How Digital Transformation Is Shaping The Equipment Industry
Technology is pushing our society forward every day with the invention of new platforms, systems, and software. Advances in technology are the driving force behind progress in nearly every industry, while organizations are constantly looking for ways to improve their efficiency, productivity, visibility and more. Companies strive to gain advantages over the competition with innovative technology, making Digital Transformation a key topic in the world today. Digital Transformation has already arrived, and will continue to shape the Equipment Distribution and Rental Industry in a major way in the years to come. Companies who do not find ways to leverage technology to improve efficiencies, customer service and data analysis will soon find themselves falling behind the competition.
What Is Digital Transformation?
Digital Transformation is the process of deploying and integrating new technologies and solutions that radically change the way operations and businesses are run. Digital Transformation has become a popular buzzword in recent years, but the key takeaway is that Digital Transformation enables companies to solve problems they previously couldn’t with their existing practices and systems. Digital Transformation boosts many different areas of business including finance, customer service, user experience, and much more.
Organizations that currently leverage cutting-edge technology have typically gone through Digital Transformation projects to update old legacy systems to modern software. Digital Transformation enhances processes and brings new insights to organizations, changing the age-old practices companies have used to run their operations. Overall, Digital Transformation is reshaping the Equipment Distribution and Rental Industry, by providing more efficient and effective ways to run dealerships.
Common Digital Transformation examples today include the following technologies: Augmented Reality (AR), Artificial Intelligence (AI), Internet of Things (IoT), and Cloud Computing.
Technology For The Equipment Distribution & Rental Industry
Digital Transformation has a variety of benefits no matter what industry you’re in, such as increased visibility, improved data analytics and incremental increases in efficiency. To maximize the benefits your dealership will receive from new investments in technology, it is vital that you find a partner who understands how to apply the newest technology to Equipment Distribution and Rental specific use cases. The cookie-cutter approach simply does not cut it when utilizing technology to run dealerships at a high level.
Technology is not always user-friendly or intuitive, especially when it was not designed with your business practices in mind. Because your organization can only go as far as your technology and software allow, equipment dealers and distributors must utilize solutions that fit their exact specifications (no matter how customized they are). More importantly, if the company is growing in revenue, locations, and size, we highly recommend dealers and distributors to integrate systems that are designed to handle the unique needs of the industry.
Now, let’s see how Digital Transformation is impacting the Equipment Distribution and Rental Industry today.
3 Primary Ways Digital Transformation Shapes Equipment Dealerships & Rental Companies
1. Digital Transformation Increases Visibility & Control
With the Big Data movement happening across many industries, organizations are empowered to make decisions backed by transformative data and analytics. Digital Transformation projects give companies access to information in real-time, giving them the capability to make critical decisions and adopt proactive management tactics. Real-time visibility improves not only decision-making but also efficiency and communication throughout the company.
Visibility is a vital part of running an organization when it comes to managing the fleet. Digital Transformation impacts dealer operations such as Fleet Management with end-to-end tracking systems, giving dealers unmatched control of their machines. Dealers benefit from the tracking of locations, movements, and meters, as well as visibility of all the financial information linked to each machine. This level of visibility and control made possible with advanced technology can help to prevent machine failure, lower maintenance costs, improve equipment uptime and increase profitability.
2. Digital Transformation Improves Efficiency & Productivity
Digital Transformation can help to identify areas where your dealership is underperforming, or even key in on opportunities for growth that had been overlooked. Tracking utilization and performance of machines is only a small snippet of what is possible with Digital Transformation. Advanced AI (Artificial Intelligence) and Machine Learning technologies are equipping technicians with innovative, never-before-seen tools to designed to bridge the gap between knowledge and experience. AI powered Service tools shorten training time and help technicians diagnose and repair problems quickly and efficiently.
In addition, the use of mobile devices plays a huge role in Digital Transformation. Mobile service applications add exponential value to organizations, giving technicians a multitude of digital capabilities including writing contracts, tracking equipment, scheduling & dispatch, capturing signatures, photos, videos, and more.
Many companies deploying a modern Digital Transformation Platform such as e-Emphasys ERP report the following improvements in efficiency and productivity:
- 50% reduction in Service Administration expenses
- 50% reduction in Warranty Receivables losses
- 74% reduction in Uncollected Parts COD shipments
- 3.1% reduction in Selling, General, and Administrative expenses
- See more benefits of e-Emphasys Technologies Customers.
3. Digital Transformation Enlightens Executives & Empowers Employees
Whether you’re an owner, manager, or technician, you have specific responsibilities and needs to address within the dealership. Modern technology enables executives to focus relevant, timely data while empowering employees with the tools to succeed. Digital Transformation platforms are equipped with user-friendly dashboards, add-on widgets, and notification systems to keep executives up-to-date and alert at all times. In addition, dealerships benefit from new technological capabilities to assist in finding new business opportunities based on locations, data, finances, and more.
The shortage of skilled technicians in the industry today presents a serious issue for equipment dealers and rental companies. Whether this is because the retirement of skilled technicians, lack of apprenticeship programs, or simply a numbers game, Digital Transformation is solving this crisis by increasing the knowledge and capability of today’s technicians. As highly skilled technicians become less, dealers are adopting cutting-edge IoT and Telematics technologies to identify and solve issues. Intuitive IoT and Telematics technologies are changing the way technicians diagnose and repair machines from a reactive to a proactive approach.
Digital Transformation Strategy
In order to achieve the many benefits of Digital Transformation, dealers and distributors should take the time to develop plans centered around your technology initiatives. Clearly defining a plan for your company is extremely helpful to understand what technologies need to be deployed, steps need to be taken, and people need to be involved. Many companies have already embraced Digital Transformation in their organizations with the emergence of more CIOs (Chief Information Officers) and CTOs (Chief Technology Officers) in the Equipment Distribution and Rental industry. Make sure to develop and refine your Digital Transformation strategy because it will be one of the most important initiatives moving forward!
e-Emphasys Digital Transformation
Understanding the unique needs of the Equipment Distribution and Rental industry is essential for a Digital Transformation project. A technology partner who does not understand your business process can open up your company to dangers such as long, difficult and in some cases, failed implementations. Because Digital Transformation has serious financial implications for stakeholders, executives, and companies, organizations must be sure when choosing and deploying a modern equipment dealer management system.
Future-Proof Your Software
e-Emphasys ERP is a complete Digital Transformation Platform exclusively for equipment dealers and rental companies. Designed with years of industry experience, the e-Emphasys Digital Transformation Platform is proven to bring an exponential ROI to dealerships looking to elevate their operations.
Continuous software updates and developments separate e-Emphasys ERP from the competition, as organizations “future-proof” their companies from any changes that may occur in the industry. Contact us to learn how dealerships have gone live in little as 4 months!
“I would highly recommend e-Emphasys to other dealers. What I like about the e-Emphasys company itself, is that they’re investing heavily in research and development for future enhancements”
– DeWayne Searcy, CIO (Cowin Equipment Company)