News Digest 4909
MDM's top news briefs from News briefs from April 26 - May 10, 2019.
Day: May 10, 2019
Market Snapshot: Saw Blades
The MDM Market Snapshot, based on data from MDM Analytics, includes market demand for Saw Blades in the U.S., plus the top end users by 6-digit NAICS.
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Commentary: 3 Keys to Distribution Digital Success
MDM is kicking off our inaugural class of 2019 Digital Innovator Award winners with profiles from Ludwig Meister and Hisco.
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‘It’s Making Data Actionable That is the Real Payoff’
About seven years ago, Hisco, a leading specialty distributor based in Houston, set out to better understand the companys profit drivers through a data-based analysis. Developing a successful system has taken years of cultural change and realigning team members thought processes around what makes a profitable customer, but the real driver, says President & CEO Bob Dill, continues to be turning the data used to anchor the initiative into real action. Hiscos relentless pursuit of actionable data makes the nearly 50-year-old employee-owned institution one of MDMs 2019 Digital Innovator Award winners.
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Lay the Groundwork for a Transition
Eighty-percent of business owners want to retire in the next 10 years, according to a Business Enterprise Institute survey. Unfortunately, most of those business owners have not actually created a concrete, written plan for their exit strategy.The lack of an exit plan can be problematic. It takes much longer than many distribution owners may expect to prepare their company for a transition. Whether you are planning to sell the business to a third party, pass ownership to the next generation or explore other options, preparing for a transition can take between five and seven years.
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Ludwig Meister: The Race for Digital Innovation
This Munich-based, third-generation distributor of bearings, power transmission, fluid power and tooling products took a non-traditional approach to transforming into a digital distribution business. It started by digitizing and strengthening the automation capabilities of its back-end systems purchasing, inventory management, logistics before focusing on the sales side of the business. And it accomplished this transformation by developing its internal technology and development expertise, thus being able to customize and enhance ERP and other critical platforms. One of MDMs 2019 Digital Innovator Award winners, heres Ludwig Meisters story on how the distributor has built a culture of digital innovation.
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Download this Issue in PDF: May 10, 2019
This is the PDF of this issue of Modern Distribution Management.
Table of Contents:
- Ludwig Meister: The Race for Digital Innovation
- Commentary: 3 Keys to Distribution Digital Success
- Its Making Data Actionable That is the Real Payoff
- Lay the Groundwork for a Transition
- Market Snapshot: Saw Blades
- News Digest 4909
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