

Lastly, your Business Intelligence solution needs to fit the unique needs of your dealership, making industry-specific software the most beneficial for your organization. Unlike generic, cookie-cutter software, your solution must be developed and designed specifically for equipment dealers and rental companies. Business Intelligence designed for the equipment distribution and rental industry comes pre-packaged with industry-specific KPIs and pre-built reports that are used throughout the industry, including ARA Rental Metrics and the AED Cost of Doing Business (CODB) metrics. Unlike generic BI solutions, the out-of-the-box functionality of industry-specific BI enables you to get your team up and running with minimal business intelligence training. Don’t settle on a generic software used across various industries, as it typically leads to endless customizations and additional costs for your dealership.