PPB August 2018

FEATURE | Data Analytics a BI implementation can do to help you gain insights into your business. Once you see what is possible through data visualization and BI technology, you will undoubtedly want dashboards for every key performance area of your business. Distributors will likely track performance and profitability by account, order, sales rep, customer store and market segments. Other metrics, like Request For Proposal and bid status, sales closing rates, order- to-ship times, supplier score card and visualization of your company’s financial statements are also valuable. Suppliers can track revenue and order flow by all the metrics mentioned above as well as the profitability of buying group programs, sampling programs, rebate arrangements, inventory ROI, territory performance, customer spend, national account programs, product segments, new product introductions, factory productivity and shipping performance, just to name a few. Data visualization through BI has vastly improved the ability of everyone in business to identify opportunities, evaluate performance, highlight trends, uncover hidden profit leaks and eliminate knowable unknowns. Many companies create BI dashboards and visualizations for every department, from reps in the field to production managers. You don’t need to know how to program a worksheet to be able to use one effectively. Whether you access a BI worksheet from a desktop, tablet or smartphone, the insights you can gain from these tools can focus your efforts on the data that will have the greatest impact on your business and maximize your results, whatever your job. In the late ’80s, I had the privilege of attending a three-week program at Harvard Business School (HBS) specifically for CEOs of small businesses. Our marketing course was taught by legendary HBS professor Marty Marshall. To Marshall, all of marketing could be boiled down to three words: “What’s going on?” If Marshall were alive today, he would love BI because there’s no better way for businesses to answer his proverbial question. BI tells you what’s going on. Rick Brenner, MAS+, is president of RFBrenner LLC in Mamaroneck, New York. He consults with distributors and suppliers on a wide range of strategies to improve growth and profitability, including merger and acquisitions advising. As an accomplished Tableau developer and long-term user of the product, Brenner works with industry firms to implement Tableau. Brenner served on the PPAI board for five years and was chair in 2015. Reach him at rick.brenner@logicaladvisors.com . 56 | AUGUST 2018 |