GT Motive for Insurers

5 Reasons Why Digital Data Drives Business Decisions

looking at data figures

When we talk about how data can drive meaningful, tangible business decisions, it all comes down to one very important thing: digital transformation.

In the world of estimatics, digital transformation is focused on creating less labour-intensive processes to increase efficiencies, and empowering businesses with real time, accurate information.

These benefits are driving the growth of the global digital transformation market, which according to Grand View Research, is expected to grow at a compound rate of 23.6% every year between 2021 and 2028. But, with the Jabil Digital Transformation Report stating that 74% of digital transformation stakeholders believe that the cultural and organisational change will be the most challenging part of implementation, getting the technology right is only part of the solution. The real challenge is using the physical data itself, and understanding why it can be so beneficial at driving business decisions.

1. Data insights can: support everyone in the supply chain

Any delay in repair work, services, approvals or general communication can not only be frustrating, but also has a huge knock-on effect to the rest of the supply chain.

By using data to digitise job management you can assign tasks quickly, ensuring that the entire team have all required information, can track progress and automate customer communication. More importantly, it allows you to create accurate scheduled delivery windows, greatly increasing customer satisfaction for the end user too.

2. Data insights can: simplify things

For the estimatics industry where masses of data is being processed between different solutions, minute by minute, it can be difficult and sometimes overwhelming to know where to look. But this is exactly why digital solutions were built in the first place – to make data easier to digest, and therefore, make decisions easier to make.

Whether you prefer a daily report of jobs completed or a thorough rundown of expenses ready for a Monday morning meeting, having the data on hand and automated to send to the right people at the right time, can be a huge benefit.

It reduces unnecessary admin time and presents you with the data in a format which is clear, concise and tangible. In other words, automated digital data means you can spend more time making decisions, rather than looking for the data in the first place.

3. Data insights can: learn

One of the most valuable features of digital data is that it doesn’t just show what’s already happened, it can learn from it.

For example, if more estimates typically come in at a certain site in Q3, or if there’s a significantly higher parts and labour spend at another location, then your digital software has the power to spot those trends, alerting you of rising parts and labour spend on a site. This could mean additional technician training or bringing on a new head to meet demand during busy times; the decision will always be yours of how to address it, but it’s the data doing the work in the background to prepare you for it.

4. Data insights can: help you make decisions quicker

From licensing flexibility and ease of deployment, to accessing the latest software versions over the cloud – adopting digital transformation in the estimatics industry makes for a much more efficient workflow.

Instead of needing to sift through files for the latest pricing brochure, or waste time looking for complicated part names, the instant access to online data at any time from anywhere, means businesses can pin-point the exact information they need, and confidently trust that it’s up to date.

But it also minimises any room for human error too. It’s always possible for mistakes to be made when writing down metrics or costs, and it’s easy to miss a pricing update. However, when all that data is stored online, automatically updated and synced to your entire network, it makes it much easier to make firm decisions, leaving you confident that the data you’ve evaluated is always accurate, all the time.

5. Data insights can: make your business more scalable  

As we’ve seen, there are many different benefits to adopting digital transformation in the workplace. But there’s one very particular advantage that has the potential to turn a tech-start up into a global player; the SaaS business model.

Standing for ‘software as a service’, recent research from ReportLinker finds that the SaaS market is growing by a staggering 18% each year, and that nearly 78% of small businesses have already invested in SaaS frameworks.

Logic Monitor further highlight that 70% of CIOs claim that agility and scalability are two of the top motivators for using SaaS applications, meaning they’re able to quickly add existing technology integrations to their portfolios, rather than spending their own time, funds and resource in creating them from scratch.

What’s more, there is no limit to the number of partners that can be brought on board, and for the estimatics industry, this means having access to a list of integrations allows them to offer a one-stop-solution for claim handlers to easily access all relevant information they need when assessing a total loss.

For a more accurate result, make a different choice

At GT Motive, our SaaS based estimating solution allows our customers to instantly access the exact right data they need, from any location that has web access. Whether that be insurers demanding accuracy, or repairers seeking comprehensive information.

As a result, insurers, accident management companies and bodyshops alike, all rely on our estimating solution to support them in their supply chain, allowing for better flexible working opportunities throughout their organisation.

There’s no better estimating solution to offer flexibility to your employees and supply chain than GT Global, but don’t just take our word for it; try it for yourself.

Request your free GT Motive trial today.