Electrical suppliers and distributors face intense competition, a battle for talent and an ongoing struggle to understand their overall business performance.
NB: This is an excerpt from our latest eBook: ''Benefits of business intelligence for the Electrical industry'. To download the full eBook, click here.
The electrical supply and distribution industry is still a relationships business so while you work hard to integrate technology into your day-to-day operations, you are likely facing a demand for a higher level of service.
A face-to-face meeting and a handshake are important to starting and maintaining a partnership but in today’s marketplace, you must do more to ensure your customer relationships and sales flourish. You must understand your customers’ businesses and needs, and in modern times, that begins with business intelligence
Customer retention starts with Business Intelligence
It’s no secret that the low-hanging fruit for your sales team are existing customers. According to Gartner, 80 per cent of your future profits will come from 20 per cent of your existing customers. eConsultancy found that 70 percent of companies believe that it is cheaper to retain a customer than acquire a new one while Bain & Company reported that a 10 per cent rise in customer retention can yield a 30 percent increase in the value of a company.
In today’s business environment, customer retention starts with business intelligence. Many electrical suppliers and distributors use ERP systems to integrate their complex business systems, as well as collect internal and external data into a single location. Unfortunately, while their ERP systems are great at aggregating data, they lack the ability to turn the data into timely, actionable insights that can strengthen their understanding of their business, as well as their customers and their needs. Actionable insights allow companies to respond quickly and intelligently to business trends, as well as the threats and opportunities involving their customers.
An ERP system is valuable in helping manage business processes, aggregate and automate the flow of data and facilitate collaboration. To capitalize on the volumes of data stored in ERP systems and enhance the analytical and reporting power of the information, electrical suppliers and distributors are turning to business intelligence (BI) systems, such as Phocas Software.
What is business intelligence for electrical?
Whether you’re an electrical equipment supplier or distributor, the ability to quickly meet market demands begins with analyzing business information.
We produce trillions of gigabytes of data every day, and it has never been more important to capture, manage and analyze data to improve your ability to serve your customers.
BI systems gather data from systems and silos from across your enterprise and consolidate it into a single source of truth for your entire business. BI transforms your raw data into actionable insights so you can make data-driven decisions that can augment customer sales and service. BI lets you drill into your data with only a few clicks, and get insights in a matter of seconds. The aggregated information allows you to generate reports so that you can quickly analyze the data to make quick and informed business decisions.
Electrical parts are as many as they are varied. The volume of data moving across your organization and between customers and partners can seem overwhelming. For many companies, tracking purchases, transfers between branches and warehouses, returns and all the complexity associated with invoicing and margin calculations, as well as discounts and promotions can seem a daunting and time-consuming process. These are the tasks BI is built to handle.
Benefits of business intelligence for electrical
Business intelligence solutions provide dozens of benefits that improve your ability to better understand and serve your customers.
With a modest investment in BI, you can improve on time in full (OTIF) metrics, revenue and cost control; give management, logistics, accounts and buying teams the ability to drill into valuable data for their own needs; and analyze current and historical data to identify trends in sales and demand to inform forecasts and estimations.
This has been a preview of our eBook on business intelligence for electrical.
To learn more, download the full eBook by clicking the image below.