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Revolutionizing Automotive Inventory Management: Predian Unveils Talk to My Inventory™

In the dynamic world of automotive inventory management, Predian is making waves with the introduction of its cutting-edge Large Language Model (LLM) – Talk to My Inventory™. Mike McGlade, the CEO of Predian, shares insights into this innovative AI and ML solution, explaining how it is set to transform the industry and empower dealerships with actionable data.

 

Empowering Dealers with AI and ML: A Paradigm Shift

 

In a conversation with Automotive Industries, Mike McGlade emphasizes the distinct focus of Predian on leveraging AI and ML for data and insights. The company’s predictive analytics, powered by advanced data modeling and machine learning, aims to provide dealers with forward-looking guidance based on the Vehicle Identification Number (VIN). This revolutionary approach enables dealers to make informed decisions by forecasting retail prices 30, 60, and 90 days in advance, giving them a competitive edge in the market.

 

Addressing Inventory Management Challenges

 

Predian’s ValueVision, a key component of their AI-powered solution, addresses specific challenges in inventory management. By incorporating predictive analytics, dealers can align their pricing and stocking decisions with future market trends. This proactive approach allows dealers to optimize their inventory turnover, reduce time to sales, and ultimately increase profitability.

 

AI in Merchandising: Enhancing Inventory Content Quality

 

One intriguing aspect of Predian’s solution is its use of AI in merchandising. McGlade explains how AI-guided photo capture and background removal ensure the quality and consistency of inventory content across various platforms. Crystal clear, aligned, and visually appealing photographs contribute to enhancing the overall appeal of vehicles, potentially accelerating their sale and boosting profits for dealerships.

 

SmartTurn: Redefining Inventory Turnover

 

SmartTurn, another innovative feature of Predian’s platform, estimates turn time based on the set market price. This functionality assists dealers in making timely decisions, preventing vehicles from sitting on the lot for extended periods. McGlade emphasizes the cost-saving aspect of SmartTurn, as it helps dealers avoid unnecessary holding costs and ensures a more efficient use of dealership space.

 

Large Language Model (LLM): Talk to My Inventory™

 

Predian’s newly launched LLM, known as “Talk to My Inventory,” takes center stage in the conversation. The model processes and analyzes data at an unprecedented scale, thanks to advanced natural language processing algorithms. McGlade highlights the model’s ability to extract valuable information from various sources, transforming it into actionable insights. This streamlined reporting process not only saves time but also enhances decision-making capabilities across dealerships.

 

Shaping the Future of the Automotive Industry

 

Looking ahead, McGlade envisions Predian as a driving force in shaping the future of the automotive industry through AI and ML. He underscores the transformative potential of these technologies, particularly in data utilization. The right data, he argues, empowers dealers to make smart decisions that increase profits and elevate operational efficiency.

 

Experienced Leadership for Unique Industry Challenges

 

The interview delves into the expertise of Predian’s leadership team, emphasizing their deep understanding of the automotive industry’s unique challenges. McGlade stresses that the company’s decades of experience in the sector, coupled with the head of product’s background in leading inventory management teams at industry giants, positions Predian uniquely to meet the evolving needs of dealerships in a rapidly changing automotive landscape.

 

User-Friendly and Positive Reception

 

Addressing user experience, McGlade notes the positive reception of Predian’s AI-powered solution among over 1,000 dealerships. The commitment to utilizing AI/ML goes beyond mere buzzwords, providing dealers with a tool that helps them manage their inventory more intelligently, leading to increased profitability. The user-friendly interface ensures seamless integration and adoption across various dealership environments.

 

In conclusion, Predian’s Talk to My Inventory™ emerges as a game-changer in the automotive inventory management landscape. With a focus on AI, ML, and predictive analytics, Predian not only addresses current challenges but also positions itself as a pioneering force shaping the future of the automotive industry. As the automotive landscape evolves, Predian’s commitment to innovation underscores its role as a key player in advancing inventory management strategies for dealerships worldwide.

 

Automotive Industries interview with Mike McGlade, CEO of Predian

 

Automotive Industries: Mike. how does Predian’s AI-powered inventory management differ from traditional systems, and what advantages does it bring to automotive dealerships?

 

McGlade: What sets us apart is we are focused on data and insights through AI and ML. Offering predictive analytics and extensive data mining through AI and Machine Learning (ML), Predian is set to transform how dealers manage their inventory, leading to higher profits and significantly reducing time to sales.

