From the NAW Blog
Virtually every distributor I encounter understands that mastering data, analytics and artificial intelligence (AI) is essential if distributors are to survive and thrive in the digital age. However, very few leaders have a comprehensive game plan for turning their company into a data-driven business.
From the NAW Blog
In our book for NAW, "Optimizing Distributor Profitability: Best Practices to a Stronger Bottom Line," we present 47 best practices for distributors to apply in their businesses, along with plentiful resources and examples for mastering the process. However, we’re aware that just crossing the starting line can be a challenge — especially in such uncertain times.
From the U-C Components Website
O-rings are most often the primary source of contamination in any vacuum system. Selecting the proper O-ring design and material are essential to maintaining the seal and overall system integrity. Unfortunately, you cannot simply rely on the property values you get for the elastomers when selecting an O-ring for your clean-critical application; vacuum performance of the material can differ strongly from supplier to supplier, as well as batch to batch.
From the U-C Components Website
Plating is a centuries-old process that permanently joins a metal covering to a conductive surface. Platings affect not only how a metal fastener looks, but also its hardness, electrical conductivity, coefficient of friction, and how it will withstand corrosion or wear resistance. Basically to plate a fastener a thin layer of metal that is bonded at the molecular level to the fastener.
From the Center for Financial, Legal & Tax Planning, Inc.
Over the course of the first half of October, the SBA has released three new guidelines addressing some of the most frequently asked questions regarding PPP loans. For those of you that are unaware, PPP (Paycheck Protection Program) loans were provided to small businesses as a response to the economic losses due to COVID-related shutdowns. PPP borrowers can qualify to have the loans forgiven if the proceeds are used to pay certain eligible costs. On August 8, 2020, the program stopped accepting new applications even though almost $134 billion of congressionally approved funds remained unspent. Now, most businesses are focusing on applying for forgiveness, which is all but guaranteed so long as 60% of the forgiven amount was used for payroll purposes.
From the NAW Blog
In recent years, inside sales has emerged as a highly profitable channel for distributors. “When appropriately utilized, inside sales reduces cost-of-sales by 40%–90% relative to field sales, while revenues may be maintained or even grown,” according to the Harvard Business Review. Selling more while spending less sounds great, but it is much easier said than done.
From the NAW Blog
More than ever before, distributors have the opportunity to break free of the chains that bind them to meager margins and feeble brands. But, there is a problem. The prevailing distribution mindset is that the forces of disruption and digital transformation highlight the weaknesses in the distributor's business model. Distribution is threatened, but distributors can do more. The forces of change that are enabling disruption are also available to distributors. Breaking free requires a new mindset: Distributors can dominate!
From the NAW Blog
As modern buyers have embraced self-service (via internet searches, social media and e-commerce platforms) for much of their buyer journey, the need for traditional sellers who provide product information — and even application insights — has dropped radically. Buyers complete 70 percent of their journey before they even engage with sellers. COVID-19 has accelerated the pressures to boost productivity and elevate sales teams’ value-add.
From the NAW Blog
By adopting a new mindset, distributors have the opportunity to break free of the chains that bind them to meager margins and feeble brands. That mindset is about believing that they can do more than survive. Distributors can dominate!
Have you ever wondered why use Heli-Coil wire inserts as opposed to other inserts? What are some of the Heli-Coil application and installation requirements? This webinar, offered by The Olander Family of Companies, will review this topics and other common installation Issues, possible causes and solutions, and some rather charming Heli-Coil factoids.
The webinar is scheduled for October 14, 2020, 11:00-11:45 am Pacific Time.
From NAW
The COVID Effect on Purchasing
From NAW
In my last post for the NAW Blog Distributing Ideas, I talked about the importance of having an effective board structure as a foundational element of a sustainable competitive advantage, whether your business is public or private. It’s a rare thing, however, and a great one in a distribution company is an exception.
From NAW
Leading technology companies are offering customers new ways of ordering — by voice or product image. In addition, leading distributors and retailers are using AI-enabled business intelligence to understand their customer needs better, and they are applying autonomous vehicles, including drones, for deliveries. How important is all of this technology capability to your customers?
There are a lot of reasons for distributors to adopt AI. As I explain in previous posts, the technology can help inside and outside sales reps sell more, transform customer service branches into revenue drivers and boost e-commerce performance by double-digit percentage points. At this point, the real question for distributors is not if they should adopt AI, but when. In this post, I’ll answer that question. READ MORE
NAW Press Release:
Washington, DC (September 1, 2020) … Today the National Association of Wholesaler-Distributors (NAW) announces its support of the INFORM Consumers Act, legislation introduced by Senators Bill Cassidy (R-LA) and Dick Durbin (D-IL) which will require common-sense disclosures from third-party marketplace sellers who use online platforms like Amazon to sell products to American consumers. A companion bill has also been introduced in the House by Congresswoman Jan Schakowsky (D-IL).
From NAW blog:
From NAW:
Here is a preview.
From NAW:
In these uncertain times when you are looking to strengthen your business in the second half of 2020 and beyond, we hope you’ll use these timely educational resources as your roadmap to create B2B innovation. NAW and PROS are partnering to provide these essential tools to help you on your digital transformation journey so you can get ahead of the increasingly disruptive and transformational forces around your business. Our goal with these resources is for you to not only see into the future of distribution, but to step into it with world-class, scalable solutions.
From NAW Blog:
Here is a preview.
Würth Industry North America and Elgin Fastener Group have partnered with St. Jude Children's Research Hospital and are hosting a charity auction to raise funds for a fantastic cause. Purchase a $98 raffle ticket, and you will be entered to win a 98-year-old custom, classic car! 100% of our proceeds will go directly to St. Jude, and there is no limit on the number of tickets you can purchase! The winner will be announced LIVE on September 16th on Würth Industry North America's LinkedIn Page and Elgin Fastener Group's Facebook pages!
Click here for details.
