A good business is driven by data and good research. These two elements are even more important in a wholesale distribution business where one deals with different sectors and groups and engages in a variety of activities and transactions. The breadth of operation of a wholesale distribution business is also affected by a multitude of factors: market prices, cost of raw materials, inventory levels, and customer satisfaction. This makes data and research even more important in this kind of business, and another reason why a mobile solution that drives data and maket insight a worthwhile investment.
The value of a mobile solution that drives data insight
Are you thinking about what the competition’s sales trend has been for the past quarter? Worried about how raw material pricing in the next couple of months can affect production, manufacturing and shipping cost?
All these are critical business questions that can only be answered by good data and research. And as a businessman, your decisions will be based on the insights provided by the data you’ve gathered. The market’s volatility and unpredictability has made mobile solutions even more important to businesses who rely on data and market research.
These mobile solutions can provide you real-time transactional data as well as access to non-aggregate data so you can closely examine recent sales trends in your company, company expenses, raw materials pricing, and other critical information you need to make the right decisions for your business. Besides internal information, it can also pick out data from the market, the wholesale distribution industry and your competitors.
Mobile solution features that drive data
Here are three common features of mobile solutions that can drive better decision-making in a wholesale distribution business:
- Price Information. There are constant requests for the price of stocks from suppliers, selling price of manufacturers, and retail prices for third-party retailers. All these need to answered with real-time, accurate, if not precise, information. You will need a mobile solution that can pull up these external and internal data, otherwise you are faced with the consequences of a delay in delivery, a loss in sales, or a client, retailer, or manufacturer pulling out their account with your business.
- Inventory Information. You receive availability check requests from your third party retailers or order information from your manufacturers and suppliers. Your inventory data is critical in the supply end of the chain to ensure that there is enough supply to satisfy the demand. By synchronizing your inventory procedure with mobile so that your employees, production managers, and sales agents can easily access and update inventory information anytime, you can have real-time access to data such as stock availability, product demand, and inventory levels.
- Field information. As a distributor, you need to have access to integrated data on the wholesale distribution industry, customer demand, and even price fluctuations of other goods in the market as all these are contributory to your business operation.