According to Tracey Heinz or RDXsports, there are 4 key challenges facing modern distributors. Globalization and technological trends allow manufacturers and retailers to rely on their own distribution networks. How are distribution companies expected to sustain profitability? We will address the challenges mentioned in this article in a condensed format. There’s no denying that companies are required to keep up with changes in the digital transformation space. Getting your company tech-savvy may seem like a huge undertaking, but the whole process of digitalization is actually much simpler than you may think. And it can help distribution companies tackle the challenges outlined below.
Inventory Management and Disintermediation
Inventory Management as a “complex problem” is a thing of the past. SAP Business One Cloud will help you manage your inventory by bin location, warehouse, etc. so you can keep the most accurate records on hand. With the mobile app, you can very conveniently access this information in real-time and on-the-go. These statements are an oversimplification of the solution. For more information, click here and contact us.
SAP Business One is so much more than a simple inventory management software though. Since it’s one solution that covers inventory, purchasing, sales, HR, finance and more business functions, it aims to reduce a company’s total cost of ownership; thereby allowing companies to invest in more innovative and strategic growth. Distribution companies can benefit from this significantly as they’d be able to offer retailers competitive prices with more value (services, etc. that they offer).
E-commerce Takeover and Demanding Customers
Times are changing. More businesses are moving online. Millenials, who grew up on technology, are changing the standards for how business is conducted. Amazon, for example, has taken out many brick and mortar establishments. Distribution companies would need a solid e-commerce solution to effectively compete in today’s marketplace. If companies are unable to adapt to the shift in the way business is done, they will struggle to differentiate themselves with their competitors. Having a customer friendly storefront is just the first step to competing with other distributors. Our solution “iStratCommerce“ will ensure you are presenting your best-self online and provide the integration with your back-end ERP to streamline the sales and inventory management processes.
This is an oversimplification of the value that can be derived from integrated software solutions like SAP Business One and iStrat Commerce. For more information, contact us or book a demo today!Read more…
ATTENTION SME’S!! We have a business management solution specifically designed for you. Call us today to learn moreRead more…
Speed and agility are vital to outmaneuvering larger competitors with greater resources. You need to understand the implications of every decision and action without losing momentum – or losing sight of your vision.
That’s why over 55,000 start-ups, scale-ups and subsidiaries worldwide trust the SAP Business One® application to manage their finances, sales, customers, purchasing, inventory and production planning. And now that performance can be supercharged with SAP Business One version for SAP HANA®, bringing the power of in-memory computing to application performance and Big Data analysis. SAP Business One version for SAP HANA puts as-it-happens business insights into decision makers’ hands, to help them define and focus on the right priorities. With a single platform for analytics and transactions, you can solve the seemingly unsolvable with real-time simulation and planning, and measurably boost the performance of all your key business processes.
Empower your employees to become more productive with information search capabilities and interactive analyses, and the ability to execute business tasks on the go from their mobile device. You won’t experience any dip in performance as your workforce grows and more users access the software concurrently. And it’s an opportunity to simplify your IT landscape with a single, streamlined solution that gives you big business value at a small business price.
Unlock valuable business insights
SAP Business One version for SAP HANA transforms reporting by searching your SAP Business One application data to give you the answers you need right now. Locate business data or transactional information as quickly easily as you would search the internet, then filter, sort and drill down into the results. Reports that used to take hours or days to run are compiled in minutes, if not seconds. And no matter how much data your business accumulates from any source, you can run highly complex and data-intensive analyses in real-time. Benefit from embedded analytics to gain live, incontext insights instantaneously, to inform decision-making at the moment of truth or the point of transaction, and gain deeper insight into the past, present and future of your business.
