Data Strategy 101 for Equipment Dealers | Timothy Johnson

Andy Campbell and Timothy Johnson discuss the importance of using data in dealerships and the challenges that arise from data management. Johnson emphasizes the need for data to enable action or decision-making and highlights the importance of data integrity and credibility to getting accurate information and making informed decisions.

Johnson also discusses the role of data in acquisitions and the challenges of getting people to understand the need for a data strategy. He emphasizes the importance of data cleanup and the need for processes to prevent dirty data from entering the dealership’s systems, especially in regards to the role of third-party data and the opportunities it presents for acting on the insights. Johnson stresses the importance of considering the human aspects of data and the need for adoption and buy-in from employees within the organization for new software to be employed effectively.

Finally, Johnson discusses the future of data management, including the use of AI and opportunities to apply similar technology in the aftermarket and used equipment market. He stresses that the challenges of data privacy, protection, and regulation are real and that dealerships should stay aware and up-to-date on current guidelines and best practices.

Key Takeaways

• Data should ideally enable action or decision-making in dealerships.
• Data integrity and credibility are crucial for effective data management and routine data cleanup is part of this process.
• Third-party data can provide valuable insights and support decision-making.
• Adoption and buy-in from individuals within the organization are essential for successful data management.
• The future of data management includes AI, opportunities in the aftermarket and used equipment market, and challenges related to data privacy, protection, and regulation.

This episode's guest

Timothy Johnson has been managing projects across scopes and industries for over three decades. Some of his clients include Caterpillar, Teva Pharmaceuticals, and Harley Davidson, as well as several in the financial services sector. Timothy also taught MBA classes in project management, office politics, creativity and leadership at Drake University in Des Moines, Iowa. He has authored three books, several articles, and has contributed to numerous other publications. He currently lives in Urbandale, IA, with his wife and two dogs.

Chapters

• Introduction and Overview  00:58
• Enabling Action and Decision-Making with Data  03:06
• The Importance of Data Integrity and Credibility  08:29
• Challenges and Benefits of Data Cleanup  19:52
• Harnessing the Power of Third-Party Data  28:45
• Driving Adoption and Buy-In for Data Management  38:15
• The Future of Data Management: AI, Aftermarket, and Privacy  47:27