With the economy improving slowly, wholesalers and distributors are thinking more strategically about inventory and pricing. Distributors are trying to drive out inventory costs and minimize transit expense without sacrificing customer service. In addition, these same companies want to maximize margin without sacrificing sales volume. Several problems arise when wholesalers and retailers try to tackle these important problems:
- In many cases, wholesalers and distributors are relying on Enterprise Resource Planning (ERP) systems that are ill-equipped to handle the volume and number of products within their inventory.
- These same ERP systems lack the analytics to build and implement sophisticated pricing strategies.
- Finally, wholesale and distribution companies find it difficult to overcome issues with their own data – like ensuring the accuracy and uniformity.
Syncron suite of supply chain management tools are designed to help companies with lots of items from multiple suppliers manage their data, which is the first, and most critical step to successful price and inventory management.
Manage your data
Everyone is talking about ‘Big data’ but distributors know that ‘Little data’ is just as important. ‘Little data’ focuses on getting the details correct so that you can manage inventory and price effectively. Without accurate, uniform data, it’s impossible to apply even basic planning and analytics. Syncron helps you solve this problem with its Master Data Management solution. This solution is designed to:
- Integrate your business and trading partners
- Reduce data administration labor costs with 30-50%
- Increase global data quality
- Improve customer service and satisfaction
Plan your inventory
Our inventory management software addresses issues specific to the wholesale and distribution industry. We help you spot trends and adjust for them so that the products in-demand are available when and where they are needed. Our tools enhance visibility, highlight changes in demand, and save time and money. Our software helps you:
- Grow revenue by increasing sales of in-demand items
- Find and reduce unnecessary inventory costs
- Reduce emergency orders and improve transportation efficiency
- Improve cycle-times and lower labor requirements
Grow your margin
Syncron helps you graduate to the next level of pricing strategies. Our solution employs multiple strategies to identify the best-fit for a particular product. Price Management Software from Syncron helps the price analyst evaluate multiple price strategies, including cost-plus, competitive, and value-based. Using consolidated, segmented data, your pricing team can set up rules that will:
- Find the best pricing technique
- Apply the appropriate price strategy
- Implement the new price
- Article: Master data tools overcome ERP limitations