Distributors can overcome some of the pressures of inflation and market changes via pricing strategies, specifically, ensuring their pricing abilities are dynamic and fluid, can react quickly to market swings and are automated and informed by sound data, writes Steve Peppler, vice president of product and business transformation at Flintfox. "Pricing should be periodically reviewed for adjustment regardless, but automated links allow businesses to be even more dynamic," Peppler writes.

Industrial distributors and manufacturers attended the Industrial Supply Association's annual spring convention in Charlotte, N.C., this week for networking and education that touched on technology, sales, regulatory changes and the economy. MDM's Mike Hockett shares takeaways from the event, including detailed discussions on technology and AI, shifts to hybrid models integrating sales and digital channels, culture and critical legislative issues impacting the industrial supply sector.

Adaptations such as extended hours for truckers, the addition of trains and diversion of cargo to alternative ports such as the Port of Virginia have helped mitigate the disruption caused by the collapse of the Francis Scott Key Bridge in Baltimore in March. Such flexible responses are a demonstration of supply chain resilience, say experts.

Organizations should carefully consider their readiness to adopt AI, whether such a move is relevant and how they will see a return on investment before adopting the technology, writes Brian Hopkins. These companies show they are willing to explore new technologies and innovate, are adaptable, committed to improving customer service and make more informed decisions faster, positioning themselves to be industry leaders, Hopkins writes.

Companies can provide top customer service by using technology to manage their supply chain, writes Steve Sensing, president of supply-chain solutions for Ryder Systems. Augmented and virtual reality can be useful for training workers, devices can be used to manage inventory and shipments, real-time technology can track products from manufacturing to shipping and automated systems can help human beings be more efficient and minimize mistakes, Sensing says.

Sometimes closing the deal relies on no surprises popping up during sales presentations, writes Trey Morris, vice president and senior consultant for the Center for Sales Strategy. Morris writes that presentations should address business needs and client pain points, as well as focus on the return on investment for the price.

Companies that embrace diversity, equity and inclusion can increase their reach 26% in two years, says strategist Troy Sandidge. DEI marketing must start with an introspective look at an organization's current state and what changes are possible, Sandidge advises, and consider the context of messages before jumping on bandwagons.

US firms are rapidly increasing their cash reserves, a trend not seen since the pandemic's onset when companies were setting aside funds in preparation for an uncertain future. Now, companies are boosting cash holdings to take advantage of interest rates at a two-decade high, allocating more of their portfolios to high-yielding cash accounts and investments as money-market yields top 5%. Nonfinancial S&P 500 firms are holding more than half of their funds in cash and cash equivalents, according to JPMorgan Chase.

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The NAW Company Roundtables are an exclusive community of thought leaders from Billion Dollar and Large Company distribution enterprises who congregate to network with non-competing peers in multiple lines of trade on key issues. Learn more about the many Roundtable event opportunities we offer, and how your leaders can get involved. Learn more.

Join us on May 22 at 1 pm ET for the next webinar in our "How-to with NAW" series. Each episode is a micro-revolution for your distribution business, delivering practical takeaways and actionable steps you can implement immediately.