Business Intelligence (BI) For Automotive Industry

 Automotive Businesses have always been at the forefront of leading changes triggered by development in emerging markets, changing consumer preferences, digitization, accelerated rise of new technologies, cost pressure, and sustainability policies. The automotive industry is increasingly harnessing the power of Business Intelligence (BI) technology to respond in time to industrial changes and improve business efficiency.

 

Using BI dashboards and reports, enterprises can avoid dead stock and manage everything from spare parts to lubricants, and meet customers’ demands every day. Most industry players and experts agree that BI Tools deliver a streamlined view of business, product, market, key performance areas, and budget data as a single reference point to take your data-driven decision-making up a notch. You can drill into your vast automotive data to answer your own questions without advanced technical knowledge or taking help from an IT expert or data scientist. 

 

How Is Business Intelligence Used In Automobile Industry?

 

Automobile companies use multiple enterprise systems which leave scope for manual data extraction and integration resulting in high labor costs associated with the involved professionals who process data manually. The data quality also gets suffered due to the different life cycle stages of processed data records. In a few cases, data becomes inconsistent and contain errors. 

BI data analytics tools play an essential role in eliminating the gap between automotive companies and the changes in customer demands in the industry. By providing machine-readable datasets that can give actionable business insights to various departments, automotive enterprises can ensure high productivity across the board.

 

Here Are The Key Domains In Which BI Is Helping The Automotive Industry:

 

Manage Risks In Supply Chain Management

 

·       Applying new techniques to ever-expanding data sets, BI data analytics help auto-manufactures create more resilient supply chains

·       Revealing potential flaws throughout the automotive supply chain ecosystem

·       Getting a real-time snapshot of the inventory stock

·       Improving visibility outside the organization

·       Making inventory information prepared to understand and act quickly with partners including suppliers, procurement, operations, and sales teams

·       Better tracking of resolved and unresolved product issues, investigations, and performance

·       Improving supply chain compliance, communications, and reporting among stakeholders

 

Sales & Marketing

 

Automakers can leverage Power BI Tools to understand the competition and trends that are driving the industry. Consolidating and evaluating consumer data, generated from all categories of sources, and utilizing data analytics solutions like BI can help

 

·       Enhance customer engagement through innovative marketing

·       Identify new purchase opportunities by considering factors like the number of repairs on the current vehicle, current mileage, age of the vehicle, and information collected from social media to identify prospective buyers

·       Provide factual information for more targeted, controlled, and informed sales and marketing initiatives

 

Cost And Financials Tracking

 

A company’s financial health depends on accurate, up-to-date costs, and revenue data. A Business Intelligence practice can help automakers remain competitive and financially stable by providing real-time access to detailed cash flow insights, expense management, and the ability to make informed decisions about costs and profitability. Financial Professionals can use BI-driven business insights for

 

·       Managing cash flow

·       Financial planning and analysis

·       Determine current and short-term operational needs

·       Track financial performance by providing a holistic view of the organization’s credit and market risk

·       Analyzing channel profitability and discount impact

·       Monitoring financial performance metrics like net profit, cash conversion cycles, operating profit margins, etc.

·       Managing balance sheets

 

Find And Prioritize Best-Performing Dealerships

 

You need clear access to data and sophisticated analytics in order to accurately identify all of the different ways in which different dealerships contribute to your sales process. Auto manufacturers can use BI Systems to-

 

·       See the complete network of dealers at a glance

·       Analyze dealer-wise sales performance

·       Identify dealers with the best customer satisfaction

·       Dealer wise after sales support performance

·       Top-bottom dealer analysis

 

An integrated BI solution brings everything together to eliminate data silos, promote team collaboration and create robust dashboards and reports for faster and better decision-making processes.

 

Conclusion

 

Whether you want to get your data organized for your team or you’re looking to combine business intelligence capabilities with key business areas like sales and marketing, financial planning and analysis, and production,…we can help you, please connect with us at marketing@essindia.com