The concept of digital transformation, let alone AI, as a future driver for your organization is probably a folly unless … You have a leader, and leadership team, which believes in change. There are two key words in the above sentence … “leadership” and “change.” Leadership infers vision, an ability to perceive “need,” an entrepreneurial mentality that desires growth, … [Read more...] about Embrace Change to Adopt AI and Improve Profits in the Industrial Channel
Profitability
Distributors – Maximize Your Volume Rebates with a Strategic Revenue Plan
Given the importance of rebates to the net profitability of distributors, I reached out to a friend and former distributor client, Greg Smith, to share his first-hand experience, and best practices, to help distributors optimize their rebate earnings. For those who don’t know Greg, he owned a small electrical distributor, sold the business to a regional distributor and then, … [Read more...] about Distributors – Maximize Your Volume Rebates with a Strategic Revenue Plan
Inventory Planning Approaches for Industrial in 2025
As we enter the final 2 months of 2024, I am having many conversations with Industrial distributors and manufacturers about their into stock inventory positions. Industrial Channel growth rates have slowed from double digits % from April 2021 to April 2023 days and now are slightly down to at best flat (2023 vs 2024). Inflation and price increases have continued to climb … [Read more...] about Inventory Planning Approaches for Industrial in 2025
Tips for Industrial Distributors to Improve Gross Margin
Corporate success, for many, is typically defined as sales success as sales revenue is an easily identifiable, and discussed / shared, metric. But in a quest to grow sales, and due to competitive pressures, gross margins for many distributors have eroded making gross profit dollars scarcer for investment back into the business. And with operating costs increasing and … [Read more...] about Tips for Industrial Distributors to Improve Gross Margin
Rebates … The Gift that Keeps on Giving
Editors Note: CMG Trends publishing Electrical Trends (ET) and this article on rebates has been edited and shared with Industrial Trends readers. When you mention rebates to distributors and manufacturers and you’re sure to have an interesting conversation. Manufacturer Views on Rebates Manufacturers question their efficacy in driving incremental sales, express frustration in … [Read more...] about Rebates … The Gift that Keeps on Giving
ChatGPT, AI, Office, Teams and More Technology to Power Your Industrial Business
Within distribution there is a continuous, and increasing, call for distributors, manufacturers, and manufacturer representatives to “invest in technology.” And I would presume that companies are spending more on technology / digitalization than ever before. It may not show up in the IT budget, but marketing, pricing, sales, warehousing, manufacturing and other departments now … [Read more...] about ChatGPT, AI, Office, Teams and More Technology to Power Your Industrial Business
Driving Industrial Distributor Profitability Through Operational Efficiency
The past year has proven we are back to pre-pandemic industry growth rates and in many cases flat to single digit declines. Maintaining, and improving, net profitability in the face of slowing growth, increased cost structure, and stagnant (if not decreasing) margins, requires improved operational efficiency, inventory management, strategic price management, appropriate … [Read more...] about Driving Industrial Distributor Profitability Through Operational Efficiency
Using Digitalization to Optimize Operations & Drive New Business in Industrial
To combat the challenges of today’s marketplace, progressive distributors looking towards the future are investing more and more into digitizing their processes to optimize performance. These companies recognize that: Data can be monetized. This means that information in their ERP systems can be acted upon rather than remain in data silos and databases. Whether this is … [Read more...] about Using Digitalization to Optimize Operations & Drive New Business in Industrial
