Technology can be a powerful solution for any wholesale business. It enables you to automate processes, increase your efficiency, and reduce costs. But at the same time, technology can also create a complex system of interlinked networks and devices with its own hidden pitfalls.
Without a comprehensive plan outlining the ‘what’ and ‘why’ of your information technology (IT) infrastructure, your organisation can quickly become swamped in hardware and software that may not be valuable. In these situations, an IT strategy developed and maintained by an IT consultant will offer you the opportunity to refine your technology systems and overall business strategy.
What is an IT strategy?
An IT strategy is an in-depth plan that describes how your company will leverage technology to achieve your business objectives. It can be used to assess current technology use, address any gaps in your setup, and help guide decisions on future technical purchases.
The best strategies cover both the digital and human sides of an organisation’s technology, painting a clearer picture of how every IT-related solution contributes directly to enhancing business processes and achieving goals.
Why do wholesalers need technology, and is having an IT strategy important?
A wholesale business bridges the gap between retailers and manufacturers. It is believed “[t]here are around 59,000 wholesale trade businesses in Australia”, and it is their services that make it possible for the public to purchase goods. In this way, they do more than buy and sell products, they keep businesses alive and the economy functioning.
All this to say, technology serves as the backbone of your operations. Having an IT strategy lets you identify technical and procedural weaknesses in your business, allowing you to fix them. These improvements can help you satisfy your overall business strategy, bringing you closer to uncovering opportunities that will allow you to operate at maximum efficiency and maintain a competitive advantage. This is vital for wholesalers on the cusp of growth – an effective IT strategy will help them manage the extra demand for their services.
What does an IT strategy include?
An IT strategy is unique to every wholesale business. Each component of the plan should be relevant to your business goals and values. It will also depend on a variety of factors, including your niche, customer base, and the scale of your operations. However, there are several common themes that every strategic plan includes.
For wholesalers, a technology strategy typically contains the following:
- An analysis of your current technology use.
- Your IT infrastructure's strengths and weaknesses.
- Your budget.
- Your company's values and central objectives.
- The type of products being managed by your processes.
- The technologies that you want to adopt.
- Vendors and other outsourced assistance, such as the services of an IT consultant.
The best strategies are holistic and take into account all aspects of a wholesaler’s IT needs while covering how they support operations and company values. Wholesalers can use detailed IT strategies to guarantee that their technology infrastructure is able to support their business procedures.
Without a well-thought-out IT strategy, you risk slowing down your wholesale and distribution processes and becoming less profitable.
What are the benefits of an information technology strategy for wholesalers?
As the owner of a wholesale business, you already understand the short-term and long-term benefits your technology has granted you and your team. From seamlessly importing wholesale products to liaising with customers to ensure the correct products reach them on time, your organisation’s technology has helped you build a reputation as a wholesale business that delivers on all fronts.
A technology strategy effectively enhances your strongest attributes while fixing any digital oversights. With an IT strategy in place, you can benefit from the following:
- Improved customer service – you can offer your customers improved service by providing them with faster and more accurate information about products, pricing, and availability.
- Increased efficiency – source and implement new hardware and software that utilise modern innovations to increase your overall business efficiency. For example, deploying automation software to streamline order processing and inventory management.
- Improved decision-making – make use of data analytics to make more informed decisions about your business.
- Reduced costs – take advantage of technology solutions that quicken processes and mitigate the chances of human error, making for more cost-effective operations and higher profit margins.
- Firmer understanding of your business model – developing a strategy gives you time to study your organisation and assess its status alongside competitors and the market.
- Identify and solve pain points early – allows you to locate operational hazards, bottlenecks, and inefficiencies before they take full effect.
- Improved scalability – by introducing more dynamic tools into processes and understanding their present and long-term relevancy, an IT strategy can help wholesalers prepare for more seamless digital transformations.
How an IT consultant can help a wholesale business make a foolproof strategy
An IT consultant can combine their expertise in technology and business and apply it to your organisation. To do this, a consultant conducts a thorough examination of your procedures, values, team, and individual digital tools. Afterwards, they help you to decide which technology is most beneficial for your business, as well as assist you in planning the rollout.
Grow your wholesaler with an IT consultant at your side
A well-crafted technology strategy can help wholesalers address the challenges associated with their operations by identifying the best technologies to meet their objectives and grow their profits.
An IT consultant from Muscatech is a wholesale and IT specialist skilled in strategy consulting services. If you are eager to bolster your operations and innovate your wholesale business, talk to the team today.