Keep your customer promises
SAP Business One version for SAP HANA includes an advanced available to promise (ATP) app that provides real-time visibility into current inventory, ordered stock, replenished stock and stock being delivered. You can immediately reserve current stock for future delivery dates and reschedule existing orders on the fly. Embed dashboards in transaction screens so front-line employees can see the data they need to make business decisions in the moment, such as customer purchasing habits or creditworthiness. Equip your sales personnel to make intuitive product recommendations from within orders and quotations based on the customer’s buying history and what similar customers were interested in.
See your cash position at a glance
For growing businesses, the quality of cash flow forecasting can make the difference between thriving or closing for good. SAP Business One version for SAP HANA includes a cash flow forecasting app that dramatically improves your cash balance visibility. In a few clicks, you can configure the calculations to track the moving parts of your cash flow: sales orders, purchase orders, down payments, recurrent postings and other critical cash-related transactions. The end result is a clear snapshot of your cash balance, taking into account thousands of documents, accounts, orders and payments, so you can ensure you have the cash you need to run your business and seize new opportunities.
Easy on the IT
SAP Business One version for SAP HANA lets you run your business on a single, affordable enterprise solution that will scale as your enterprise grows. It simplifies your IT landscape by taking advantage of in-memory computing and by delivering application, database and integration services in one platform. It will transform the efficiency of your IT team by eliminating the time-consuming data preparation, pre-aggregation and tuning tasks demanded by traditional reporting and analytics tools, while empowering business users to do more on their own. SAP Business One version for SAP HANA eliminates the layers of complexities and unnecessary business costs typical of legacy IT architecture, so your business can run simper as well as smarter. With less hardware and maintenance than traditional database solutions, you can expect lower Total Cost of Ownership, too.Read more…
The International Data Corporation, the premier global market intelligence firm, IDC’s, info brief sponsored by SAP, outlines the many advantages of cloud computing for SME’s. Accessibility of information, reduced costs and improved performance are a few of the factors that give small and medium-sized businesses a competitive advantage if they choose to use cloud computing.
Going beyond storage, Cloud computing is used by SME’s primarily for collaboration software. Ecommerce and Analytics, business intelligence, ERP and CRM softwares – all offer cloud options so companies can easily manage their documents and information, anywhere and anytime. Click here to learn more about how businesses benefit from cloud computing.Read more…
iStrat Solutions is happy to announce that we are now members of the Mississauga Board of Trade. Keep an eye out on or socials to see what events we’ll be participating in. We look forward to engaging actively with MBOT and its members.Read more…
iStrat Solutions is proud to announce that we are now members of the Jamaica Chamber of Commerce. As a Managed Services provider, we offer SME’s holistic solutions to managing their growth. iStrat is looking to grow in the Caribbean Market and we’re looking to help SME’s there grow with us. Our president and CEO, Michael Morrison will be frequenting the region and will be participating in and hosting some events. Follow us on Facebook, Twitter, and Linkedin for further updates.
Thank you to the JCC for the warm welcome onboard!Read more…
Manage your company with small business ERP that grows with you
Capture all of your data in an integrated enterprise resource planning (ERP) system for small businesses and midsize companies. Our cloud and on-premise ERP software helps you manage everything from accounting and CRM to supply chain management and purchasing.
Innovate and transform at the speed of digital. Watch the video to learn how our market-leading cloud ERP software can help – whether you’re a small start-up or expanding midsized business.
SAP Business One
Gain greater control over your business or subsidiary with SAP Business One. This small business management software connects and streamlines your processes — and grows along with you. Increase control over your small business with software designed to grow with you. Streamline key processes, gain greater insight into your business, and make decisions based on real-time information – so you can drive profitable growth.
Click Here to learn more
Like all businesses, small and midsize companies are facing new challenges and opportunities as they strive to grow their business within the modern digital economy.
Your company can take advantage of the benefits of its size, such as being able to innovate quickly with greater agility and less bureaucracy, while also preparing to scale and expand into new markets with efficient processes, data insights, and technology. The goal is to do all this without losing any of the aspects of your business that have made it great. Small and medium companies tend to share the business goals listed below. Keep reading for some tips on how to achieve them.
