Critical Features of Equipment Dealer Intelligence Platforms
8/6/2024In the ever-evolving world of equipment dealerships, operations and management software has become a bare-minimum technology used to enhance efficiency and improve operational effectiveness. These include systems for managing inventory, quotes, customer relationships, and accounting and workflow processes. For instance, customer relationship management (CRM) systems have become increasingly popular at dealerships because they provide visibility over customer demographics and behavior, helping dealers better connect with their customers to enhance their experience.
But standalone CRM systems lack several critical features that can maximize effectiveness in dealership operations. These include integration with other systems, centralization of customer and inventory data, and the ability to automate tasks and reports using this connected data. For a closer look at the differences between standard CRM systems and integrated dealer platforms, read our article introducing dealer intelligence platforms.
Features of dealer intelligence platforms to look for
As this article title suggests, not all dealership software is equally equipped to handle all processes. The best intelligence software for dealerships offers several specific features, functionalities, and system integrations that allow users to connect to work from a central platform to manage every process and workflow. Equipment dealerships require a platform that not only meets their current needs but also enhances operational efficiency and supports their future growth.
Before pulling the trigger on buying additional software to manage dealership operations and sales strategies, dealers should confirm that their chosen platform provides the following capabilities to ensure they enhance productivity and maximize ROI for your dealership.
Integrates with other dealership systems
Integrated platforms connect with multiple business systems to unify various aspects of dealership operations, including inventory management, customer relationship management (CRM), sales tracking, and workflow automation into a single cohesive platform. By centralizing all data and processes, integrated platforms enable dealerships to streamline operations, enhance customer service, and boost overall productivity.
Features: Seamless connection with third-party and internal software applications used within the dealership (e.g., inventory management, quote management, workflow management, DMS).
Operational benefits:
- Improved operational efficiency – Integration ensures that all systems work together synchronously, reducing data silos and enhancing overall operational efficiency.
- Enhanced cross-department collaboration – Centralizing all functions and data on one platform ensures that sales, marketing, service, inventory management, and all other departments have access to the same critical information and tools, as well as the ability to seamlessly communicate between departments from a central platform.
Here are just a few dealership processes that are enhanced through integration with other dealer systems.
Inventory management and tracking: Real-time tracking and updates of inventory levels ensures sales teams have accurate information about equipment availability.
Purchase order processing: Integrates with order processing systems to streamline and automate invoicing and order fulfillment, reducing errors, speeding up delivery times, and contributing to increased turn.
Integrated CRM functionalities: Seamless customer data management, lead tracking, and customer communication tools, all centralized within the operations platform to enhance efficiency and customer relationship management.
Comprehensive lead management: Captures, tracks, and nurtures leads through the sales funnel, providing tools to follow up with, manage, and convert prospects promptly and efficiently.
Provides a centralized platform to manage dealership operations
A “centralized platform” means a unified workspace from which all dealership activities can be viewed and managed, from sales and marketing to inventory and customer service. Integrating multiple systems into a single location centralizes data, enhances operations, and strengthens collaboration.
Features: A database that pulls information from multiple systems and makes them accessible in a shared workspace; dashboards that allow employees to create individual profiles and workflows while accessing shared information and making updates in real time.
Operational benefits:
- Simplified operations – Pre-configured workflows eliminate manual inputs and establish a consistent order of operations for carrying out common dealership processes.
- Improved communication – A central communication channel built into the platform allows every member of the team to share updates and plan next steps from anywhere, offering the potential to speed up nearly every process.
- Operate from a “single source of truth” – Platforms that put all relevant and up-to-date information in one location ensure all departments have access to reliable data, instilling
Comes with user-friendly tools and interfaces
Because introducing employees to new software can be an uphill battle (especially when it means training entire teams at multiple dealership locations), the platform you choose should be as easy to learn and operate as possible to encourage quicker and warmer employee adoption.
Features: Intuitive object fields and buttons, visualized reports, and a user-friendly interface connecting all solutions and features within the platform.
Operational benefits:
- Increased employee adoption rates – In an ideal world, all employees would do their best to immediately start using new software. But in reality, employees adopt new technology according to their interest and ability. More intuitive software lowers the learning curve to encourage quicker adoption among as many team members as possible.
- Shortened training time – After undergoing a weeks- or months-long implementation process, management wants employees to start using the software in their daily workflow as soon as possible. A platform offering easier navigation and better user tools shortens the training time needed for full adoption.
- Enhanced overall productivity – Intuitive interfaces allow employees to focus more time on critical tasks rather than struggling to adapt to complex software.
Includes automations to enhance operational efficiency
Automating processes and workflows reduces manual tasks and streamlines operations. Dealer intelligence software applies automations that reduce task time and improve accuracy, allowing dealership staff to focus on higher-value activities and enhancing overall productivity.
Features: Automations offering marketing and lead-nurturing reports, workflow status notifications, follow-up reminders, inventory management updates, purchase-order stage visualizations, trade-in assessment status, and more.
Operational benefits:
- Enhanced efficiency and productivity – By using automation to reduce the time and effort required for repetitive tasks such as follow-ups, scheduling, and data entry, dealership teams can prioritize more strategic activities, improving overall productivity while ensuring key processes are followed without errors or delays.
- Streamlined purchase order and settlement workflow – Automations for PO process workflow enable faster response times to customer inquiries, improvements in average days to close, more accurate inventory management, and higher turn rate potential. With notifications about current PO and invoicing status and next steps to take, employees are empowered to take accountability for strengthening their links in the chain.
