Turning data into usable information is the responsibility of the user. It’s up to you to analyze your mountains of data to seek out the answers you’re looking for.
Whether you’re a multimillion-dollar company or a small start-up, distributors must answer three analytics questions:
1) Is my business doing OK? Or more specifically, how is your industry doing?
2) Which KPIs should I be focusing on? Distributors should ask: How are sales doing? Margin? Inventory turnover? Receivable collections? Personnel productivity? These things really make the difference.
3) What do my customers need? It’s not enough to focus your efforts on the 10 biggest customers because those 10 customers aren’t necessarily the most profitable customers. They may, in fact, be a resource drain.
Read more on the Advanced Distribution Today blog.
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