Leverage insights from a variety of sources, including online and offline transactions, marketing activities, service interactions, social media, and even data from devices based on Internet of Things (IoT) technology for a complete view of your customer. Engage with your customers where and how they prefer – online or offline, mobile, social, or chat – and deliver consistent experiences through all these touch points. Deliver differentiated and contextual experiences, whether you are selling to consumers or organizations. Harness new technologies such as machine learning and the IoT to gain intelligence and efficiency in your customer acquisition processes.
2. Improve Revenue Growth
Gain customer insights using analytics to provide relevant cross-selling and up-selling opportunities. Reduce the risk and cost associated with tackling new market opportunities by taking advantage of cloud technology that can quickly scale with your business needs. Close deals faster by taking advantage of collaboration technology such as video conferencing and social collaboration platforms.
3. Increase Efficiency and Productivity
Reduce time spent on administration with automated workflows that leverage technology based on the IoT and machine learning. Access the information you need, quickly and easily, with in-memory computing solutions providing data updates in real time, so that you can make decisions more quickly. Enhance decision making with real-time reporting in a format that suits you, such as with management dashboards. Simplify tasks and streamline processes by using application technology with built-in, best-in-class business practices.
4. Reduce Cost
Practice strategic sourcing to lower costs associated with finding and qualifying suppliers by using advanced collaboration tools and business commerce networks. Use your team members efficiently and reduce staff overhead through effective scheduling and by matching your available resources to your needs. Improve your supply chain with visibility across every step of the process by tracking customers’ demands, asset utilization, and inventory levels. Cut the cost of IT ownership by purchasing integrated software – such as suite solutions rather than point solutions – so you have less to manage.
5. Enable Growth While Maintaining High Quality
Develop a technology road map to support your business growth and help you achieve your digital transformation goals, giving you a competitive edge over companies that aren’t as innovative. Analyze your performance in real time, compare actual results against a forecast, and proactively identify areas for improvement. Simplify processes by integrating software across purchasing, finance, accounting, and the shop floor. When you are expanding internationally, choose technology from vendors who understand global requirements such as tax legislation and provide solutions that help you stay compliant.
6. Nurture Innovation
Leverage analytics for rapid feedback on what’s working and what’s not working to ensure that your innovations are moving in a positive direction. Facilitate input from across the organization and
across geographical borders, with both internal and external stakeholders such as customers and business partners. Use a range of collaboration tools and platforms to help people share knowledge and ideas. Closely monitor new market developments, including what your competitors are doing, to stay aware of new opportunities.
7. Promote Customer Loyalty
Listen to your customers. Monitor social media conversations and make it easy for people to contact you with issues or feedback. Use your loyalty programs to capture more insights into your customers’ preferences so that you can offer relevant and valued promotions. Make the after-sale customer experience feel personal by providing service teams with a comprehensive view of customer details and previous interactions.
8. Improve Cash Flow
Gain visibility into your operations to more accurately project required cash buffers. Track “cash in and cash out” processes as they occur so that you can more tightly manage cash flow. Manage your accounts receivable carefully by establishing a days sales outstanding goal, developing clear policies for customer credit, and following up promptly on overdue payments. Use data insights to efficiently manage your staff, supply chain, and production operations, reducing inventory and resource requirements.
9. Improve Staff Retention and Development
Blend talent management and collaboration not only to transform the new-hire experience and help employees ramp up quickly, but also to accelerate employee development and career progression. Engage employees and motivate them to perform at their best through ongoing dialog with managers and continuous coaching and feedback. Provide clear and compelling career paths to engage employees and cultivate talent, supported by blended learning opportunities. Foster a learning culture by increasing collaboration and knowledge sharing between employees, managers, and experts. Cultivate talent and develop leadership programs that are fully integrated with succession planning
10. Enhance Competitive Advantage
Respond faster to a changing market by using analytics to track critical information about competitors, prices, and discounts.Read more…