3 factors to consider when upgrading your B2B technology

It’s hard to find a business owner who isn’t using technology when it comes to business management. From keeping track of inventory to accounting and fulfilment, business owners are using technology to automate processes in their day to day operations.

State of the art business technology is no longer the sole domain of major global corporations. In fact, most small-to-medium sized businesses are already investing in one form of software or another.

Reaping the benefits of B2B technology

Inventory and supply chain management are areas where the right kind of system can improve overall business efficiency, cash-flow, and ultimately, the bottom line.

For a business that has yet to embrace these benefits or that may be planning to upgrade outdated or obsolete systems, the question is: when’s the best time to make that move?Time-to-upgrade.jpg

Identifying the optimum time to shift from a manual or spreadsheet system to business automation software could be instrumental in taking your business to the next level. Here are three signs that may suggest it’s time to upgrade your business technology:

  1. Customer demand is outstripping your supply

    If stock shortages are starting to occur with increasing regularity within your business, it may mean that your existing supply chain management system is breaking down.

    Knowledge is a key factor in successfully managing the flow of products coming through your business. When manually keeping track of customer demands and inventory levels becomes unwieldy, it’s time to consider upgrading your business system to automate some of these manual processes. With a cloud-based inventory system that’s ready to scale with you as your business grows, you won’t have to worry about needing to upgrade your system when dealing with high order volumes.
  2. Your business is moving into a negative cash-flow situation

    Stilted or negative cash-flow due to inaccurate inventory records could be another sign that it is time to upgrade your technology and software. When you have a full order book, but far less stock on hand than what your inventory records show, you’re running the risk of disappointing your customers. On top of your busy schedule, you could also be spending up to 10% of your time chasing clients for late payments.

    If this sounds familiar to you, your business could be sending you a clear signal that it is definitely the right time to invest in some efficient accounting and supply chain management software. With cloud accounting software, you’ll be able to send invoices on the go and automate reminders for overdue invoices. And with supply chain management software, you’ll always be able to keep track of your inventory levels across your sales channels. You’ll also have access to inventory data that gives you insights into your business, such as your top sellers and your best customers, so you can sell more and build better relationships with your retailers.
  3. Your business needs to grow

    New customers are contacting you daily and your existing clients are steadily increasing the size of their orders from you. You can see all the signs and you are keenly aware that your business needs to expand, but you’re stretched too thin to focus on growing your business now. After all, there is a limit to how much you can do.

    Utilizing technology that is specifically designed for your business model will free up key team members to concentrate on growing the business, instead of spending their time on day-to-day operations that could be automated with technology.

3 great pieces of technology you should be using for your wholesale business (if you aren’t already)

Whatever the size of your wholesale business, we are confident that you will benefit from implementing the following technologies into your operation. These industry standard systems have the built-in flexibility and adaptability that will take your business to the next level of growth and productivity.

Xero accounting software

Thanks to the flexibility of Xero accounting software, small and medium sized wholesale businesses are able to directly link the system to every financial aspect of their business operations. A user-friendly interface and the ability to integrate with many existing software packages ensure that your business runs smoother.

For example, if you’re using an inventory and order management system like TradeGecko, you can create purchase and sales orders that are automatically pushed to Xero for payments. And at the end of every day, you’ll receive a single bill on Xero that includes shipments, received purchase orders, and stock adjustments.

TradeGecko inventory management software

If your business deals in wholesale, the TradeGecko inventory management software is the system that was made with you in mind. It is powerful yet easy to use, and because it utilizes the latest cloud storage technology, it won’t use up all your available hard drive space.

It also integrates with accounting software like Xero, fulfilment software like Shipstation, and eCommerce shopping cart platforms like Shopify. With all your orders and inventory accounted for in one place, you’ll be able to focus on growing your business from a single dashboard.

TradeGecko’s B2B eCommerce shop

If you’re a wholesaler, having a 24-hour storefront would let you sell to anywhere in the world, regardless of time-zone differences. It’ll help your business build its online presence, while making it easy for your retailers to purchase the products they need from your website.

The TradeGecko eCommerce shop comes with all the features that your B2B operation needs for seamless integration with the rest of your business. With custom pricing and the ability to sync your inventory across all channels, the eCommerce shop provides the perfect solution to selling your products online.



See also:

9 questions you have about moving your wholesale business online

eCommerce is the future of wholesale: 6 reasons why

A new B2B eCommerce platform: empowering you to sell more