The following 2016 Critical Impact Factors were defined by MHEDA’s Executive Committee. They are defined as “critical” in that they are significant challenges or opportunities that have recently emerged or become pervasive and should be considered as members develop their internal business plans.
1. Members should evaluate their operations to embrace the significant changes in technology and automation as they relate to their customers as well as to their own businesses.
2. Same day deliveries are creating local distribution points. Omni-channel fulfillment is the new norm and as a result, there are opportunities to provide solutions to customers.
3. Mobile technology is becoming a prominent means for doing business and interacting with customers. Members must embrace this trend.
4. Third-party management companies continue to market to end users for equipment acquisition, service, and fleet management. This can be a channel disrupter and members will either compete with them or cooperate with them.
5. Consolidation of dealerships and OEMs is accelerating. Members must have a strategy to deal with this in their market.
6. A sales, acquisition and/or succession plan is critical for organizational perpetuity and succession strategies of the principal, key managers and senior executives.
7. Members must create a culture that recognizes and blends generational differences. It is imperative to understand the millennial’s desire for corporate consciousness and how this will impact their willingness to stay in place long term.
8. The need for skilled technicians in all segments of the industry continues to escalate and necessitates creative recruitment practices, heightened training and more reliance on diagnostic tools and mobile technologies to augment the workforce.
9. Members must embrace data mining techniques and predictive analytics to increase revenues, cut costs, improve customer relationships, enhance the sales process and reduce risks.
10. The economy is improving, but members must maintain vigilance and develop a plan for the next downturn.
11. Government and safety regulations continue to become more stringent and complex. Members must have a clear understanding of these requirements and recognize both the risks and opportunities.
12. Members need to take necessary precautions to protect against cyber threats and the security of data.