 

 

Automotive Industries: Can you provide examples of specific challenges in inventory management that Predian’s predictive analytics aims to address, and how it has impacted the dealerships you currently serve?

 

McGlade: Predictive Analytics enables dealers to make decisions based on what the market will look like in the future, all by leveraging advanced data modeling and machine learning to provide forward-looking guidance based on the VIN. Predian’s ValueVision will use predictive analytics to show a dealer what the retail price will be 30, 60, and 90 days out and incorporate that data into the inventory management strategy and pricing, and SmartTurn estimates turn time-based on the set market price. This gives dealers the most information to make the right decision at the right time.

 

 

Automotive Industries: The use of AI in merchandising, particularly AI-guided photo capture and background removal, is intriguing. How does Predian ensure the quality and consistency of inventory content across various platforms, and how does this contribute to higher profits for dealerships?

 

McGlade: By using AI and ML. The program can ID which photos are either good or bad, and which will look the best. Having crystal clear, aligned, and beautiful photographs can help move the metal off of the lot.

 

Automotive Industries: With the focus on predictive analytics, how does Predian’s ValueVision accurately forecast retail prices 30, 60, and 90 days out, and how does this tool integrate into the overall inventory management strategy for dealers?

 

McGlade: It’s all about the data for dealers. This helps inform them what pricing and stocking decisions they need to make to be successful. This will enable them to stock the right vehicles, at the right price for their lot, driving down cost by moving those vehicles off their lot more quickly.

 

Automotive Industries: SmartTurn, designed to estimate turn time based on the set market price, sounds innovative. Could you elaborate on how this feature works and its impact on optimizing inventory turnover for dealerships?

 

McGlade: SmartTurn estimates turn time-based on the set market price. This gives dealers the most information to make the right decision at the right time. Rather than having a car sit on the lot, which costs the dealer money, for days, SmartTurn helps the dealer make the right decision early on to ensure vehicles on their lot turn quickly.

 

Automotive Industries: Business intelligence is a key aspect of Predian’s offerings. How does the system allow dealers to combine and compare data to drive dealership performance, and what specific insights can dealers expect to gain from this tool?

 

McGlade: At NADA, we launched our Large Language Model known as “Talk to My Inventory.” What sets our LLM (Large Language Model) apart is its ability to process and analyze data at an unprecedented scale.

○            With advanced natural language processing algorithms, the model can extract valuable information from various sources and transform it into actionable insights. This empowers businesses to make informed decisions based on accurate and comprehensive data analysis.

○            By harnessing the power of the LLM, dealers can quickly create reports with the data they need. Gone are the days of struggling to interpret complex data or decipher lengthy reports. Predian’s solution simplifies the reporting process, presenting information concisely and easily. This not only saves time but also enhances decision-making capabilities across the organization.

 

 

Automotive Industries: Considering the transformational impact you envision for AI and machine learning in inventory management, how do you see Predian shaping the future of the automotive industry, and what trends do you foresee in this space?

 

McGlade: AI and ML are the buzzwords throughout tech, and a lot of companies are dipping their toes into it. However, companies that are actually developing helpful innovative tech, like Predian, are going to be the ones that make a true impact on the industry. AI and ML open up vast amounts of areas for the auto industry, most notably in data. Having the right data can inform the dealer so they can make smart decisions that increase profit.

 

Automotive Industries: The leadership team at Predian has a strong background in the automotive and technology industries. How does this experience contribute to the company’s ability to innovate and meet the evolving needs of dealerships in the rapidly changing automotive landscape?

 

McGlade: The auto industry is unique and unlike others. Dealers face a unique set of problems and it takes those that have actually been in the industry to truly understand their unique challenges. We have decades of experience in the industry, and our head of product has developed and led inventory management teams at DealerSocket, Solera, and others. We understand the unique challenges present.

 

Automotive Industries: In terms of user experience, how user-friendly is Predian’s AI-powered solution for dealers, and what support and training options are in place to ensure seamless integration and adoption across various dealership environments?

 

McGlade: Response so far has been very positive. We work with more than 1000 dealerships across the country, and they have been very pleased at our commitment to utilizing AI/ML, which are more than just buzzwords to us, in helping them manage their inventory so they can make smarter decisions that lead to more profitability.

 

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