Wholesale Distribution Revolution: 4 Ways CFOs Are Leading the Charge

Introduction

The wholesale distribution industry is experiencing a period of explosive growth fuelled by e-commerce, the rise of Amazon, and a global shift towards online shopping. While this presents exciting opportunities, it also demands significant changes from traditional distribution models.

At the forefront of this transformation are CFOs, who are leveraging modern technology and financial best practices to empower their businesses for success.

---

Here are 4 key ways CFOs are transforming the wholesale distribution industry

---

1. Gaining Real-Time Visibility into Business Performance

Many growing businesses struggle with siloed data trapped in disparate systems like separate sales CRMs, HR platforms, and accounting software. This makes it difficult to get a holistic view of the business and hinders effective decision-making.
Modern CFOs are taking a data-driven approach by implementing business intelligence solutions that offer real-time insights. This allows them to:

• Track inventory levels precisely to avoid stock-outs or overstocking.
• Monitor sales trends and identify new growth opportunities.
• Analyse profitability across different product lines and customer segments.
• Make data-driven decisions regarding revenue growth, customer retention, and employee training.

2. Embracing Scalable Technology

Many distribution businesses start their journey with accounting software like QuickBooks.However, as the business grows, limitations become apparent. QuickBooks often lacks the scalability and functionality needed for a larger operation.

“CFOs are leading the shift towards scalable technology solutions like NetSuite.”

NetSuite is a cloud-based ERP (Enterprise Resource Planning) system that offers a robust and flexible platform specifically designed for growing businesses.

Benefits include:

• Seamless accommodation of growth by adding features and functionalities as needed.
• Cloud-based accessibility, allowing teams to collaborate and access information from anywhere.
• Streamlined operations with easy integration with existing systems, eliminating data silos.

3. Achieving a Single Source of Truth

Managing data across multiple disconnected systems can lead to errors, wasted time consolidating information, and a lack of trust in the data’s accuracy. This is a major challenge for CFOs who require reliable financial information for decision-making.
“The solution lies in establishing a single source of truth – a centralised repository for all business data.”

NetSuite provides this by:

• Storing all financial data, inventory levels, and customer information in one place.
• Ensuring real-time data updates, guaranteeing everyone has access to the latest information.
• Fostering improved collaboration across departments with a unified view of the business.

4. Driving Innovation

Outdated technology can stifle a CFO’s ability to focus on strategic initiatives and drive innovation.Manual tasks consume valuable time, and limited data hinders informed decision-making.
NetSuite empowers CFOs to become architects of the future by:

• Freeing up time and resources through automation of manual tasks.
• Providing real-time insights to fuel data-driven decisions and unlock new growth opportunities.
• Encouraging collaboration across departments, fostering a culture of innovation.

“By embracing these strategies, CFOs in the wholesale distribution industry are playing a pivotal role in transforming their businesses for success in the digital age”.

Modern technology solutions empower them to gain real-time visibility, leverage scalable platforms, achieve a single source of truth, and drive innovation, ensuring their businesses thrive in a rapidly evolving market.

Partnering for Success

---

Transforming Your Global Finance Function: Expertise and Proven Results

Absolute Vision technology (AVT) is a leading Oracle partner based in Australia that specialises in NetSuite ERP deployment and implementation within Manufacturing & Wholesale Distribution industries. We’ve been in the business since 2006 and have established a strong and visible footprint across the Australian industrial sector.

NetSuite is a cloud-based accounting package with over 34,000 customers, offering process automations, workflow management, dashboards, and reporting. The software delivers CRM, Order Management, Inventory Management, WMS, HCM, Payroll, Accounting, Banking, Fixed Assets, Revenue Recognition, Multi-Entity, Multi-Currency, Consolidation, and reporting under one system. To find out more about NetSuite, please visit www.abvt.com.au/netsuite. AVT has been helping over 200+ companies across AU, NZ, UK, and USA migrate to a better and scalable state of operations with NetSuite. Please visit https://www.abvt.com.au/oracle-netsuite-evaluation-discovery and get started on your company Digital Transformation.

New to NetSuite?

To learn more, AVT – Australia’s Leading NetSuite Solution Provider & Partner has created a complimentary NetSuite ERP Evaluation micro-site to help executives learn more about ERP and its deployment, using pre-recorded process demo videos, White papers and data sheets, so you may evaluate this at your own pace. You can gain access to to the site by completing your Registration in the link: NetSuite Overview Demos.