Form An Alliance That Aids Compliance
As financial and compliance regulations intensify across the automotive industry, forward-thinking manufacturers and dealer groups are turning to technology to ease the burden and sharpen their competitive edge.
The ever-increasing list of challenges facing those responsible for compliance in automotive retailers seems to be unrelenting. Rightfully stringent FCA policies have been joined by new legislation such as GDPR, while the leading dealer groups themselves are recognising the need to ramp up their environmental credentials and enhance their online security.
This increased pressure for compliance departments has brought many existing practices into the spotlight.
One such area is the creation and management of deal files.
The traditional manual method of handling these files – which can consist of up to 70 paper-based documents – is very much at odds with today’s legislative and data protection requirements as well as manufacturers’ business efficiency and environmental demands.
But thankfully help is at hand.
A new way
Technology is being developed across the automotive retail sector to help streamline operations and tackle these challenges. For example, we have developed an efficient, transparent and secure platform for managing sales documentation, with a range of features to help dealers manage, access and store these important documents.
Auditable digital data
Developed by automotive retail experts specifically for the automotive industry, iDealFile seamlessly integrates with dealer management and third-party systems – turning unsecured manual paper-based documents into secure electronic digitally-signed, visible, traceable and auditable data.
Easy to set up and highly flexible, this cloud-based platform brings numerous benefits.
Once all documentation is online, iDealFile enables secure 24/7 remote access for centralised administration and auditing of any deal file at any stage of the process. Automated checks minimise errors, a user-friendly interface simplifies approvals and bespoke features help you fulfil responsibilities in line with GDPR regulations.
Utilising Microsoft’s ISO 27001 accredited Azure platform, we help you take important information off desks, out of filing cabinets and into a secure cloud area which is fully protected and can be accessed remotely 24/7 via desktop, tablet or mobile.
For those looking to fully explore the compliance potential of the system, the Automated Workflow feature ensures that a deal file can only progress to the next stage of a sales process if certain documents / actions have been loaded / undertaken. This feature can be adapted to suit different processes and ensures sales administrators have to comply 100% with organisational procedure.
Furthermore, the file verification feature ensures that the deal file automatically verifies itself against other data held on the platform. So if the invoice value doesn’t match the order value, for example, users will be notified immediately.
Peace Of Mind
In conclusion, with a fully tailorable and secure online deal file system, automotive retailers can take huge strides towards transforming compliance in a key area of their organisation.
And with all of these benefits available via a system that also saves between 2 – 4 hours and over £4 per deal file, surely now is the time to form an alliance that aids your compliance.