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Business intelligence: What’s the big deal?

Business intelligence: What’s the big deal?

I know you – yes, you the person reading this – would answer “yes” to a question I am about to ask (And no I am not a magician).

“Do you want to work smarter, not harder?”

I know it’s one of those no-brainer-type questions. But the somewhat unfortunate reality is we don’t really want to change the way we do things. As humans, we like consistency and being able to confidently control what we do every day. And setting the sails in a different direction can be easily misinterpreted as a threat to a current process that already works. But change doesn’t have to be all that different. I know that doesn’t seem to make a lot of sense, so let me explain.

One business improvement concept you may have heard of is the technological gem known as business intelligence. When you hear the term “Business Intelligence,” the words alone can be a mouthful. On top of that, it can have a completely different definition for virtually any business. But there lies the beauty of business intelligence – it can mean what you want it to mean to your business.

So what is business intelligence?

Business intelligence or “BI” as you may have heard it called, is the methodology of using data sets to understand business trends and patterns. In other terms, it means taking the data you create every day and making sense of it so you can use it to make more insightful and predictable future business decisions. That doesn’t sound so bad, does it? It isn’t that hard either.

The easy way to incorporate business intelligence into your processes

If you are an OEC customer, it’s a safe bet you already have some insight into your business (and you may not even know it). Within our CollisionLink, RepairLink, D2DLink, and MarketplaceDirect solutions, you can see a lot of insight about your business and your customers. 

OEC’s newest business intelligence platform, LinkIQ, allows dealers to easily view holistic and customer level performance trends through interactive (i.e. point-and-click) dashboards as well as reporting tools.  In addition to offering easy-to-use tools for OEC products, dealers can access interactive dashboards and reporting for the entire department’s parts sales via data from their DMS provider, which affords the ability to view and understand the entire story of their parts business.

Where business intelligence and the automotive industry (including you) intersect 

Business intelligence has been trickling its way into the automotive industry over the last few years, and has definitely become a reliable strategic influencer. In fact, Volvo Group has been using business intelligence to create predictive maintenance and reduce diagnostic timing on their trucks, buses, construction equipment and industrial engines up to 70%¹. This is pioneering the new way Volvo conducts their repairs and maintenance, and with this kind of power, imagine what it can do to help dealerships and your parts department; it will likely revolutionize the entire way our industry works. 

Ready to push your data to influence your business decisions? Start here.