Speaking at NADA | what I learned

Since getting back from NADA, it seems like everyone is talking about AI. It’s a game-changer no doubt, with the potential for both great advancements and considerable risks.

What I am learning is that not all AI is treated equally or even actually AI.?

To start, what even is AI? This is what Chat GPT said:

AI, or Artificial Intelligence, refers to the development of computer systems that can perform tasks that typically require human intelligence. These tasks include learning, reasoning, problem-solving, perception, understanding natural language, and interacting with the environment. AI aims to create systems that can simulate human intelligence to varying degrees, allowing them to adapt and improve over time based on data and experiences. Examples of AI applications include speech recognition, image recognition, autonomous vehicles, recommendation systems, and natural language processing.

Going back to evaluating AI’s solutions, I believe as a starting place it’s so important to identify the specific issues we’re trying to solve. AI is a powerful tool, but it’s crucial to remember that human interaction is still essential for meaningful connections. I think the key is finding the balance and to ask ourselves is the use of AI providing us space for real connection, or replacing it?

Shout out to the Human Side of AI clubhouse with ?????? Wendy Reeves , Jennifer (Blount) Sanford , Martha Alvarado and so many more that has been so helpful to learn more about the issues and solutions out there. April Simmons says it best: “no Fluffy Duffy BullSh**”.

Now, for a quick recap experience speaking at NADA! It was was both exciting and nerve-wracking. I spoke in front of 100 people on the potential of purposeful inventory management. I finished in 23 minutes ??and received a good amount of questions afterwards.?

This experience highlighted for me how amazing it is to have such a great network of people in my corner. Everyone really does bring a unique perspective to challenges like speaking at NADA for the first time. Shout out to Sean Welsh for reminding me to prepare and practice, but not to overdo it and leave room for in-the-moment choices.Then, brent wees,RECC shared his sticky note method and a much needed pep talk. I also got a special pep talk from Ed Roberts and Natasha Fay Cox which helped calm my nerves and get me pumped. Alison Rank made a great suggestion to put my hands above my head before going on stage to shake off the nerves, and everyone joined in ??

I started with how undervalued the parts department is. Yet everyone needs parts! They have many ‘customers’: sales and used car sales, service, technicians, wholesale, vendors, and more..

Parts Managers are ultimately asset managers, managing the second largest investment a dealership makes behind used cars. There are hundreds of thousands of parts, so how do you control that many parts while stocking the right parts efficiently?

The answer? More sources. Some might disagree, and I was super nervous to open that can of worms, but in my opinion that is the core of purposeful inventory management.

I hear a lot of parts managers express concerns about unreliable data saying they can’t trust it or find they’re just merely keeping up with the constant maneuvering of changing factors. When processes are overridden, it produces unreliable sales data. By being regimented, more proactive, and adjusting the sources, you can ensure that parts can be accurately tested.

Reflecting on NADA and my workshop session, my main takeaways are:

1. There’s no doubt the power and challenges of AI. Find out what you are working to solve
2. There’s a need and want for proactive management to address the ongoing issue of wasted capital, and finding the right breadth and width for each inventory is unique to each dealership.?
3. By embracing diverse perspectives and leveraging technology effectively, we can optimize inventory management practices and unlock new opportunities for growth and success in the parts department.