Is the IronAPI Right for Your Business? - Iron Solutions

Is the IronAPI Right for Your Business?

By Iron Solutions Posted in Resources | Tutorials & Case Studies

November 09, 2017

Download a copy of this Fact Sheet HERE

The industry relies on IronGuides data.

Many businesses rely on IronGuides® data every day. Some use the products to make decisions about loans and trade-ins. Others use them for market research and leasing analysis. But, when subscribers need an integrated solution that complements their existing systems and processes, it often makes sense to explore beyond the off-the-shelf options.

Introducing… Iron Applications Programming Interface (API)

IronGuides® Values and Forecast

The IronAPISM is a tool that enables businesses to access the same accurate and tested data they’ve come to rely on in the IronGuides and to embed it in their own processes and applications.

No more copying and pasting. No more uploading. API users simply make a request and instantly get a value — all without leaving their own familiar software and systems. It’s the most efficient and streamlined way to use Iron Solutions’ data within your existing operation.

Who Benefits from IronAPI?

Anyone who uses data from the IronGuides can benefit from the API, provided they meet a few criteria. Users should have an existing system with robust capabilities and access to a team that can handle the API integration. Businesses without their own systems are best to tap into Iron Solutions’ data from the platform.

IronAPI is ideal for:

Dealerships who can use the API for trade-in valuations. Financial institutions who can use the API to process and streamline loan applications, automate approvals, complete valuations for an impairment analysis, and have easy access to chattel appraisals. Manufacturers who can use the API for market research and analytics, leasing analysis, equipment research, and pricing-based competitor research. Government agencies who can benefit from the API if their tax system is based on equipment values. Insurance companies who can use the API to respond to claims and write policies.

The data that is available in the API is the same that is available in the digital versions of the Official Guide. The categories include:

  • Equipment valuation
  • Serial number breaks (where available)
  • Years of production
  • Options and specifications
  • Average usage & cost per unit of usage

Using the API: The Real World View

A farmer comes into your dealership and wants to buy a new combine and trade-in a 2006 model. The dealer business system walks the salesman through the step by step process of appraising the trade-ins value. Thanks to the data that was embedded into the dealer’s business system using the API, the dealer quickly and easily calculates an accurate value of the 2006 model using Iron Solutions’ data. Since the appraisal information is already in the dealer’s business system, it can easily be used in other processes such as quoting, sales order generation, inventory control and others.

Or, in another case, a financial officer might help a farmer apply for a $125,000 loan to buy a 2006 John Deere 9770 STS combine. The financial officer follows the processes defined in the business system, and thanks to the embedded Iron Solutions data, quickly realizes that the combine is worth $150,000. He then is able to make a data driven decision on whether or not to approve the loan.

In both scenarios, without the data obtained via the API, processes would not go as quickly. The dealer and the financial officer would have to stop their discussions, look up the model on the Official Guide web-based tool, adding variables like options and year of manufacture. Then, they would have to copy those numbers to their own systems.

The API is more efficient in both cases.

The execution is different based on the type of business, but workflow is improved in any situation.

These are fictional scenarios designed to show how the API streamlines processes and improves accuracy. Over the past few years, Iron Solutions has responded to more than 10 million data requests like these from operators who use that data to make critical decisions in the real world.

Download a copy of this Fact Sheet HERE

To learn more about how IronAPI can benefit your business CLICK HERE or Contact Us using the form below.