How to Pick an Inventory Management Solution That Scales with Your Business

 For several companies, especially those in the manufacturing and CPG industry, managing inventory plays an important part in serving customers. salesforce commerce cloud

In the initial phase, distributors may put a hold on finding inventory solutions and solely focus on launching their business and creating sustainable business models by choosing product lines and setting up shop through physical and virtual locations. b2b ecommerce

However, once they have successfully executed their ‘early-stage’ planning and established themselves, business owners may try to figure out ways to scale up, expand their markets, and increase their sales by expanding their customer base and driving profits. b2b commerce

During this time, distributors may shift their focus from their initial hands-on model towards software solutions that help manage business tasks and eliminate errors. That’s when it’s time for business owners to find the right inventory management solution that scales with their business. cpq salesforce

While the right inventory management solution may vary for every business, wholesale distributors such as CPG and manufacturing companies may be on the lookout for solutions that are flexible, scalable, adaptable, and most importantly cloud-based for smooth operation in today’s fast-paced, ecommerce-oriented selling environment. cpq

Read on to find out how businesses can choose the perfect inventory management solution for their business. salesforce lightning

Choosing a System That Eases Distributor Pain Points

Managing inventory is not unlike the tale of Goldilocks. Manufacture or buy too little and you are left to deal with constant stock-outs and unhappy customers, whereas buying or manufacturing extra goods raises carrying costs and obsolete inventory levels. salesforce lightning

Possessing optimal levels of inventory is a delicate balance, but finding that ‘just-right’ level is an absolute must in the CPG industry, where a mismanaged inventory and a dead stock of perishable goods such as food and beverages can drive businesses into the ground.

Inventory management software includes the basics: Product ordering, storage, and control at the right cost. salesforce pricing

However, the right solution will do the additional task of running simple operations that aren’t bogged down with excess inventory and eliminating wasteful processes by analyzing inventory turnover. salesforce development

It will help target and ease the distributor’s pain points such as high inventory costs, storage costs, and working capital tied up in inventory as well as the loss of customers and materials due to carelessness. salesforce community cloud

While these problems can lead to substantial financial loss, setting up a scalable inventory management system enables users to monitor high levels of inventory visibility on a real-time basis. salesforce community

Figuring Out if the Software Is Configured for Scalability

When picking out a new inventory management system, companies may look at a variety of software solutions that meet their current needs. salesforce partner community

However, what businesses sometimes fail to realize is that the purpose of installing new software is to ensure that the system can keep up with the potential growth of the company, especially in manufacturing and CPG industries where inventory management is the one area where ‘scale’ holds a lot of significance. crm salesforce

Once established, these businesses may attempt to grow revenue by expanding into new geographies, adding new product lines and supplier partners, overhauling their ecommerce approach to sell more products online, and creating stronger alignment with customers. salesforce community cloud

However, these things are only possible if the company has a strong foundation that can bear the extra load without creating a dent in the average income i.e. a flexible inventory management solution that can help streamline operations and simplify even the most dynamic of distribution environments. salesforce lightning

As we see here, distributors in today’s cutthroat business landscape cannot afford to spend time and resources on manual inventory management processes that don’t give them any wiggle room to work with in the future. salesforce log

Using an Excel spreadsheet to manage inventory, for instance, maybe somewhat efficient for companies in the initial phase, but growing businesses will continually find themselves dealing with overstocking and understocking issues or tiresome double checks when inventory counts don’t align with the products on the shelves.

Related Blog – Solutions for exponential growth

High levels of human error, poor demand forecasting, and the inability to handle an increased number of SKUs upon distributorship growth are some of the indicators that your current system is not equipped to handle a growing company.

