Five Ways Wholesalers Can Grow Sales & Shrink Costs
Every business wants to grow revenues and reduce costs. Wholesalers face unique challenges—and opportunities—to achieve those goals. Here are five ways you could potentially improve your bottom line.
1. Improve Fill Rates
Fill rates increase as inventory is added, but excess stock is costly. How can you ensure you have enough stock to meet customer demands and rapidly fulfill orders without overstocking?
Sage ERP X3 includes robust inventory replenishment tools that enable you to factor in sales forecasts, quantities on hand and on order, safety stock, vendor lead times and more to determine an optimum reorder amount. Available-to-promise values and graphic views of projected stock levels help deliver a clear view of the status of your inventory assets.
2. Retain Profitable Customers
Many ERP solutions treat customers like they’re nothing but receivables. Successful companies know that nurturing customer relationships requires a complete view of customers’ interactions with the organization—from first contact through service and support.
With Sage ERP X3, you can manage contacts, run marketing campaigns and provide loyalty-building service and support. Built-in customer relationship management and customer service capabilities help you retain profitable customers.
3. Reduce Inventory Carrying Costs
Reducing inventory carrying costs leaves more cash for the rest of your operation, but there’s a magic balance; without adequate stock, fill rates and service levels drop and customers will go elsewhere.
Sage ERP X3 provides insights to help you manage inventory assets better. Top sellers, slow sellers, most profitable, least profitable, seasonal favorites, current demand, sales forecasts, lead times and other information is available in quick-to-digest, graphic data displays. With Sage ERP X3, your buyers and product managers will be armed with the information they need to maintain optimal stocking levels.
4. Automate Workflow
In any business, there are dozens of routine tasks involving multiple steps and touches, but each touch comes with the opportunity for error, oversight and inefficiency. When you can reduce touches in these workflows, you can boost productivity.
Sage ERP X3 provides the capability to create workflow notifications and events. You can automatically route invoices, purchase orders, requisitions, reports and more to customers, vendors, employees or others. Receive notifications regarding overdue purchase orders, over-credit limit customers, low inventory stock or any other condition you want to monitor. Alternatively, trigger a data import or batch task at a specific time.
More than 100 predefined, role-based workflow processes are built in, and you can add your own. Automating the workflow will help reduce touches and paper, increase consistency and lower overhead costs.
5. Expand Your Reach
Is expansion in your future? Acquisitions? Entering new markets?
Sage ERP X3 is a flexible, scalable business management solution for global businesses. With its built-in capabilities for handling multiple sites, companies, languages and currencies, you’ll be ready to take your business further.
Read how one importer and wholesale distributor uses Sage ERP X3 to reduce costs and increase profitability. Contact our team of professional consultants for more information.