Retail workers have long been accustomed to scanning products on store shelves and at customer check-out. More and more healthcare employees are becoming familiar with such procedures as inventory management proves effective at reducing cost, increasing efficiency, tracking expired and recalled products, and curbing loss and fraud.
Healthcare executives expect information technology will be the top market sector for growth (46%) in 2019, followed by home health/hospice (31%), assisted living/skilled nursing (8%), insurance providers (8%), pharmaceuticals (6%), and medical devices (3%), according to a Capital One healthcare survey. While inventory management software doesn’t account for the entire IT sector, hospitals are seeing impressive returns on supply chain analytics tracking each step of the inventory process: from the loading dock, to the supply cabinet, to the patient’s hospital room.
The ever-increasing digitization of the distribution business is generating ever-increasing amounts of data – and making it harder to discern which metrics are the most important for profitability and growth. For distributors, inventory is one of the most important drivers of success, thus underlining the need for insightful and actionable inventory analytics.
Tweet: Inventory analytics: Four key sales-related metrics to watch
In my last blog, I presented key metrics that track inventory alone and the interplay of inventory and employees. Today I will focus on inventory and sales numbers. Here are four metrics related to inventory and sales that will help distributors up their game. (more…)
Distribution is an intensely competitive business and inventory is key to determining profitability. Applying advanced analytics to inventory management is a savvy way for distributors to track their performance and gain insights that can fuel profitability and growth.
Tweet: Inventory analytics: Two sets of metrics that really matter
There now are more than 30 metrics distributors can use to gauge their performance. I like to group inventory metrics into three sets: those concerned with inventory only, those that focus on the interplay of inventory and people, and those that track inventory with sales. Let’s take a closer look at the first two categories and how they can improve distributors’ performance. (more…)
Cost-conscious consumers take advantage of instant access to pricing and item availability on their smartphones, often choosing the best bang for their buck over brand loyalty. To win and retain customers, companies are launching significantly more promotions and incentive programs. So how do you measure and analyze the effectiveness of these promotions?
Tweet: 5 ways your BI platform should optimize your distributed sales channel
Distributed sales channels, such as those in the beverage alcohol industry, are more challenging than direct-to-consumer sales models because of the limited visibility suppliers have downstream. As sales models become more complex, the number of data sources that need to be integrated and analyzed exponentially increases. With the right business intelligence (BI) platform, you can overcome these hurdles. Here are five ways your BI platform should help you optimize your distributed sales channel. (more…)