In the digital age of distribution, data is everywhere. But it’s how wholesale distributors analyse and use this data that matters when it comes to optimising processes and best serving customers. As we continue to produce and gather more and more information than ever before, there’s one thing that companies like yours need to know: data is going big.
What is big data?
Big data is a term broadly used to reflect the acquisition of a high volume of unstructured data that is complex to process; the data sets are often simply too large for conventional storage solutions such as on premise systems and hard drives, and may come from non-traditional sources. As such, companies looking to harness the power of big data need to have the appropriate infrastructure and software in place to cope – scalable storage, and robust technology are needed to locate the relevant data generated in the supply chain from the unwanted noise in order to produce actionable insights. The more accurate your data extraction and analysis, the better your end reporting will be.
However, advancements in cloud computing have opened new doors for wholesale distributors who wish to utilise big data without the infrastructure outlay; now, the storage, handling and security of this digital information can be outsourced to external vendors, allowing organisations to access the tools of big data, without the burden.
What does big data mean to you?
Big data is more than just a term; for wholesale distributors, managing this wealth of sales and product information in the correct way can produce very real results for operations, and ultimately, profits. Brands who monitor and act on data trends create a market advantage for themselves, and are also able to refine their processes to operate at optimal efficiency. For example, compiling extensive histories of customer sales data can help to more effectively analyse and manage stock levels, and spotting patterns and anticipating demand can create more intelligent practices for replenishment and help keep inventory lean. Big data can help identify which clients are the most profitable, and calculate the cost to serve. Retailers are also leveraging big data analytics to personalise the customer experience across channels, target their marketing efforts, and to adapt the way they trade both in-store and online.
Evaluating big data allows for better long-term forecasting, and a greater real-time insight, offering better economies of scale, improved margins and increased opportunities for growth. You’ll have the data you need to make better decisions, manage risk, and to generate more revenue.
Get the most from your big data today
The majority of wholesale distributors already have the data needed to make better business decisions, but may not be using it to their advantage – or may simply not know where to start with using it at all. NetSuite business management software offers a complete end-to-end business platform to help you optimise your data in one application helping to make quicker faster decisions and grow your business faster, and BlueBridge One is a leading solution provider specialising in the wholesale distribution vertical that can help you make your vision come true. To find out more about using the power of big data for your wholesale distribution business, get in touch with the BlueBridge One team.
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