How “Two Sided” Thinking Can Uncover Hidden Profits

By CorexpandCX on February 26, 2013

Regardless of which side of business you’re focused on – buying or selling – understanding the impact that each has on the other can unlock hidden profits for your business.

While the inner workings are much more complicated, the world of business basically has two sides; buying, and selling.

With most people shouldering more responsibilities than ever, it’s natural to lose sight of the big picture while dealing with your particular side of the coin.

If you’re a sales manager, the primary focus of your daily tasks and responsibilities involves finding the next prospect, closing the current deal, and protecting your key accounts.

If you’re a purchasing manager, your focus lies largely on managing spend, cutting costs, and managing contracts/suppliers.

But the reality is;  each side of the vendor/customer coin affects the other. For instance, if you’re a reseller or a manufacturer and your purchasing processes aren’t efficient, it can increase cost of goods. Cumbersome purchasing can also cause delays that can cost you key clients and contracts.

Conversely, if changes in your sales landscape aren’t communicated to your purchasing department, it can lead to overstock or returns of items that increase costs and cut into profits, or last minute orders at higher prices and extra shipping costs.

Even if you’re a business owner or CEO, it’s easy to become one-sided when you are immersed in the details of increasing sales production or cutting costs and finding reliable suppliers.

So, what’s the answer? Find the right tools to help get the most from both sides of the buying / selling spectrum, and integrate the two.

While it’s still a mystery to a surprisingly large number of businesses, the role of e-commerce has radically changed for forward thinking businesses that can see the big picture.

E-commerce is no longer just the idea of a product on a page in a shopping cart. It’s about the very way that business is conducted online, including how product data and customer needs are handled. Adaptable e-commerce allows every aspect of the buying / selling experience to fit the needs, preferences, and processes of your own organization as well as your customers’.

By creating an integrated buying/selling environment, you streamline your purchases, cut costs, create happier customers, and insulate your key accounts from predatory competitors. And all of that will increase profits in ways you may not have considered.

Of course, how that’s accomplished will vary from business to business, but the reality is that it’s likely much more simple and affordable than you might think. We know, because we have these kinds of conversations every day.

We invite you to have a conversation with our e-commerce strategists. We’ve helped some of the largest corporations in the world and small local businesses alike become more efficient and profitable through the strategic use of e-commerce.

Posted in Buyers Corner, Sellers Corner