MSC Industrial Direct reported third-quarter profits of $104.1 million, a 57.9% increase from a year ago. The company had quarterly sales of $1.02 billion, up 23% year over year.
Genuine Parts earned $312.4 million in the third quarter, up from $228.6 million a year ago, on sales of $5.68 billion, an 18% year-over-year increase. Sales at the distributor's industrial business grew by 35% to reach $2.2 billion.
Distributors can calculate the return on investment from their enterprise resource planning systems by evaluating hard benefits and soft benefits during implementation and ongoing use, writes Karthik Chidambaram, founder and CEO of DCKAP. Chidambaram also lists five steps to improving ROI, including integrating an ERP system with existing company systems and providing sufficient ERP training during employee onboarding.
Sales leaders sorting out compensation for team members should remember that strategy is the engine, while compensation is just the caboose, Pablo Dominguez of Insight Partners says. Nine other insights provided by 11 other sales leaders include looking at making changes to the total compensation package instead of only salary.
Supply chain transparency, well-designed products that bring value to customers and management of revenue growth are among the five levers companies will need to incorporate to thrive in an unstable economy, says Mahima Chugh, partner at McKinsey. "It's not just about surviving this current phase of uncertainty that's under way, but it's about making sure that what you're setting up now helps you thrive over the next many years," Chugh notes.
Developing relationships across your organization, identifying how your skills align with your company's mission and finding ways to help others achieve their goals can make you more influential, writes Scott Eblin. "When you know what's important to the people you work with, you'll have a better handle on the offers you can make that would be welcome by them," Eblin writes.
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