How New Technology Can Inject Life into your Legacy Systems
Let’s face it: Growth in the auto industry can be tough. Thanks to trepidation among buyers and competitors who seem to offer more for less, scanning your current criteria for worthy buyers can leave you scratching your head. But while you might blame the difficulty on a sluggish economy, it might actually be your outdated technology at fault. By retooling your legacy system and looking for ways to integrate high-tech solutions, it’s possible to teach your data management system a few new tricks.
Old dogs, new tricks
While your legacy data management system may have fit the bill in the past, your competitors are getting to potential customers before you. So what has changed? Unfortunately, the criteria you used to extend offers and locate prospective customers may no longer be effective in a new and recovering economy. From requiring more IT support to utilizing a high-maintenance interface that takes time and energy to adjust, older systems can put a serious strain on resources. The result? You get lapped by competitors who have more intelligent data readily available at their fingertips.
By considering and integrating a newer data management model, you’ll better be able to apply common attributes across the board. This allows you to reduce the time spent pinpointing the right customer and more time actually selling. Newer systems are also more user-friendly, which reduces strain on already taxed IT departments. When users can adjust and apply criteria on their own, it saves both time and money. Whether it’s being used for quality assurance, extending offers or even fraud control, a centralized system ensures everyone is on the same page.
Reducing resources, increasing success
During tough times, it’s vital to conserve resources without reducing sales, which is why a comprehensive and centralized data management system works well. By outsourcing data management to Equifax, IT spends less time digging through data and more time creating processes by which sales and marketing staff can effectively locate potential — and qualified — buyers for growth.
While completely ditching your old system for something new may be expensive and time-consuming, patching new criteria into existing legacy systems can be a step in the right direction. By augmenting current processes, IT will be saved from having to create a new system from scratch, which will allow you to take advantage of better decisioning and integration processes immediately. Allowing your business users to augment attributes and criteria based upon current market conditions can help drive dramatic growth.
Don’t let your competitors get the upper hand just because your legacy system isn’t doing the job. Add better data management into your old system so you can institute better fraud mitigation, intelligence and marketing starting today.
For more information on Equifax Automotive solutions, please click here.