October, 27 2020

Inventory Management System: The Time Has Come for Digital Transformation

Vitaly Baum
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Ancient Greek Philosopher Socrates once said, "Who wants - is looking for a way, who does not want - is looking for a reason.” These words are perfectly suited to these difficult times for businesses. In the current crisis, it is time for a digital transformation - something that car companies have shunned or put off for too long. Those who bravely and quickly switched to digital channels, even if not in all areas of work, can be confident that their results at the end of this difficult year will be better than those who slowed down and did not risk introducing new digital tools and principles to their work. 

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Zurich Connected Cars helps transform traditional car dealers into mobile service providers by improving customer service and developing innovative vehicle capabilities. Here’s how to accelerate the digital transformation of your dealership in five steps: 

  1.   Control your data for the benefit of your users. In our opinion, the availability of automatic inventory management software is not enough to compete in today's environment. You need a system that you can access from anywhere at any time. Our solution allows you to stay in touch with your fleet by providing them with real-time data and warnings (e.g., information on fuel and battery levels), vehicle inventory tracking, GPS location, mileage data and much more. So your car dealership inventory management system increases dealer efficiency, helps you save time, and speeds up the sales process so customers may drive the right car right now.
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  2.   Build a comprehensive customer service system by bringing together all digital marketing channels and sales and service information for connected vehicles. This way, you can acquire a holistic view of your customers and find an individual approach to each one. Through the use of an effective customer management system, you will be able to add information about the speed at which your employees work with customers, test drives (the number of which will increase), and the positive feedback you receive from the system. 
  3.   Implement innovative services that increase your profits and increase customer loyalty.Inventory management systems have an influence on customers to help you close the sale. Based on a NADA report as well as our experience with U.S. dealerships in multiple states, we estimate that a dealership loses about 15-25 sales per month due to customers leaving the dealership when cars cannot be found or are not ready for a test drive. [1] Those sales would have represented additional revenues between $570,000 and $950,000 per month. Can your dealership afford missing out on such a profit?
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  4.   Train all employees for the digital transformation. Dealers may be hesitant to implement vehicle inventory management systems because they think the installation and training is difficult or expensive. However, friendly vendors are trying to make the implementation process as easy as possible. At Zurich Connected Cars, we've developed a mobile app for car dealers to manage all inventory in real time without technical training. The Microsoft Azure platform is cloud-based, so you can access it from anywhere 24/7. The Zurich Connected Cars mobile app will save you time and money every day while improving your customer service. 
  5.   Test and implement new working methods. We acknowledge that working with different generations generally requires dealerships to acquire new skills and change some business processes. It is important for millennials to be able to present their unique online experience at the dealerships. The organization of online trading, effective stock management, and the use of various digital communication channels will foster success among representatives from Generation Z. Dealer inventory management speeds up the process to ensure” or “plays a key role in ensuring vehicles are ready for immediate viewing or customer test drives. When a consultant uses a Zurich Connected Cars iOS or Android mobile app with an augmented reality assistant, digitized transformation really does happen. 

The pandemic has shown that only digital technologies will save businesses. Digital channels improve customer interaction, and digital tools drive performance and efficiency in all dealer centers. 

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[1]This estimate is based on an average sales team size of 15-18 people, an average car price of $36,000, and an average gross profit per sales team of $2,000-3,000. 

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