The 2020 Mid-Year Economic Update_long

Harness the Power of Analytics

Analytics has changed the game forever.

We live in distracted times, with more noise and chatter than ever before to cut through to get a clear signal. Technology can help manage the data storms it enables. But it can also gridlock our ability to step back and get a better view. We have to do more than manage the onslaught of data; we have to get smarter about analyzing and acting on it.

Competitors in wholesale distribution can still build a sizable competitive advantage if they adopt small-data analytics. But the clock is ticking. Some analytically minded competitors have come out of the blocks of the Great Recession and built a gap as others stayed in more reactive mode. They made better decisions faster based on fresh data, not assumptions or patterns that applied before a major change in end markets and customer purchasing behavior.

To what degree are decisions made in your company based on intuitive knowledge, rules of thumb, experience or gut feel? What’s the role of data? Both are important, yet data still are the red-headed stepchildren in most companies.

Analytical thinking and decision-making have become the critical competitive differentiators in the six years since the Great Recession. Transitioning to a more analytically driven organization requires an intentional plan for determining what talent, training and technology tools are right to reach a defined goal. The sooner your team addresses it, the sooner you can start building competitive gaps hard to bridge.

Need help getting started? Check out the Distributor's Guide to Analytics, a collection of insights from some of the leading analytical thinkers in distribution. Learn more or order now in the MDM Store.

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