In today’s world, data is often referred to as the new ‘oil’. The difference is, data is more accessible and will certainly not run out any time soon. On the contrary, data is ingrained in every step of businesses’ operations, including manufacturing, supply chain, product development, sales and customer support, creating an abundance, rather than there being the risk of a shortage. The quality of this data and how it can be unleashed should be businesses main concern.
A company’s data initiative is only as good as its ability to process and analyze the wealth of data it provides. However, the out-dated Enterprise Resource Systems (ERP) systems which most businesses are using mean that collecting timely and industry specific data is almost impossible, with the systems generating out-of-date metrics based on unreliable data – which is inevitably hindering progress and reducing efficiency with order processes. What’s more, back-end systems that have not been upgraded or replaced, combined with businesses’ unwillingness to change, is further feeding this problem.
And as business costs continue to rise and competition intensifies globally, as well as the need to deliver the same product for a fraction of the cost, wholesale distributors are feeling the pressure now more than ever. They demand a new way of working, one which will enable them to monitor their goods and every area of their company via a single database – empowering them to unlock the full potential of their data.
As the global economy continues to increase and more companies are fighting for the same customers, it’s critical that wholesale distributors have a competitive advantage. However, these companies are often hesitant in upgrading their systems due to the initial time it takes and the cost associated with this replacement work. In the long run, the efforts involved in ERP evolution are far outweighed by the larger gains that are available for companies who are smart enough to adopt a business management system.
For those wholesale distributors that are looking to take the first step in their ERP evolution journey, a system that can help them expand and improve their profitability should be at the top of their business action plans. What’s more, industry-specific challenges require industry-specific solutions to thrive, so it’s critical that wholesale distributors chose a vertical-focused solution. And as the only cloud-based integrated business management solution specifically tailored to the needs of wholesale distribution companies, adopting NetSuite is a no brainer.
Gaining a competitive edge
NetSuite is the ideal tool for wholesale distributors looking to transform and revolutionize their businesses and get the most out of their data. Providing 25 dashboards, 214 Key Performance Indicators (KPIs) and detailed workflows, NetSuite can provide wholesale distributors with the tools to maximize their data to fulfill their business goals, enhance their market growth and reduce their IT costs – enabling them to climb to the top of the competitive ladder.
With more than two decades of expertise across thousands of wholesale distribution deployments, NetSuite has more than 3,000 hours worth of best practices built into the system and provides a 360-degree view of a business’ customers and orders, providing them with a clear view of their entire business. In addition to company-wide visibility, NetSuite provides real-time access to current, accurate data, which is the key to making good timely and informative management decisions, particularly given today’s competitive – and often low-margin – business climate. NetSuite can also provide businesses with the tools to monitor data trends in leads, opportunities, inventory utilization, service issues, expenses, and much more.
This level of real-time data also enables businesses to be informed straight away if a process has been broken, allowing them to deal with the situation before it affects other aspects of the company, such as customer service and cash flow. Customer service can also be enhanced by adding e-commerce via the platform, which will essentially allow business operations to be migrated online – improving efficiency, maximizing profits and raising the company profile. If these benefits aren’t enough to highlight the importance of e-commerce for wholesale distributors, the impact of not adopting e-commerce in today’s climate is further evident – with those who are slow to adopt finding their customers are venturing elsewhere.
That is why it is critical that wholesale distributors set themselves apart from their competitors who are slow, or hesitant to adopt new ERP software systems. This, in turn, will provide them with the tools to not only up their data game, but outshine their competitors in terms of customer service, profits and productivity.
Would you like to learn more about NetSuite? Contact us with your questions and request a free demo. What are your thoughts on the future of wholesale distribution? Comment below!