Transforming Wholesale Distribution with Predictive Analysis
Predictive analysis relies on algorithms in systems to churn out information that can be used to make better business decisions. In the past, this information requires a data scientist to extract the gist which may not be the most economical way to utilise information in low-margin wholesale distribution industry.
2 Ways Predictive Analysis Is Now Attractive To Wholesale Distribution Businesses
- Availability of real-time technology databases makes results immediate, making the information immediately ready for your use.
- Predictive model can be utilised without the use of data scientists, which can be very costly. The model can be developed during the initial setup and there will be no further need to engage in professionals to run the predictive models. You can use the model as and when you require.
Leveraging on data and information (which is already existing available in your system) is a springboard to increasing efficiency in your wholesale distribution business and here are some ways that some are already success on:
- Wholesale distribution sales rep can tailor make their sales approaches based on the top 3 to 5 products that customer is more likely to purchase. This helps to increase the probability of purchase.
- Customer service can recommend relevant products based on the recommendations by the system.
- Analyze the customer’s purchases to predict future sales. You can use this to improve the product strategy and grow the business.
The above and more functions are available in business management solutions like SAP Business One. Predictive analysis can create new source of revenue for the wholesale and distribution business as well as increase margins to foster profitable growth.