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More distributors are aware of the value that the strategic use of analytics can bring to their companies, but most are unsatisfied with their current analytics capabilities, according to MDM’s recent report, The State of Analytics in Distribution: 2014. Prioritize continuous improvement in analytics to create competitive advantage, writes author Tom Gale, president of Industrial Market Information and publisher of MDM.
More than half of respondents to an MDM survey on the topic said that they use just rudimentary or simple reporting or spreadsheet tools in their companies.
With more technology providers integrating even basic tools to analyze the data in distributors’ systems, it’s critical to build out a plan to create an increasingly robust system by which decision-making is driven by data. But it doesn’t have to be done all at once. Taking small steps that can result in ongoing improvement is better than taking none.
And keep in mind that the tools need to measure the right information, not just the easy-to-measure information, according to Mike Marks of Indian River Consulting Group in Minding the Gap Between Data & Action.