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The competitiveness of today's market, driven by the speed of data and information sharing, demands that industries adopt an increasingly agile and accurate approach to decision-making.
Business planning is increasingly focused on integration and sharing, aiming to streamline processes, eliminate bureaucracy, and resolve issues more swiftly.
It is within this context that the practice of sharing sales data among channels (distributors and sales channels) and the industry has emerged.
However, the industry may encounter resistance from these channels in sharing real-time sell-out and inventory data, as these are critical and strategic business insights.
So, how can you convince sales and distribution channels to share sales data with the industry? Learn more below about this approach that can streamline industry processes and integrate supply chain channels.
Sales Data and VMI
Sharing data among supply chain channels can be achieved through various methods, with one common solution being the adoption of a Vendor Managed Inventory (VMI) agreement.
VMI involves a data-sharing agreement where the supplier, whether a distributor, retailer, or the industry itself, has direct access to inventory and sell-out data from sales channels and point-of-sale (POS) locations.
The VMI strategy addresses a crucial part of the supply logistics process at POS locations: the bureaucracy involved in stock replenishment orders.
By sharing data directly with the industry, sales channels no longer need to place orders for stock replenishment at POS locations. Instead, the industry, armed with sales data, automatically initiates replenishment actions.
A VMI agreement relies heavily on trust. The industry must commit to managing stock replenishment to compensate for the reduced stock autonomy of sales channels.
Therefore, working in an integrated manner is essential to ensure transparency in the sales and replenishment process, thereby ensuring that data sharing benefits all channels in the supply chain.
How to encourage sales data sharing?
But after all, how can we encourage distribution channels, sales outlets, and POS locations to share this data with the industry? This would streamline processes in the production chain.
As we've seen, encountering resistance from channels when proposing sales data sharing is common. However, a set of actions can be adopted by industry managers and distribution channels to foster this information exchange.
Demonstrate mutual benefit
When proposing data sharing among channels, one effective way to garner channel adoption of the VMI model is by demonstrating the mutual benefits that this management model provides.
By streamlining processes, both the industry and distribution channels end up saving on logistics efforts.
For sales channels and POS locations, not having to worry about stocking shelves ensures that product assortment remains consistently satisfactory, thereby avoiding stockouts.
Another approach is to illustrate how working together in an integrated manner can become a tool for generating greater competitiveness in the market.
Just as departments within a company need to collaborate effectively to achieve organizational goals, the same principle can be applied to channels and industry partners.
Integration leads to efficiency, which in turn delivers better results for both the industry and its channels.
Inspire trust and encourage your channels
Building greater integration between industry and distribution channels also paves the way for more targeted initiatives from the industry towards its partners.
A good example is the development and effectiveness of incentive campaigns.
Accessing accurate and precise sales data directly from sales channels allows the industry to create effective incentive campaigns to reward the right partners.
By running campaigns that incentivize channels delivering genuinely positive results, the industry builds stronger relationships with its partners and fosters more transparent collaborations.
For this to happen, sharing sales data is crucial to the process.
Trust Data Intelligence
For the sales data sharing process to be truly effective, it's not enough to merely have the data at hand. It's also essential to have tools capable not only of collecting but also processing and transforming this data into actionable insights.
Therefore, adopting software solutions that ensure the collection and processing of data is indispensable for building an integrated production chain.
By defining the use of software and data intelligence solutions, you can demonstrate to your distribution channels a variety of benefits these management tools offer, such as demand forecasting, reducing stockouts, price management throughout the production chain, and optimizing product assortment at POS locations.
These software solutions also reduce the risk of human error since data is collected, processed, and made available automatically. Therefore, choosing the right tools and software is as crucial as the data sharing itself.
Real-time sales data = streamlined processes
Another crucial factor in persuading distribution and sales channels to adopt data sharing software is the agility that data intelligence brings to production chain processes.
In an increasingly competitive market, the time spent on various industry processes is a key factor in maintaining competitiveness and even market share .
Delaying the allocation of resources for a specific action within the industry facing retail can lead to errors and various consequences from a sales perspective.
This causes both the industry and its channels to lose out, as reduced sales lead to losses and put pressure on everyone in the production chain.
Therefore, when proposing data integration to your sales channels, demonstrate the benefits that real-time data can provide. Optimization and shortened process times, faster error correction, and aligned performance numbers are just a few of the benefits
Accurate sales data provides basis for smart decisions
We've seen that building strategies based on collecting sell-out and inventory data hinges on choosing the right tools, alongside relationships based on trust and transparency, before convincing partners.
Therefore, the strength of relationships between industry and partner channels also needs to be reflected in the consistency of shared data.
Tools such as data integration and VMI require increased industry responsibility, but they also enable better production planning and closer, more precise monitoring of retail performance.
Sharing data among channels is not just a strategy aimed at integrating channels in the production chain.
Soon, adopting data intelligence will be one of the primary paths for industries, distributors, and retailers aiming to stay competitive.
Ultimately, having accurate and precise data forms the basis for smart strategic decisions, more consistent partnerships, and a broader market perspective. This ensures that efforts and resources are focused in the right direction, benefiting both the industry and its channels.
