In the ever-changing business landscape, distributors are feeling the pressure to adapt to new technologies to stay competitive. From data and analytics to AI and tech modernization, here are the top tech trends to keep an eye on in wholesale distribution in 2024.
Data and Analytics: Business Visibility through Dashboards
Many businesses are not aware of the full extent of the data that lives in their systems. They usually own far more meaningful, historical transactional data than they know. With the help of properly structured data and basic dashboards in a modern ERP, distributors can easily monitor their margins, inventory availability, and other critical areas of their business. This added visibility gives distributors the upper hand required to make critical business decisions and stay ahead of the competition.
Collaboration and Communication: Building Stronger Business Relationships
Business relationships are built on collaboration and communication. Implementing technology like portals that enable collaboration with both vendors and customers can make it easier for distributors to have productive engagements. The key to great business relationships is enabling these types of interactions to take place quickly and easily.
AI: Emerging Technologies
Artificial intelligence is a developing consideration factor for distributors looking at a new ERP. While still an emerging technology, AI is expected to have a major impact on the distribution industry in the future. As AI data tools become more prevalent, distributors can more effectively optimize their supply chains and streamline operations.
Shoring up Cybersecurity Risks: Protecting Your Business from Digital Threats
As more third-party vendors enter the supply chain process, cybersecurity risks increase. Cybersecurity threats are already a major concern for businesses, and the growing threat of digital terrorism makes it more imperative than ever before to take a proactive approach. Distributors must have strong security in place to protect their business and customers from cyber terrorists.
Tech Modernization: Efficiencies and Scalability
Updating old technologies and moving forward with new cloud-based solutions can help distributors do more with existing resources to support business now and scale into the future. By leveraging the benefits of modern technology, distributors can improve efficiencies, reduce costs, and better respond to customer demands. Modern ERP solutions like Microsoft Dynamics 365 Finance and Supply Chain also have security built in to take the burden off your in-house IT team.
Ready for what’s ahead?
As the supply chain continues to evolve, staying current with the latest tech trends is key to remaining relevant. By embracing new tools and building both efficient and collaborative processes, wholesale distributors can set themselves up for success in 2024 and beyond.
Want to take the next step in your tech journey, but not sure where to start? Learn how cloud ERP solutions like Microsoft Dynamics 365 can modernize your tech stack, improve your security, increase your visibility through analytics, give you options to start incorporating AI, and help you better collaborate with customers and vendors, by scheduling a consultation with Sikich experts.