The automotive business is multifaceted. Dealerships and vendors rely on the data collected within the dealer and customer management systems. While this data can be helpful, it can also be extremely complex. Different departments within a dealership all rely on the data to perform but may also label their data differently. This includes servicing inventory, repairs, sales, and marketing.
Even with a dealer management system (DMS), dealerships and the vendors they share their data with must generate reports to understand and properly use the data they collect.
While all of this data can positively impact the business, generating reports can often be time-consuming. Businesses risk producing ‘unclean’ and ultimately unusable data without proper measures.
What is unclean data?
Unclean data is information that is inaccurate, incomplete, inconsistent, or flawed in some way. This could be due to human error, such as entering the data incorrectly by accidentally imputing the wrong number – or it could mean outdated information or formatting inconsistencies.
When it comes to the automotive industry, unclean data can include:
1. Non-standardized data across several dealerships due to the use of different opcodes.
2. Outdated data, such as vehicle ownership data, that hasn’t been updated.
3. Incorrect data, such as false customer information.
4. Duplicated data is entered into the system multiple times, thus giving the information an incorrect narrative.
The cost of unclean data on automotive dealerships and vendors
The negative financial impact of unclean data on automotive dealerships and their vendors is far-reaching. Data is the backbone of the automotive industry, and getting it wrong could spell disaster.
Unclean data could lead to poor inventory management over or under-stocking vehicle models, parts, or accessories. With the right data, dealerships could see timely and up-to-date patterns, helping them create better choices with their inventory.
Inaccurate data can also negatively impact marketing efforts, leading to customer frustration, missed sales, and decreased revenue. False data means not engaging customers with the right touchpoints, not reporting the right data to vendors, and not understanding customer needs altogether.
Finally, unclean and inaccurate data can lead to regulatory non-compliance, which may result in fines or legal expenses. Maintaining compliance in different locations becomes easier when data is stored and cleaned efficiently.
Clean data builds relationships between dealerships & vendors
Clean, reliable data means customer verification, enhanced profits, and clear communication between dealerships and vendors. If a dealership unknowingly shares unclean and otherwise unusable data, it could tarnish the relationship between the dealership and vendors.
Vendors may rely on shared data for marketing efforts, pricing, customer validation, etc. DealerVault lets dealerships choose whom they share their data with and see it all in real time. And - with RecordRecharge, they can rest assured that the data they share is clean and verified.
In the end, accurate data builds strong professional relationships because vendors can trust the information they receive, and dealerships feel secure in whom they are sharing their information with.
Clean data helps decision-making run smoothly
With accurate data, dealerships no longer worry about waiting for handmade reports to make informed decisions. The wait time between generating and visualizing data with an Excel sheet can create costly mistakes and biased decision-making. Instead, using a data tool like DealerVault can assist dealerships in having access to their data at any time, right from their phone, to make informed and unbiased decisions when needed.
Access to this reliable data can also improve inventory management, sales, and marketing and assist in analyzing past and future trends. Every dealership knows the need for accurate trend reporting regarding stocking inventory. With Authenticom, it becomes a no-brainer.
Keeping accurate customer records
As discussed previously, inaccurate customer records can be costly. With faulty transaction histories, false contact information, and other missing data — dealerships can waste precious time contacting the wrong leads, and their customer relationships can suffer.
Clean data means speaking directly to real customers and providing the right information for targeted marketing campaigns and personalized offers. When you have clean data, you build stronger customer relationships and maintain trust and loyalty.
Record Recharge empowers dealerships and vendors to revitalize data, appending, verifying, and cleaning it seamlessly, thus improving relationships and all the efforts that go into marketing, sales, and outreach efforts.
.jpg)
