Data is an essential component in every field. It helps to analyze the previous step, focus on the present, and determine the next step. Regardless of whether it is for Marketing or Finance, Supply Chain or Human Resource; data in any form is vital for creating strategies. Similarly, the automobile and truck industries needs data for multiple evaluations. Adam Siner, founder of VINData, understands the need of the hour.
The best thing about data is that it can become the single most important factor for an organization to grow. Imagine gold and its uses. Gold itself in any form contains value and can also be changed to give any shape or size in the form of jewelry. Regardless of how you use it, gold itself is your asset. The ‘gold’ for your company is data. You can either use it or sell it, either way it is of value.
Data can be used in multiple ways. An important use of data come in the automotive industry. There is a plethora of strategies that can be made with the help of data. One thing to keep in mind is that not every type of data can turn out to be useful. Siner explains:
“When talking about the automotive industry specifically, there is loads and loads of data out there pertaining to multiple factors that affect automobiles. This can be regarding damage events, insurance loss, financing, safety recalls etc. Each individual element can be used in a way that will help the company to strategize. It is possible that a set of data is not useful for one company but is extremely important for another. Data related to recalls can be useful for dealerships but might not be as important for insurance companies. This is why it is important to only obtain the data that you need; around which you can articulate your strategies.”
When it comes to the insurance industry, data is of utmost importance. It helps in identifying the proximate cause of the accidents/loss and thus, aids in assessing the loss/damage. If there is no technology that can retrieve, collect, and analyze data, there will be multiple complications and complexities when adjusting the claims. Insurance companies need data to investigate possible fraudulent claims and that there is a proper check and balance on the premiums and claims amounts of customers.
With the help of such solutions, data of a damaged vehicle can be easily retrieved and that will help in assessing the peril and ultimately, claim value. There are a lot of instances where companies cannot ascertain who is at fault because there are multiple factors that play together, influencing the outcome.
It is important to understand where this data is coming from. If it is not from a reliable source, it can result in major mishaps. For starters, if data regarding a motor vehicle is incorrect, it will cause the insurance company to misinterpret the data, and that will eventually result in additional costs for the business and will also negatively affect the brand image of the company. Gaining a customer requires a lot of effort and hard work but losing one can happen in an instant, especially if it is because of a single bad decision. This is why Siner has made sure that VINData has real time updates for businesses to ensure accuracy.
The Care You Deserve
One of the most important aspects of any company, especially an automotive data technology company such as VINData, is customer management. The clientele includes businesses that have a vast customer base and in that capacity; these companies need real time connection with the data company they are working with. Slightest of delays can cause the companies to lose the customer. 24/7 customer support is must to ensure everything runs smoothly and that there is minimal disruption.
There are several needs of businesses that can be difficult to cater to, especially when it comes to Application Programming Interface (API). Due to immense demand in the automotive and specialty industries, the companies in these sectors need to have access to huge databases in order to leverage their financial structuring according to the data they gain access to.
When it comes to automobiles, VINData provides multiple services including programmatic API access to a menu of Vehicle Identification Number (VIN) data. This access will allow you to not just know more about the vehicle specs but also obtain a detailed report on the history of the vehicle which includes DMV issued title information – title date, state, odometer reading and title brand if any have been issued. It also includes stolen and recovered vehicle records, NHTSA and manufacturer open or issued recall data, factory specifications and as built data, inspection and condition reports, salvage status, junk and insurance company total loss, and mechanical condition readings.
These services are customizable according to the business/industry type. One of the major concerns is salvage and salvage auction history that can indicate a previous damage event; no one wants to see any sort of bad history on the vehicle. Therefore, VINData is a major tool to evaluate the vehicle before purchasing or selling.
A major concern regarding obtaining such data is that not every source can be reliable and cost effective. You need to find a company with extensive experience – one that ensures it gets all the data from sources that are proven to be able to compile everything accurately and transparently. Some data solution and technology companies might not be operating in a transparent manner and could breach their own or your customer information; accessing information offered by these company can land you in hot water.
All of these records help provide precise and real time updates regarding numerous elements of any vehicle, helping companies to decide and come up with different strategies that help achieve the overall goals and ultimately, customer satisfaction.
All in all, everything should be aligned since the start, and your strategies should be made with the help of trusted and precise data.