How to be more effective at execution in a wholesale business

Speed may never be more important to your business than it is today. The right data analytics solution can help your team to react quickly to the needs of your customers and the changes in your industry, products and suppliers that influence your business. Speed is more than how fast your data analytics solution can process the information, however it’s how fast your branch, inventory, finance and sales teams can get to the information they need to execute your strategy.

Get systematic

As businesses grow, they typically adopt a variety of business systems. Although these systems are important to manage the company on the whole, separate systems mean disparate data. Implementing a data analytics solution such as Phocas will integrate the data from your various silos and consolidate it into one source of the truth.

With a consolidated view, managers have complete transparency across all of your domains and can make quick decisions. They can also create processes to ensure repeatable success.

Visualise your information to spot opportunities

Data is often complex. Making data comprehensible, insightful and actionable is key. Converting data into easy-to-understand visual charts, graphs and tables can make identifying opportunities much easier allowing the team to be more agile.

Interactivity is the term used to describe the ability to discover opportunities that are hidden within the data of your business systems. Users can drill into any raw data behind a graphical element , dashboard or in tabular data and follow their train of thought.

Set clear expectations

Each employee you manage needs to have specific goals that are to be met within a designated time frame. It is important that every goal is aligned with your business plan. As far as possible, employees should be aware of how the goals allotted to them help achieve the company's objectives. This will give workers a sense of purpose.

Each goal needs to be measured and most successful businesses align the goal with a metric. An easy to use data analytics solution like Phocas helps everyone keep an eye on the metrics that matter to them. They can monitor inventory turns, revenue, profit, customers in decline, and more, with just a few clicks on the dashboard.

Make speed part of the culture

Employees are the ones that make success happen in your company. Delivering fast and high-quality results is not easy, therefore, rewarding people for their work is important and giving them the best tools to achieve success are necessary. When big projects are completed fast, these efforts must be recognized for further motivation. By doing so regularly, work will always be done on time and speed will become the norm.