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By Danny Gavin, AEM Communications Coordinator \u00a0\u2014<\/p>\n<\/p>\n
By Danny Gavin, AEM Communications Coordinator \u00a0\u2014<\/p>\n
Members that participate in AEM Market Share Statistics<\/strong><\/a> gain access to the most comprehensive and proprietary reporting programs, as well as timely and accurate market data for the equipment manufacturing industry. But learning how to make the most of that data, and how to best leverage it for key decision-making, is up to each individual participant.<\/p>\n Hargrove Association Insights<\/strong><\/a> <\/strong>(HAI) <\/strong>Vice <\/strong>President and COO Todd Snell explains that many AEM members are unaware of just how far industry data can take them. During his presentation at the recent AEM Market Share Statistics Conference<\/strong><\/a>, Snell outlined the many ways that data-driven insights can be used to stay ahead of industry trends, and why it\u2019s necessary to constantly monitor industry data.<\/p>\n \u201cWhen managers monitor sales progress within their own company data, they may feel overly confident in their sales growth,\u201d said Snell. \u201cBut company data without industry context can be misleading. You might think you\u2019re growing, but the market is growing at a faster pace, or you are flat while the market is shrinking. Always judge your trajectory against the context of the aggregate industry when preparing for the future.\u201d<\/p>\n Data: Driving Critical Insights<\/p>\n As manufacturers look to the future, they can compile an idea of what is to come by using business intelligence tools, referencing past sales data, and analyzing market share data to compare performance with industry peers.<\/p>\n Market share data provides the information that equipment manufacturers need to stay agile in the ever-changing industry landscape. But some may be surprised to learn that data can be used for far more than competitive benchmarking.<\/p>\n Snell explains that OEMs can use data-driven insights to help them with:<\/p>\n And while focusing on data-driven insights is clearly important, companies must also determine what specific factors trigger them into taking action. For example, if a manufacturer sees that there are consecutive periods of declining market share, they should be prepared with a solid strategy to address emerging patterns.<\/p>\n Learning how to make the most out of data is up to market share statistics programs participants, but companies would be wise to seek out data solutions to make smart business decisions and stay ahead of industry trends.<\/p>\n HAI powers AEM\u00a0Market Share Statistics\u00a0<\/strong>with iSTAT<\/strong><\/a>, a proprietary data exchange application that enables manufacturers to report and access valuable industry and market share data, which is included in\u00a0AEM membership. Through iSTAT, member companies can create a standardized set of reports and dashboard for their data, which can be easily referenced and accessed.<\/p>\n Learn More<\/p>\n\n