I believe analytic capabilities separate high-performing distribution companies today, and will increasingly define the difference between surviving and winning big in the futures. But these distributors need to ask the right questions first.
It’s not about processing Ginormabytes of transactional data to come up with game-changing insights. The vast majority of companies have a crucial first step – cleaning up the company database – before hoping to transform data into useful information. The next hurdle is to frame analytics with the right questions and objectives.
One of the first waves of business analytics was activity-based costing. Many distribution companies choked on the level of detail. Today, those same risks are there. But with technology advances, there are low-cost, user-friendly analytic tools that can support process improvements in every part of distribution management businesses.
We are in the age of apps. Just as with my teenage daughter’s mobile devices, businesses need adult supervision when it comes to managing data usage.
If you would like to learn more about how IMI Data can use the power of market analytics to help you grow your business – from increasing market share to expanding into a new region –contact us today.
