For agriculture retailers and distributors, the Enterprise Resource Planning (ERP) system is an essential tool at the heart of their business – reflecting orders, sales, inventory, customers and accounts.
Distributors capture business-to-business transactions, and many ag-retailers embed in-store point-of-sales systems with their ERP – in both cases the system stores huge amounts of valuable data. For many agriculture businesses this is where the process ends. Data analytics unlocks further value, offering unprecedented customer insights on a segmented basis.
Distributors and ag-retailers see immense value in this data but are held-back from gaining insight by the complexities of legacy systems and the need for strict controls over business-critical and private data. Advanced insight tools allow agribusinesses to stratify customer data by region, relationship/loyalty, product categories or other information that effectively deliver a real-time view of market demand. This doesn’t just grant businesses the chance to better understand their customer base – it means being able to identify market opportunities or problems and react accordingly.
For co-operatives, there are also the unique challenges of providing value-adding services to member companies whilst protecting the commercial privacy of these individual businesses. In these instances, the cooperative conglomerate can achieve overall visibility on the performance of their retail partners as a service to their members.
What is the timeline between entering an order and completing the transaction? Where are the bottlenecks in working capital? What are the delays that cause constraint? The unique insights gained by analytics means a full understanding of a business’s inventory – providing immediate insight on how forward bookings should instruct timelines to restock. It means insight into store performance, customer longevity and retention. It means boosted salesperson performance. All of this working seamlessly within a business’ own systems.
For a productive and profitable future, agribusinesses must harness the full power of connectivity solutions and unlock their data’s value. The power of a connectivity network means a common data standard for everyone in the agriculture supply chain – and suite of advanced software to provide seamless analytics that drive actionable and valuable change.
Does your agribusiness extract all possible value from its data? Rethink what’s possible. Read the free full report on the untapped value present in your business’ data.