Leveraging Analytics to Increase Efficiency: Tips for Distributors and Wholesalers

In today's ever-evolving digital landscape, analytics is becoming a powerful tool to help distributors stay competitive in their industry.??

Ninety percent of distributors believe analytics and BI are important in sales; and 80% say it is important to apply analytics tools to operations. (Distribution Strategy Group)??

Industrial distributors serve an important role in the supply chain and have access to vast amounts of data. Through analytics, wholesalers and distributors can gain visibility into their supply chain, allowing them to identify areas of inefficiency and optimize operations to reduce costs and improve efficiency.

In addition, analytics can help wholesalers and distributors optimize their inventory management, ensuring they have the right products at the right times and in the right quantities to meet customer demands.?

But what exactly is analytics, and how can wholesalers and distributors leverage it to drive success?

Data & Analytics is the art of deriving value propositions from historical data through analysis and visualization of raw data. The data is individually extracted, transformed, and loaded into an automated system by a number of backend operations. We can convert the unprocessed data into useful information with the use of technology-based algorithms.

Wholesalers and distributors have the potential to significantly boost their productivity by leveraging analytics. Analytics can help distributors:?

• Understand their business better
• Identify trends and insights that can help them make smarter decisions
• Streamline operations and maximize profits
• Track progress and ensure that they are meeting your goals
• Help them better understand your competition?
• Identify areas for improvement
• Monitor inventory levels & forecast demand
• Pinpoint areas for cost savings and identify opportunities for growth
• Build stronger relationships with key stakeholders

There are a few different types of analytics that you should consider if you're a distributor. These include:

• Sales analytics: This will give you information on how your products are selling, who's buying them, and where they're buying them from.
• Customer acquisition analytics: This will tell you how many new customers you've acquired and how much revenue they've generated for you.
• Product analytics: This will help you understand what's selling, what's not selling, and why.

How Integrated ERP Improves Predictive Analytics??

As the data-driven decision-making process continues to evolve, so too must the technologies used to support it. Predictive analytics is a field that is constantly advancing, and as such, requires a platform that can grow with it. An ERP solution is the perfect foundation for a predictive analytics initiative, as it provides a centralized repository for all of an organization's data.

In addition to being able to house large amounts of data, an ERP solution can also support predictive analytics through its built-in reporting and analysis tools. These tools can be used to identify patterns and trends in data, which can then be used to make predictions about future events. By leveraging the power of an ERP solution, organizations can unlock the full potential of predictive analytics and use it to make better decisions about their business.

Moreover, an ERP integration will also enable businesses to automate many of their processes, which will free up time and resources that can be better spent on other areas of the business. By automating processes, businesses can focus on more strategic tasks, such as analyzing data and making decisions about the future.

In a nutshell, Integrated ERP helps to amplify predictive analytics capabilities by:

• Providing a single source of data for analysis, making it easier to identify patterns and trends.?
• Direct access to well-analyzed data, in-depth analysis, and predictive analytics helps a company to set realistic goals.
• Identifying and tracking changes in customer behavior. This information can then be used to make better business decisions.
• Improving the accuracy of business decisions. By providing a single source of data, Integrated ERP systems can help to reduce the number of errors that are made when making business decisions. This can save time and money.

Overall, an ERP integration is essential for any business that wants to make the most out of their predictive analytics software. Data-driven ERP systems can make it easier for companies to manage their operations in a variety of ways. When used in conjunction, big data analytics technologies and ERP systems have the potential to reveal insightful information that may aid organizations in making more informed decisions.?

The integration process as a whole is crucial to leveraging analytics capabilities and taking the initiative in today's fiercely competitive corporate climate. Because rapid decision-making is crucial for both surviving in this cutthroat business environment and for the efficient operation of businesses.

Enterprise Analytics is the Key to Sustainable Growth

Leveraging analytics can be a great asset to distributors, as it helps them make more informed, data-driven decisions. By understanding the value of analytics, developing a data-driven culture, investing in the right technology, and keeping data secure, wholesalers and distributors can reap the many benefits of analytics. From increased cost savings and operational efficiency to improved predictive capabilities and customer insights, analytics can help wholesalers and distributors increase their competitive advantage in the market and ultimately, drive more profitable business outcomes.