Just like each customer should bring value to your business, each of your suppliers should bring value as well. But, do you know which suppliers contribute most to satisfied customers and profitable operations? Do you know who your most valuable customers are? How about the optimal inventory levels and pricing points to maximize ROI?
With decreasing margins and growing market pressures from technology disruption and new market entrants, it’s more important than ever to be able to answer questions about the underlying performance of your business. To stay competitive, wholesalers and distributors should look to bring greater efficiency to their operations.
To achieve this, wholesalers can often make improvements in three core areas, which we’ll discuss in-depth in this article:
- Inventory management
- Supplier management
In order to make these improvements, companies need to set performance objectives to measure against, make accurate data more available, and use reporting and analytics to gain a clear picture of where they currently stand.