Inventory days formula and why it's useful
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Inventory days formula and why it's useful

Inventory days formula is equivalent to the average number of days each item or SKU (stock keeping unit) is in the warehouse. Inventory days is an important inventory metric that measures how long a product is in storage before being sold. If the percentage is high, there may not be enough demand for it, the product might be too expensive or it's time to rethink how it's being promoted.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Industry - Retail, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

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Inventory days formula and why it's useful

Inventory days formula is equivalent to the average number of days each item or SKU (stock keeping unit) is in the warehouse. Inventory days is an important inventory metric that measures how long a product is in storage before being sold. If the percentage is high, there may not be enough demand for it, the product might be too expensive or it's time to rethink how it's being promoted.

Read more

Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Industry - Retail, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

3 supplier performance metrics to increase returns

how-to-analyze-your-suppliers-and-increase-returns

To maintain an efficient supply chain and satisfy customers, companies must be assured of timely and accurate delivery from their suppliers. Many purchasing managers are turning to data analytics to calculate supplier performance metrics which leads to better relationships and stronger returns.

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Topics: Industry - Manufacturing, Industry - Wholesale Distribution, Job Role - Sales, Industry - Retail

How effective sales pipeline management generates revenue growth

The sales pipeline plays an essential role in any successful company – from the construction industry to turf and garden suppliers. According to a recent Vantage Point study, 72% of sales managers have regular meetings with  employees about the pipeline. However, 63% of respondents say their companies are not managing the pipeline effectively because they are not learning or responding adequately to it. While unexpected opportunities arise, there is a direct correlation between effective sales pipeline management and strong revenue growth.

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Topics: Job Role - Sales, Strategy, Management and Performance, Industry - Retail, Dynamic reporting, data analytics, cross-selling

Behler-Young connects Amazon Alexa and Phocas BI with great results

Can you have a conversation with your business intelligence solution while driving? Behler-Young sales people do. Robert Wright, a Senior Application Developer and Analyst at Behler-Young, integrated Amazon Alexa with Phocas, a business intelligence solution for manufacturers, distributors and retailers. With critical data only a question away, they always know what's going on even when they're on the road.

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Topics: Case Study, Industry - Manufacturing, Industry - Wholesale Distribution, Job Role - IT, Industry - HVAC/Plumbing, Industry - Retail

Understand customers' needs and maximize your profitability

understand-customers-needs-and-maximize-your-profitability

Over the course of our lives, we develop many types of relationships. Some of them long-term, others are more fleeting. The same is true in business. Low-profit customers can come at a high cost, so it’s critical to have a comprehensive and accurate understanding of your customers to minimize at-risk relationships and maximize profitability. Customer profitability analysis helps companies understand how reliant they are on profitable customers and the resources spent on less profitable ones.

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Topics: Industry - Manufacturing, Industry - Wholesale Distribution, Job Role - Sales, Industry - Retail, Job Role - Marketing

How to make the most of cross-selling and upselling opportunities

how-to-make-the-most-of-cross-selling-and-upselling-opportunities

Cross-selling and upselling allows you to generate additional sales revenue by incentivizing existing customers to purchase more of what they need. Cross-selling must be executed well, so you don't water down the value of your brand. When including these  techniques in your sales strategy make sure you recommend products that are adding value to your customers and making their jobs easier. This philosophy of delighting will improve profit margins and increase sales across your product range.

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Topics: Industry - Manufacturing, Industry - Wholesale Distribution, Job Role - Sales, Industry - Retail

Master inventory calculations and anticipate future demand

As businesses reopen and customers resume spending, it’s more important than ever to have a full understanding of your stock. Having on hand what customers want today is crucial, but being able to anticipate what they will want or need in the coming months can be challenging to predict. Fortunately, by utilizing your business data, you can master inventory calculations to prepare for the future.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Industry - Retail, Job Role - Inventory/Operations, Inventory Management, KPIs and metrics

Carve out a competitive advantage by adding data analytics to your ERP

 

Data is increasingly vital to mid-market businesses who want to carve out a competitive advantage. Everyone working in wholesale or retail industries knows how easy it is for customers to swap suppliers when an issue arises or not, so data analytics may hold the key to keeping them. Build a case for data analytics to enhance your ERP system so you can adopt a whole-of-business approach to keeping customers.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - IT, Job Role - Executive, Industry - Retail, Industry - Consumer Goods

Apparel supplier quickly models scenarios using data analytics in a time of change

Gold Medal International (Gold Medal) is a premier apparel supplier to leading department stores and sporting goods retailers across the U.S. As COVID-19 has taken center stage around the world, the team leading the third-generation family-owned business has relied heavily on its reputation with retail customers and the industry to instill confidence in the future. Data analytics has helped it understand its situation and move fast.

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Topics: Case Study, Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Executive, Industry - Retail, decision-making, data analytics

Data analytics essentials for the COVID-19 crisis

The COVID-19 pandemic puts risk management and disruption strategies under the spotlight as companies experience limited supply and others are battling cashflow shortages. For businesses who move and sell products, inventory management can be a never-ending battle. During the shock of COVID-19, when supply and demand are volatile, managing stock presents further challenges. Strong visibility into your operations using data analytics principles can help manage inventory levels and keep cash flow steady.

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Topics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Executive, Industry - Retail, Job Role - Inventory/Operations, decision-making, data analytics

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