The 4 Challenges of Data & Reporting in Wholesale
In this article, we take a look at the 4 challenges of data & reporting in a wholesale/distribution business. you’ll discover why having access to and reporting on all your data from different systems can prevent you from making decisions based on the most up to date information, create inefficiency within your business and waste valuable time.
In wholesale there is a lot of data that needs to be managed. Data from various systems is accessed and reported on at different times or locations which leads to inefficiency and wasted time. For example, if you have a store software like Shopify, you can gather all your sales data there but often you will need to extract it to another report to see how that data looks in your Excel reports for taxes etc.
Let’s take a closer look at 4 challenges of data & reporting that a Wholesale & Distribution business faces with data and reporting, understand why this is important and the overall impact it can have on your business.
The 4 challenges of data & reporting we’ve identified with data management systems for wholesale companies:
Data from different systems is not centralised: When your data and systems are disconnected and inaccurate, it is hard to keep up with the competition in the wholesale distribution industry.
Access to real-time data is difficult to come by: Accessing and reporting all your data from different systems wastes time, creates inefficiency, and does not provide real-time information for your wholesale business.
Manual entry of vast amounts of data is the norm: While systems can help with automation and processing, data still needs to be verified with sources on the front-end side of things, such as shipping manifests and sales orders. This is where data quality comes into play, as it’s nearly impossible to efficiently manage data without consistent quality.
Data/information is not available at the right times: Data accuracy and consistency between the different parts of the business is a critical factor in where a company’s gross margin is going. But it takes diligence to keep data up to date, which can be time consuming, costly and at times extremely frustrating.
It’s difficult to make business decisions when you don’t have all the right updated information and It’s no secret that using databases, spreadsheets and business applications across multiple business units can be challenging.
Overcoming these 4 challenges of data and reporting requires unifying data into trustworthy, real-time sources with automation, visibility and rich analytics for meaningful decision making. By tackling these issues, companies can unlock the true value of their data.
As a wholesale distributor, or a leader of a team within one, you know that staying competitive means embracing technology. The difficulty is determining where to invest your time and money. The more complex your distribution operation, the more critical it is to automate the data flow — delivering information to the right people at the right time in a way that helps decision making.
The ability to access and report on accurate, timely data can make or break a wholesale business. Therefore, it is critical for you to have a single source from which you can pull all information needed.
SAP Business One can help you connect all your disparate systems and data together, while providing real-time information for decision making. Using our software means you can spend less time accessing and reporting your data and more time taking advantage of it. It allows you to access all of your data through a simple interface and gives a complete overview of your wholesale business by providing reports at the touch of a button. The software allows you to easily scale your business without having to invest in additional hardware, thus lowering your costs.
Discover how SAP Business One can resolve the 4 challenges of data & reporting provide real-time access throughout your network via a single solution for everyone, from the top-table through to the warehouse. Contact us today!
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