But upon adopting a crawl-walk-run approach during the software selection process, companies can seek guidance from vendors to not only build their inventory management systems on a strong foundation but also set up themselves along with their systems for future success. salesforce is

Conclusion

Whether distributors have just entered the business landscape or are gearing up to gain more market share, companies without an automated inventory system will surely miss the mark as they do not have anything to build on. salesforce s

The user must research their current inventory management systems, look at their benefits as well as their limitations, determine a five-year plan for the company, and then pick the right inventory management solution. That’s where cloud-based inventory management systems come in. salesforce is

They equip businesses with accurate inventory data which is recorded, tracked, and optimized to help users reduce costs, minimize waste, and meet customer expectations by accurately predicting the consumer’s needs. salesforce s

These systems, however, serve as the framework for an entire business and rushing the process during the busy season can hamper the selection process. crm salesforce

Therefore, it’s important to pick the right time for the purchase and installation of an inventory management solution as it holds the power to keep the company streamlined, automated, and profitable.

Source: Inventory Management Solution

Digital’s Growing Importance in B2B Engagement

 

Once limited by geography and reach, businesses in the 21st century know no bounds when it comes to growth, thanks to the increasing adoption of technology.

The digital revolution has ushered in an era of innovation and unprecedented business growth. The B2B industry is a clear beneficiary of technological advancements, experiencing improved revenue and higher customer satisfaction than ever before as a result of digital commerce solutions.

As business buyers increasingly prefer self-service offerings, digital channels become even more integral for B2B players to drive continuous customer engagement.

According to a recent Salesforce B2B Commerce Cloud (CloudCraze) report, 89% of B2B decision-makers attribute expected business growth to investment in digital commerce.

Moreover, the study indicates that B2B organizations that have invested in digital channels are already reaping the benefits. Some key findings of the study are below:

• Digital is no longer seen as a primary business channel

• B2B leaders attribute solid business growth to digital commerce initiatives

• Evolving customer expectations are further driving digital transformation

• B2B leaders experience streamlined customer needs with digital commerce

Digital is fueling B2B growth

B2B organizations today are fast recognizing the value of employing digital channels to offer customers a personalized and responsive experience, which ultimately translates to retention and repeat purchases.

Digital commerce, with its complex ordering features, results in cost savings and offers customers an omnichannel, streamlined buying experience.

Increasingly, businesses are recognizing its benefits in customer acquisition, up-selling, and self-service. More and more B2B businesses are now selling their full line of products online, some releasing online-only product lines.

Increased access to self-service capabilities allows business buyers to place orders at their own convenience. Not only does this offer immense freedom, but it also reduces servicing costs for low-volume customers.

Self-service offerings also free up sales and service executives so they can spend more time building customer relationships, cross-selling and upselling products. Ultimately, this results in reduced transaction costs and improved profits.

Digital also has a clear value addition in terms of order automation, tailored offerings, contract pricing, and a truly omnichannel experience. Moreover, B2B players can drive greater customer engagement beyond enabling online orders.

They can do so through personalized product recommendations, cross-selling, relevant promotions, etc., not just retaining customers but also acquiring new ones.

Redefining the sales and service landscape

Since digital commerce platforms offer self-service capabilities, businesses expect reduced service costs as demand for sales staff reduces. However, quite the opposite happens sometimes with sales teams growing in tandem with digital.

The fact is, implementing an effective digital program necessitates sophisticated roles for problem-solving and servicing customers.

When B2B players implement digital platforms, the sales staff’s focus often shifts to consulting and advising customers instead of simply taking orders.

Service teams also experience new responsibilities – improving the digital commerce experience and working with high-volume customers, for example.

Such transformations generate great value for businesses; when sales and service executives move from a transactional role to an advisory role, they offer better guidance to customers through their shopping journey. This, in turn, opens up new opportunities for retention, upselling, and cross-selling.

Getting digital right

Clearly, digital has a lot to offer to the B2B sector. The caveat is, businesses must invest in the right digital commerce platforms to experience actual growth and to scale quickly.

The right platform should, therefore, be flexible, scalable, and agile, something that legacy commerce systems fail to offer.

They also fail to provide any real insight into customer data. Using a SaaS-based system can especially help B2B players keep up with the changing market.

The future of digital in B2B looks bright

B2B organizations are fast realizing the wisdom in making a digital transformation for business success.

This is clear from a growing trend of C-suite executives owning and strongly influencing digital commerce programs.

