KPIS: Track Metrics
Put your pens and pencils away, business people: computers are here to stay. Companies today are relying on technology and the internet to keep track of their data, their customers, and the everyday goings-on of their businesses. And it’s a glorious thing. Information is more up to date, everyday processes are faster, and we can all feel good about saving some trees.
With this business paradigm shift, though, comes a whole new world of expectations and pressure. Customers demand new levels of speed, accuracy, and perfection that make competition fiercer than ever.
Wholesale distributors have it especially rough. They form the crucial link connecting manufacturers and suppliers with retailers and end customers. Acting as the glue in the commerce process, they naturally become the easy fall guy when things don’t go right. Their balancing act must be on point at all times: variable product availability on one side and fluctuating customer demands on the other.
Need I mention the challenges of tight margins, supply chains, demand forecasting, delivery-carrier dependencies…? I could go on. And while there’s wild variation among responsibilities for wholesale distributors, they face similar, overarching challenges that can make or break their businesses. Succeeding in such a demanding and fast-paced sector requires that companies operate with high efficiency and low error rates. Wholesale distributors that don’t closely track and optimize their core operations can put critical business relationships at risk, seriously undermining their profitability and growth potential.
Having a clear picture of business performance is the key to improving the effectiveness of core operations. So where do these magic glasses come from that allow companies to see clearly into the finest of details of their business operations? Three words: Key Performance Indicators (KPIs).
Yes, you’re familiar with the concept. Most distributors are, and they use KPIs to some extent. Good start! But not all KPIs are created equal…
Knowing which KPIs will be most helpful and provide the best insight into the hard truth of one’s business is vital if the improvement is even in the realm of possibilities. Far too many companies haven’t identified the KPIs that are most meaningful to their operations, to say nothing of actually tracking and improving them.
So how do you, a wholesale distributor, figure out what KPIs you should be tracking and how to go about tracking them? Excellent question. This is where your software decisions come in to play.
We’ve established that WD companies require efficiency, flexibility, and complete visibility. NetSuite’s comprehensive, cloud-based software solution has what it takes to unite your company end to end and provide a 360-degree view of your business. Take advantage of easily customizable dashboards to optimize your KPIs and magnify the details you’ve been blind to in the past.
Download this data sheet and see what kind of insight you could gain with tailored KPIs in NetSuite.