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Benefits of BI in Economic Downturns
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NRoot Labs announces new website launch
Chennai, India – NRoot Labs, announces today the launch of its new website. This new design has a clean uncluttered design and enhanced rich content focused on company’s mission. It offers quick
NRoot Labs drives innovation with its new and powerful analytics
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Data is only as good as the questions you ask
DATA IS ONLY AS GOOD AS THE QUESTIONS YOU ASK Data Data everywhere, not a drop to act! Data volumes and types are growing at such a rapid rate. The immense resource makes it possible to be many things that previously could not be done and to do them significantly faster.
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GARTNER REPORTS THAT CIO’S TOP INVESTMENT PRIORITY FOR 2014-2017 IS BI AND ANALYTICS. In a recent survey, 98% reported that they rely on business information to do their job well, but only 6% strongly agreed that they can access their business information quickly. The right way to bridge the gap
Benefits of Power BI as a self-service BI Solution
WHETHER YOU’RE A FAN OF MICROSOFT OR NOT, MICROSOFT POWER BI IS WORTH CONSIDERING IF YOU’RE SEARCHING FOR A BUSINESS INTELLIGENCE SOLUTION. Microsoft under the leadership of Satya Nadella has brought in fresh make over of Microsoft, and when it comes to Business Intelligence, the changes brought about under the
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NRoot Labs announces new website launch
Chennai, India – NRoot Labs, announces today the launch of its new website. This new design has a clean uncluttered design and enhanced rich content focused on company’s mission. It offers quick and easy access to essential information and features that offers a more comprehensive understanding of the company’s robust
NRoot Labs drives innovation with its new and powerful analytics
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Auto dealer’s road to sustainability with effective burn rate analysis!
The automotive industry is already at the cusp of changes! Dealerships are looking at innovative ways to retain customers while also improving their bottom line. Some of the most popular schemes being applied are up-sell & cross-sell such as “extended warranty” and “service contracts” respectively.
These ensure dealerships “lock-in” customers ensuring long term loyalty!
But are the dealerships monetizing their strategy, right? What is the metric they need to be evaluating to ensure they are not incurring losses with their up-sell & cross-sell schemes.
This is where dealerships need to monitor their “Burn Rate” metric- which shows a spend trend of a dealership against a claimed amount either for an extended warranty or a service contract.
Calculating the burn rate will ensure a self-sustaining business modeland help dealerships understand and tweak their pricing strategy for an extended warranty or service contract implemented across the up-sell and cross-sell strategies respectively.
If the burn rate is high for an extended warranty that a customer receives from a franchise, then it implies frequent issues with a particular model or variant of a vehicle and needs to be addressed with the OEMs. Similarly, if the burn rate is high for a service contract, then it means the pricing strategy needs to be reworked which has been given by the dealership to their customers.
It’s crucial to understand whether a scheme is profitable or not.
Let’s look at the graph that explains how a dealership should be looking into the burn rate for a given timeline –
Our analytics team at NRoot Labs can help break the above analysis by franchise, model, year, variant, etc. Understanding when costs were high and taking appropriate actions to lower them requires insights into seasonal trend of burn rate.
Higher the burn rate, higher the chances of a dealership chasing behind cash to sustain their strategy!
We at NRoot Labs, specialize in comprehensive BI solutions. As a technology-neutral company, our team of BI consultants excels in delivering business solutions that leverage actionable insights supported by business data. Our commitment to understanding the complexities of business processes enables us to provide enhanced BI solutions for our clients.