Today’s distributors are pulling data from different sources – not getting the whole picture of what is going on at their operation.
If their critical data isn’t integrated with their ERP software, the distributor is operating without analytics intelligence…not great in 2018!
Markets today move faster than ever. Distributors have to understand all facets of their business, end-to-end, in real-time just to keep pace with the competition. Traditional data management
solutions, or “the way it used to be,” just does not cut it anymore. Utilizing the latest technology, whether for tracking and monitoring, or for centralizing processes in the cloud, is
According to an survey by the National Association of Electrical Distributors, 100 percent of respondents identified the need to “ensure that data in our business system is
accurate and up to date” as a top priority. Can you afford to miss out on all the things your data could be telling you about your business? For example, can you quickly and accurately determine:
- Your company’s top 10 products that haven’t sold in 30 days?
- Which customers you’ve sold more than $10,000-15,000 of products in the last fiscal period but whose sales are declining month-to-month?
- Customers whose sales are up but whose profits are down?
- The total value of slow-moving stock?
The right ERP solution should not only collect data, it should also allow your business to integrate a modern Business Intelligence (BI) solution that can provide actionable insights by leveraging the information you have on everything from sales to purchasing and inventory. The right combination of ERP and BI solutions will help management glean how to reduce costs and identify new opportunities in the market, while simultaneously offering on-demand, 360-degree visibility of the entire company.
If you’re looking for actionable analytics, you might first want to look at the age of your existing platform.
The more traditional, family-owned business might be using an outdated ERP or home-grown system and, as such, one that is incapable of turning all that raw data into information that can drive that business going forward. An older system may be able to keep track of data, such as sales and inventory, but it’s likely deficient at integrating data and making sense of it.
For instance, you might know that a sale was made but not what was purchased. Or worse yet, reports can only be run on a monthly or annual basis instead of in real-time. Before shopping around for an analytics solution, you’ll want to do a little research by checking with your existing vendor on a few items. Some things you’ll want to know include:
- Does my existing system support an analytics solution?
- If so, what kinds of solutions can you offer?
- Will this information be available in real-time?
- Can my sales staff and management access this information from the cloud on mobile devices?
All of the above and more are possible when the right business intelligence solution is tied in with the right ERP system – giving access to the kind of data that can lead to actionable insights and in turn, increased revenue. Distributors need to have a modern ERP system with robust business intelligence capabilities in order to get 360 insight of their inventory management, and overall business health. Capturing data is not enough, your system needs to be able to report it in ways that enable analysis and strategic, real-time decision-making. Capturing data is not enough, your system needs to be able to report it in ways that enable analysis and strategic decision-making – CompuData can make this happen. Contact CompuData today!