DATA HANDLING
PRODUCTS, PRICING, AND THE POWER OF DATA-LED DECISION MAKING
Simon Barber, Sales Manager at business management software specialist, Intact iQ, explains how its recently forged partnership with National Buying Group underlines the importance of smooth and seamless handling of data that makes it easier for merchants to quote, invoice and charge at the trade counter.
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ike many retail-oriented industries, the merchant sector faces the constant challenge of maximising a profitable and reliable business amidst price increases and extended delivery lead times from Suppliers. We’ve seen over the last year in particular, just how critical a role business management software can play amidst frequent price increases, supply chain disruption and prolonged lead times. A business’s capacity for data-led decision making has never been more important, nor has its capacity to support its people in doing so. This backdrop typifies the sort of challenges we were keen to help independent merchants to overcome when we signed our agreement with NBG earlier this year. As a forward- thinking buying group with a commitment to empowering its Partners to grow, scale and improve their businesses, NBG tasked us with proving how a business management platform such as Intact iQ can make the handling of data smoother than ever before. While no two merchants will ever be the same, efficiency, productivity and profitability will always be common goals.
Proactivity – the gold standard Many independent merchants may have used some form of business management technology over the last 15-20 years, but we’re conscious that making that switch needs to be done with the long term in mind and awareness of the benefits a system can bring. The gold standard for business management software should be the capacity for information presenting itself to the business user rather than them having to trawl through reports or spreadsheets to seek it out for themselves. Automation, business rules, and monitoring tools all enable access to information in a timely manner so decisions can be made that will really impact the business – whether that be the text message that lets a plumber know they’re approaching their credit limit, or the builder
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whose product is now back in stock. That level of automation and proactivity can really enhance the productivity of a business and make its people more effective.
Productive people
Naturally however, this data-led decision making needs to impact profitability. Manual data entry is still prevalent within the merchant sector, and we’re eager to change that – not necessarily because we want to reduce headcount for businesses, but because there are other tasks within that environment which staff could be spending their time on. This industry is very people oriented and that should absolutely remain the case, but the productivity a business can get from its people has plenty of room for improvement. So, to put things differently, we think a business structured in a certain way today should be able to expand through the effective use of technology without necessarily having to recruit a significant number of people.
PIM integration
A massive issue for merchants historically has been the management of price updates. This really has been a colossal challenge, and we’ve seen this year more than ever just how challenging it can be for any business to keep on top of frequent price changes. If they are using a Product Information Management (PIM) system as NBG Partners are, merchants benefit from live pricing which enables products to be sold at today’s price rather than the price from three days previous because the person who updates prices on an internal system or spreadsheet has fallen behind. These are the sort of common scenarios that can really impact a business’s bottom line. In today’s market, seamless updates to business-critical data couldn’t be any more important. Thankfully, those willing to embrace technology stand to add that layer of protection to their margins and profitability.
Set up for success
With all of this said, the most important conversation between merchant and software provider will always be the one about that business’s most pressing challenges. If profitability is a big priority, we can create a custom dashboard that would alert the branch manager when the products with the highest margins are running low, for example. If maintaining consistent margins is an issue, we can facilitate alerts whenever a member of staff might have sold an item with too low a margin. And perhaps even more significantly, if a business is looking to take an omnichannel approach to its sales, we can integrate their systems with third parties such as Amazon, eBay, or other ecommerce platforms. For an organisation like NBG, we’ve been very conscious of ensuring a degree of consistency in how our system is onboarded, but ultimately, we recognise that every independent merchant will by their very nature have a different set of challenges and priorities that we need to help them to overcome. Independent merchants have often become focal points within their communities because they can be nimble, agile and quick to react – which is exactly what a good business management software should reinforce. With so much data now at a merchant’s fingertips, using it to deliver a better version of their business has to be the aim.
January 2023
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