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The Importance of Digital Transformation for Distributors

Distributors need to be exceptionally agile to thrive today. One key element in achieving that level of agility is digital transformation. If you don’t bolster your technology stack to meet the demands of an increasingly fast-paced industry, you risk falling short of your goals. 

A plan for digital transformation should follow five distinct stages: 

  • Assessing the organization’s needs and goals 
  • Communicating with stakeholders to get them on board with the specific benefits of digital transformation 
  • Building a roadmap that includes specific solutions, processes, and the big picture 
  • Implementing your chosen solutions with enough time for troubleshooting and fine-tuning 
  • Evaluating success metrics to make sure the organization is on track to meet its defined goals 

A true digital transformation plan will likely include multiple tech solutions.  

These tech solutions may include:  

  • A modernized CRM system that provides real-time access to customer data as well as useful insights to help reps build stronger relationships 
  • A user-friendly quote-to-cash system that automates the tedious and time-consuming parts of the quote and payment process 
  • Smart pricing software that can help you develop a more sophisticated pricing strategy that increases margins on the inventory you’re already selling 
  • An intelligent warehouse management system that can boost quality, performance and efficiency 

Want to know more? Read for my thoughts on how distributors can perform a smooth and successful digital transformation in my post for FEDA – The Foodservice Equipment Distributors Association. 

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Mike Marks

Mike Marks co-founded IRCG in April 1987. He began his consulting practice after working in distribution management for more than 20 years. Over the years, his narrow focus in B2B channel-driven markets has created an extensive number of deep executive relationships within virtually every business vertical in construction, industrial, OEM, agricultural, and healthcare.

Mike has led project teams that improve market access by aligning resources to growth opportunities serving manufacturers, dealers, and distributors. Clients have ranged from small privately owned firms to many of the industry’s market share leaders. Ownership structures have included owner-operators, private equity, ESOPs, and publicly traded firms. Mike is proud of the teams work and the confidence clients have shown with additional project work.

He has written extensively, and is frequently quoted on many industry issues. He has substantial board experience on both public and private distribution firms. His contributions to the field include serving multiple terms as a Research Fellow with the National Association of Wholesaler-Distributors, permanent faculty at Purdue University’s University of Industrial Distribution, eight years as Graduate Adjunct Faculty in the Industrial Distribution Program at Texas A & M University, and rendering several precedent-setting expert opinions in contract disputes between manufacturers and distributors.

Prior to forming IRCG, Mike held the position of Executive Vice President at Lex Electronics, an $800 million vertically integrated electronics distributor in Stamford, CT. Mike’s path to management in his early career was through increasing responsibilities in sales and sales management. He also completed a tour of duty as a manufacturer’s representative.

mmarks@ircg.com | https://www.ircg.com
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Indian River Consulting Group | 870 N. Miramar Avenue, # 317 | Indialantic, FL 32903 | 321.956.8617