Data Management Best Practices for Wholesale Distribution
Insights are at the core of every business, large and small. Leading distributors use data to pinpoint customer needs and drive performance. Needless to say, the disruption in 2020 separated distributors that had the technological capacity and foresight to quickly adjust to market needs from those that did not. Yet, data and analytics are a weak point for many midsize distributors: 21% report a lack of adequate data as a top barrier to meeting strategic priorities, and 30% cite an inability to gain insights from their data.
As such, effective data management is key to success. In this piece, we outline a few key data management best practices for wholesale distributors and how SAP solutions can help.
CHALLENGES WITH DATA AND ANALYTICS
A major challenge to becoming a data-driven business involves getting employee buy-in. Data needs to be seen as a prerequisite to all decision making, not a nuisance or an afterthought. Similarly, if your business does not have the infrastructure to allow cross-functional teams to share and access data freely (and securely), insights become siloed and lost.
Luckily, the tools to analyze data are more accessible than ever before.
BEST PRACTICES FOR DATA MANAGEMENT FOR WHOLESALE DISTRIBUTORS
Create a single source of truth: Consolidating all the data in your organization into a “single source of truth” will not only reduce silos but boost productivity and streamline processes as teams have ready access to accurate information.
Broaden your search: Some of the tools you already use, such as CRM platforms and accountancy programs, may have analytics dashboards built in. External channels such as social media platforms can also enable you to generate reports that may reflect a broader perspective.
Increase literacy: Be explicit about how data can influence decision making and work with business stakeholders to eliminate cultural resistance by training employees in basic data visualization and analytics. It can help to investigate data visualization tools or hire an outside consultant for this.
DATA MANAGEMENT WITH SAP ANALYTICS CLOUD
The tools needed to obtain and analyze data are now more accessible for midsize businesses than ever before. Cloud-based analytics software is designed to retrieve, analyze, consolidate, and democratize all the data that your company generates. That means the same software can process information for any team or function.
It’s just as essential to properly host and manage your data. This not only ensures you meet requirements around data governance, data protection, and privacy but also gives you the most from your analytics tools. SAP data management solutions are designed to help you compete strategically on the same level as your larger rivals.
For example, wholesale distributors can leverage SAP Analytics Cloud (SAC) for better data management. SAP SAC is a powerful cloud-based business intelligence and analytics platform that enables organizations to gather, visualize, analyze, and share data insights, enabling:
Greater data integration and connectivity
Enhanced data visualization and exploration
Advanced analytics and predictive insights
Real-time data monitoring
Improved data governance and security
Seamless integration with other SAP solutions
SAC offers wholesale distributors a comprehensive platform to manage and analyze their data effectively. By harnessing its capabilities, distributors can make more informed decisions, optimize their supply chain, improve customer satisfaction, and gain a competitive edge in the market.
CRESCENCE CAN HELP
To chat more about how your organization can leverage SAC or other SAP data management solutions, connect with our team at Crescense today.
This insight was provided by SAP for value-added resellers like Crescense. Contact our team for more information on SAP solutions for midsized wholesale distributors today.