Provides complete visibility and analytics for data-driven insights
Gaining visibility over inventory and processes is a consistent challenge for dealerships. Dealer intelligence platforms can increase visibility by 1) putting comprehensive stats about your pipeline, inventory, lead management metrics, and workflow stages at your fingertips; and 2) using this data to provide analytics that give you actionable insights to improve processes and refine strategies.
Features: Visual dashboards for your pipeline and PO process; advanced analytics and reporting features that offer data-driven insights into sales performance, customer behavior, inventory levels, and marketing campaign strategies.
Operational benefits:
- Understand current operational issues – Analytics data provides increased visibility into operations so you can identify where bottlenecks are, where additional sales training may be needed, which inventory is selling, and other crucial information.
- Create strategies for growth – Gaining insights into sales and marketing campaign effectiveness and inventory flow enables managers to make informed decisions, identify trends, and adjust strategies proactively to optimize a dealership’s performance and profitability.
Offers pre-built and optional configurations for operations needs
Many CRM systems on the market are “blank slate” applications, which means they are not equipped with solutions, features, tools, or interfaces to accommodate the specific needs of equipment dealerships. It can cost hundreds of thousands of dollars to build a system from scratch and customize it so that it is useful for your operations. And this doesn’t even include the cost and lift needed to integrate your CRM with other systems.
A platform created for use at dealerships right out of the box provides relevant functionality without unnecessary bells and whistles. Additionally, having the ability to further configure the software means you are ready to handle additional operations and scale your dealership when the right time comes.
Features: Pre-built configurations to meet the needs of a dealership and additional configuration options to scale your business.
Operational benefits:
- Provides immediate value and saves money: Pre-configured software eliminates the need to build a platform from scratch, which takes hundreds of hours, requires third-party software engineers, and is prohibitively expensive.
- Further configurations to scale operations: Software designed for additional configurations lets you update processes and functionalities without the need for a complete overhaul.
Provides dedicated implementation and ongoing support services
Dealers who have spent hours on the phone with their software’s customer support reps understand just how important it is to have a reliable and capable technical team on their side. Technical support for implementation, maintenance, and additional configurations is an often-overlooked feature that should absolutely be included in the software you purchase.
Features: Comprehensive support services that include initial setup, implementation, training, technical assistance, and further configurations.
Operational benefits:
- Quicker implementation time – Dedicated implementation and customer support ensure that the platform is properly set up and any issues are promptly addressed, minimizing downtime.
- Major time and cost savings – Most standard CRM systems and many dealer-oriented systems do not provide excellent customer service, meaning dealers spend a lot of downtime and resources just trying to get their software operational. Receiving dedicated software support speeds up onboarding and maximizes return on investment.
- Readiness to scale operations – When the time comes to expand your dealership or increase your inventory, you need to move quickly to avoid losing opportunities. With inclusive expert configuration support, you have all the tools and resources available to take those steps when you’re ready.
A checklist for choosing the best dealer intelligence software
Now that you are aware of some essential features to look for when shopping for software to manage your dealership’s operations, take the time to look at each feature and its benefits one by one using our dealership software checklist. Use this checklist when you’re browsing the many software options out there and considering which is best for your dealership’s needs. In an upcoming article, we’ll provide a more in-depth comparison of specific products and give an objective analysis of how they stack up against an integrated dealer intelligence platform like Anvil Pro.
To view the full expanded version of this checklist for inclusion in your research and cost-benefit analysis materials, download the PDF version below.
Does your dealership intelligence platform include the following features?
Centralized customer relationship management
🮖 Does it provide a dealer CRM that lets you view customer data and manage interactions?
🮖 Does it connect data from multiple sources into a single customer profile?
Actionable customer insights
🮖 Can you track and analyze customer purchase patterns and trends?
🮖 Does the CRM provide detailed analytics and predictive insights based on customer interactions?
🮖 Can you communicate with customers from within the platform?
Enhanced operational efficiency
🮖 Does it offer integrations with other dealership business systems?
🮖 Does it automate updates and reports for you?
🮖 Is all integrated data reported in real time?
🮖 Does it provide a single source of truth?
Resources to plan a long-term growth strategy
🮖 Can the software scale with your business?
🮖 Does the software have comprehensive performance tracking and goal-setting capabilities?
🮖 Does the CRM provide robust forecasting and trend analysis features?
🮖 Is the software configurable to meet specific dealership needs?
Sell your entire dealership with Anvil Pro’s end-to-end dealer intelligence platform
Anvil Pro checks all the boxes for the best operations and business management software for equipment dealerships. Combining customer relationship management, inventory management, and sales enablement, it provides end-to-end operational enhancements by integrating seamlessly with third-party systems and centralizing all workflow and sales processes into a single, accessible view. Pre-configured with features specifically designed for equipment dealerships, Anvil Pro can be tailored to meet your dealership’s needs, enhancing every process – from inventory management and lead management to purchase order workflow and trade assessments.
With the guidance of Tractor Zoom’s Success Team, you'll have support from onboarding to ongoing improvements, ensuring your dealership operates efficiently and grows sustainably. By centralizing your business systems and offering actionable insights, Anvil Pro positions your dealership for success in a competitive market. Book a demo today to discover how Anvil Pro can help your dealership thrive.