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A healthy cash flow rate is essential for any business to thrive and outdo competitors. Sufficient liquidity allows you to cover the costs of running your company, pay debts, and allocate resources to areas that will ensure the growth of your enterprise. Unfortunately, maintaining cash inflows can be challenging for many companies and is one of the leading causes of the collapse of startup businesses.
Every business needs a way of evaluating its performance to find creative ways of growing the company. One way is to adopt the top KPIs every distribution company should be tracking and incorporate them in your business model.
A lot of companies silo their accounting and enterprise resource planning (ERP) systems in ways that keep them separated. Depending on the size of your business, you may not even have an ERP system implemented within your organization, but hopefully after you read this article, your feelings about this will change. You see, the primary purpose of ERP systems is to both assist accounting with the books and help your finance team with reports and monetary monitoring, while simultaneously keeping the rest of your organization’s workflow running smoothly. Great ERP systems incorporate both accounting and finance functions (as well as other departments’ responsibilities), facilitating an overall ease and flow to your operations management processes.
Distributors with successful distribution chains have well-laid strategies to keep track of all activities in goods management until they reach their last destination. Item management is vital, as any mismanagement of goods leads to incorrect order deliveries and dissatisfied customers. All businesses’ primary goals are to satisfy their customers’ needs, and when you have unhappy customers, you will close the deal sooner.
During and after the pandemic, the eCommerce business has boomed rapidly. Now, more than ever, every business needs to maintain a well-established eCommerce store to remain competitive in their markets. One way to stay up to date with your eCommerce store is to get an effective enterprise resource planning (ERP) system to achieve your business success.
As a distribution company, you might be feeling overwhelmed with the amount of inventory you have or how to organize and replace it. Having a strong and efficient inventory replenishment method can help you streamline your business processes to meet the high demands you are facing from your customers. In this article, we’ll go through the basics of inventory replenishment and how having it can help you as a business owner.
When you’re in the process of selecting a new enterprise resource planning (ERP) solution, there are a lot of factors that need to be considered. You should be looking at your business’s potential growth and thinking about the people who will be overseeing the processes held within the system. It’s vital to take on a bit of due diligence as you decide which systems will work best for you and which processes you’re trying to aid during the evaluation activities.
Over the last few years, the world has seen a spike in eCommerce, and 2020 certainly lent a hand to this industry. As people were confined to their homes and afraid or unable to go to stores to buy the products they needed, eCommerce became an absolute necessity for households all across the world. Each day, more and more distributors, retailers, and manufacturers are jumping on the eCommerce bandwagon, increasing competition and making it harder for companies to stand out above the crowd. According to recent data, worldwide eCommerce sales exceeded $4.28 trillion in 2020, with U.S. eCommerce sales accounting for $215 billion in just the first quarter of 2021.
When it comes to supply chain management, there’s a lot of room for errors, but if you have the right plans in place, there are also plenty of opportunities to increase profit and enhance employee productivity. In fact, you can even boost your profits in times when you’re not even making sales. That’s because an optimized supply chain management system can reduce your costs and automate your supply chain in ways that work best for your business as a whole.