When I speak with dealers, CFOs, CEOs and legal counsel for major dealer groups, these are the questions that arise most frequently:
- Do you have the visibility of where your data is going?
- Are you indemnified from your third-party solution providers?
- Do you have any form of cyber-liability protection from your providers?
- Are your vendors being charged to have access to your data? If so, do you know how much?
- Can you activate and de-activate your data feeds?
- Do you have granular control of your data?
- Do you have an audit trail of the exact data being sent?
When thinking about your data strategy, it is critically important for dealerships to know the answers to these questions and set strategic plans for the management of their dealership’s data accordingly.
It is a widespread industry belief that ownership of DMS data belongs to dealerships; therefore, dealers need to have the ability to move that data to their providers. They also need to be able to do so in a secure and protected manner.
The importance of maintaining data regulation can be clearly illustrated in a recent conversation I had with an automotive dealer…
When asked how data fits in to the everyday operations of his business, this particular dealer stated that the data being entered into his Car Dealer DMS / data management system (DMS) powered each and every single department at the dealership. He went on to mention that data is the fuel to nearly every vendor and program his dealership uses.
Without the continuous and uninterrupted flow of data, he surmised that his dealership would suffer in ways he could not calculate. I believe dealers need to recognize the power of data and also acknowledge its direct correlation to the success of the automotive industry.
The More Data Control We Have, the Better Position We Are In,
In order to take absolute control..
The More Data Control We Have, the Better Position We Are In In order to take absolute control of our data, we as contributors to the automotive industry need to have a better understanding of current processes surrounding the movement of DMS data.
In addition, we will necessitate an objective idea of where we would like those processes to be. This is no different than the development surrounding any other accomplishments in life.
In the past, we have all been guilty of falling behind in the wake of the digital marketing explosion. This need to play catch-up has resulted in relinquishing more data control than we probably should have.
It seems that we may not have the visibility, the protection nor the process that we need. If such is the case, I can assure you that you are not alone.
How much control over YOUR data have you relinquished?
Are you asking the 7 questions I’ve listed out above?