5 Must-Have Features for Your BI Software
The right BI solution should include intuitive analytics and reporting capabilities which provide management with timely, accurate, and relevant data at their fingertips, empowering them to make data driven decisions and have greater impact on operations. Making the right decisions, at the right time from real-time business data is only part of the many benefits equipment distribution and rental companies are seeing in their businesses. BI Software can make significant changes and positive impacts on how you run your Equipment Dealership, but it is vital that you choose the right solution. With the multitude of Business Intelligence platforms available in the market today, it is crucial that your software has the necessary BI tools, features, and functionalities.
What is Business Intelligence (BI)?
Before moving ahead, let’s clarify what Business Intelligence is. Business Intelligence has far more capabilities than simply business reporting and analytics. Business Intelligence (BI) is an advanced solution built on modern, cutting-edge technology used by enterprises to gain complete visibility and access to all areas of their equipment dealership. BI translates and delivers business data in a useful way, identifying strengths, weaknesses, and areas of improvement. Ultimately, BI provides equipment distribution and rental companies real-time access to all KPI’s (Key Performance Indicators) across the entire organization, empowering data-driven decision making and providing management with greater ability impact operations.
Look for these 5 must-have features when deciding on your Business Intelligence software
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 This also means you are left to make key business decisions on outdated information.Your BI solution needs to take all the guesswork out of the equation, equipping you to make decisions backed by timely, relevant data.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.
Gain a Competitive Advantage with e-Emphasys BI Plus
Choosing the right BI solution will cut operational costs and help you gain a tremendous advantage over your competition. Designed with dealers, for dealers, e-Emphasys Technologies provides one of the only industry-specific solutions in the equipment distribution and rental industry. e-Emphasys utilizes a Single Source of Truth, keeping all your Equipment Dealer Business System and BI data organized in one central place.
For the most added value and ROI, remember these 5 must-have features when deciding on your next Business Intelligence platform.
- Real-Time Reporting & Data Analytics
- Data Visualization
- Forecasting & Predictive Capabilities
- Business Intelligence App (Mobile BI)
- Industry-Specific BI
Learn more about e-Emphasys BI Plus powered by Microsoft Power BI. See how the benefits of Business Intelligence can transform your dealership!
e-Emphasys is the only complete, end-to-end platform that meets all the unique business needs of the Equipment Distribution and Rental Industry. Approved by industry leaders, e-Emphasys ERP is the fastest growing solution proven to maximize performance and efficiency in every aspect of the operations.
To learn how a modern, cutting-edge ERP solution, designed specifically for the Equipment Distribution and Rental industry can revolutionize your business, request a free demo here today! e-Emphasys representatives will happily assist you with any additional information, and demonstrate the radical business value of a modern, fully-integrated ERP platform.