Ingram Micro exec says new owner will help it grow | Fastenal CEO discusses overseas, domestic supply status | Here are ways automation and AI can help distributors
The acquisition of Ingram Micro by US private equity firm Platinum Equity provides the technology distributor with more opportunities and resources for growth, according to Kirk Robinson, chief country executive for the US. Robinson also expects Ingram Micro's recent purchase of Cloud Logic to support "long-term profitable customer relationships."
Fastenal has seen shipments of fastener products from overseas be delayed by weeks due to port congestion and other supply chain issues. However, domestic supplies have been less affected, and the company's high inventory levels have helped it meet customer demand, says President and CEO Dan Florness.
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Distributors are finding benefits with automation and artificial intelligence in areas such as overall efficiency improvements, better product life cycle management and better customer engagement and fulfillment, says Nick Carpenter of Esker. AI and automation also can help with back-office functions such as credit management, order management and collections.
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Distributors should use assessment data to evaluate their sales teams and identify which salespeople are best suited for which roles, as well as which ones could benefit from more training, writes Mark Roberts of OTB Solutions. Roberts also lists other qualities that top salespeople should have, including the ability to sell remotely and willingness to discuss money.
Salespeople should practice using open-ended questions to better understand prospects' needs, starting with questions about the customer's business, goals and priorities. It's also a good idea to ask about the prospect's growth opportunities and pain points, writes Tony Alessandra.
Playing the role of the "reluctant seller" can expand the negotiating range of the buyer, leading to higher sale prices, according to Roger Dawson. Meanwhile, salespeople must be careful when dealing with reluctant buyers, who can often negotiate lower prices by appearing conflicted or disinterested, he writes.
Teams can be better about completing tasks by understanding what's routine and what's urgent, with each group of to-dos receiving deadlines that "schedule the finish," writes David Dye. Leaders, meanwhile, must be aware that employees will tune out someone who is shouting about the urgency of every single activity.
A growing number of companies are investing in apprenticeship programs to minimize the disadvantages for potential employees without a four-year college degree -- something more than half of working-age adults in the US lack. For example, consulting firm Accenture started an apprenticeship program in 2016 and now has hired 1,200 apprentices in dozens of cities across the US.
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