When top executives are involved, it is hard to deny the B2B sector’s commitment to digital commerce.

Businesses are also making the association between a scalable digital platform and improved customer satisfaction.

Sophisticated digital platforms simplify customers’ lives with easy browsing and online ordering, reduced order errors, and automated processes.

B2B businesses that embrace digital will be quick to see growth and enhanced customer engagement.

As the digital commerce landscape matures, B2B players will need to invest in modern solutions that offer fast speed-to-market and flexibility that drives customer engagement.

Source: B2B engagement

B2B Ecommerce: Why Manufacturers Must Cater to Buyers’ Needs

 Is your business missing valuable revenue methods and opportunities to cut down on your bottom-line expenses because you haven’t maximized on B2B e-commerce opportunities? salesforce b2b

If your B2B business isn’t on the Internet yet, you’ve run out of excuses not to be by now. It’s no longer a novelty for businesses, including B2B businesses, to have an e-commerce presence. cloudcraze salesforce

Those that don’t are missing out on some noteworthy opportunities. More than half of all Internet users have reported making a purchase online in 2018, including B2B customers. salesforce commerce

With the industry evolving so quickly, businesses need to develop new strategies to keep up. magento commerce cloud

To grow B2B online sales while competing against Amazon Business and other online leaders, companies need to better understand the customer journey and engage their customers in helpful ways. b2b commerce salesforce

For manufacturers to secure a substantial piece of that very large pie, they need to learn from business practices that mirror B2C e-commerce experiences in order to improve customer loyalty and increase revenue. salesforce consulting partners

Here are a few tips to help grow B2B e-commerce business:

Learn from B2C best practices

B2B companies need to develop strategies and deploy technology that quickly and easily gathers customer information, and incorporate that information into the sales and negotiating process. salesforce system

Savvy manufacturers know how to use that data to create a better customer experience based on each customer’s unique needs and interests. salesforce solutions

Create AI-driven personalized experiences

Providing customers with the information they need at the right time on the right device can go a long way to increase revenue. salesforce services

Leveraging AI-powered recommendations based on similar purchases made by other customers, or terms like “high performance” or “best quality”, allows customers to make smarter purchasing decisions. salesforce implementation services

The chatbot walks customers through a series of questions and, based on the answers, provides recommendations for purchasing products. salesforce to salesforce

Offer flexible ordering and pricing options

Giving buyers a more personalized purchasing experience can go a long way toward securing sales. sfdc lightning

To ensure buyers feel accommodated instead of boxed in, there’s a need to give them options. lightning for salesforce

It’s also a good idea to offer a variety of payment options from credit cards and digital wallets to purchase orders and payment terms so buyers can pay in whatever way works for their business. salesforce for nonprofit

Giving buyers flexible terms, like a larger payment window or the ability to pay in installments, is also helpful. platform salesforce

Mobilize your platform

Improving the website’s functionality on mobile platforms can lead to more sales. Like most consumers, B2B buyers enjoy the convenience of shopping and conducting research on their phones. cpq in salesforce

The B2B e-commerce platform for manufacturers and distributors must have a mobile app that lets sales reps access digital catalogs, write orders, and check inventory when they’re on the go. sales cloud in salesforce

Improve customer service

Stellar customer service can help build brand loyalty. Brainstorm ways to give buyers an easier, enjoyable shopping experience. Start by extending customer service hours, for example, or install a live chat function on your site. salesforce consultants

Developing a reputation for being approachable and accommodating can help increase customer satisfaction and win referrals. salesforce development

For manufacturers to stay ahead of the competition, they need to create strategies that put the customer at the center of the sales process and incorporate technology that supports the strategy.

There are many lessons to be learned from B2C companies as to how to engage with customers, deliver recommendations based on their needs, and provide systems that are more user-friendly. sign into salesforce

Tapping into the network with suppliers and wholesalers can also help you secure customer loyalty. platform salesforce

The key to growing any e-commerce business is catering to buyers’ needs.

Source: B2B Ecommerce