Distributors with thousands of SKUs in their catalogs consistently face the daunting task of accurately setting prices for the products they sell to ensure they are appealing to customers while meeting the business’s financial goals for each item. Despite the significant amounts of data they generate through the buying and selling of products and services,…
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In today’s fiercely competitive market, distributors need cutting-edge solutions to enhance efficiency and maximize profits. Enter AI and machine learning—powerful tools that can revolutionize how you manage inventory and optimize pricing. Here’s how AI-driven inventory optimization can transform your business. Precision Stock Management AI-driven inventory optimization uses sophisticated algorithms to analyze vast data points such…
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Discounts and sales promotions always catch a buyer's eye and can help distributors attract interest for a new product, renew interest from former customers, or clear out inventory of a discontinued product. However, it's important they are used strategically. A discount or promotional offer launched without a strategic intent could not only fail to achieve…
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The volatile economic climate since 2020 has put distributors in a tough spot. As business activity slows in some areas, distributors are grappling with finding a new normal in supply planning with vendors. This involves resetting inventory models, which leads to supply chain issues and material shortages, creating tension between sales, procurement, and finance teams…
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Managing large bills of materials (BOM) can be overwhelming for distributors, especially when dealing with hundreds of line items across multiple categories. Relying on manual input and spreadsheets is outdated, error-prone, and inefficient. To remain competitive, distributors need to embrace technology-driven solutions like system pricing and advanced analytics to streamline operations, improve accuracy, and make…
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Economic downturns bring uncertainty and stress to businesses of all sizes. However, with strategic planning and proactive management, businesses can not only survive but also emerge stronger. Here are key areas to evaluate and actionable tips to guide your business through tough times! 1. Evaluate Your Cash Runway Understanding your financial position is crucial. Having…
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The marketplace is abuzz with concerns about price volatility and the rapid pace of changes. For distributors, staying ahead of the curve is paramount. Imagine you're running a $125 million distribution business with pricing loaded in your ERP system, competing against another business with 40 years of market experience. How do you gain the upper…
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The supply chain is the lifeblood of your business, spanning from product creation to delivery to the end user. To stay competitive and resilient, it's essential to implement robust strategies that enhance your supply chain operations. Here are five innovative strategies to help you optimize inventory management and boost your ROI. 5 Innovative Strategies 1…
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As engineers and manufacturers in the industrial distribution sector, the question often arises: “What role does Demand Planning play in our success?” While we can delve into technical metrics and analytics, a simple story captures the essence of its importance. The Camping Story Two lifelong friends are camping in the woods when a bear appears…
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