Today we’re taking a look at three tools you can use to improve your inventory-management functions. Retailers and consumers have more choices than ever. In order to stay competitive, top wholesale distributors have lowered their profit margins and constantly seek ways to innovate.
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If inventory is the lifeblood of a wholesale distribution company, then the inventory management process is its circulatory system. Inventory management systems pull in products from suppliers and push them out to customers. Benchmarking your inventory process is a bit like a wellness exam. So how would your company do?
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“If you want your company to be known as the best in its industry, commercial sector, or even in its niche, you must gain awareness of the only goal that matters – the one which none of your competitors have yet surpassed.” – Rob O’Byrne, Logistics Bureau
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As distribution business models continue to evolve, many wholesalers are discovering that enterprise resource planning (ERP) solutions are a vital part of their strategy to keep pace with changing industry demands. Outdated ERP systems often deliver limited functionality and prevent organizations from improving collaboration and efficiency through a lack of integration with other critical systems. However, there are newer solutions that are good alternatives to on-premise ERP—developed specifically to facilitate differentiation, promote growth, and prepare a distribution business for the future.
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In our last article in this series on inventory management, we explored three ways that you can improve your inventory management system. We mentioned a cloud-based inventory system as the first tool you can use, and thought it was worth exploring further.
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Wholesale distribution is an industry that has been around for a long time. That means a lot of the “best practices” reflect a less technology-filled era. Wholesale distributors face more innovation than ever, and the future favors those who embrace new tools, techniques, and technologies. Those who don’t will likely become obsolete, like some of the out-of-season inventory sitting in their warehouses.
Continue reading “Inventory Management Practices That Are Hurting Your Bottom Line”
In the changing landscape of wholesale distribution, businesses are faced with further complications to already complex supply chain management systems. Because distribution spans many large market segments, ranging anywhere from grocery and food-service to industrial cleaning equipment and home furnishings, these changes impact the growth of nearly every industry. To make sure your business is taking advantage of this growth opportunity, take a look at these four key trends that wholesale businesses are keeping tabs on:
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You may already have a Facebook Business page to create posts for your business. You may even have set up Facebook Ads manager to run campaigns. But you haven’t truly stood on the shoulders of giants until you’ve integrated Facebook Business Manager into your social media operations. Here’s how to get started:
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Facebook may have generated unfavorable press in 2018 because of its data collection policies, but it’s still a firm favorite among small businesses in search of new customers. The evidence is compelling. There are more than 50 million Business pages on Facebook, with 80% of small businesses having already established a presence.
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