BizGenics Extends CRM To Business Partners
"It's not having what you want. It's wanting what you've got." When it comes to customers, BizGenics shares the same view as this line from Cheryl Crow's latest hit. Essentially, it is better to bolster sales through repeat business with existing customers rather than finding new customers.
But this gets increasingly complicated when dealing with multi-tier channels. However, BizGenics is offering a solution through its BizGenics Fulfillment product, which will be generally available next week. By unifying order details across both direct and indirect distribution channels in real-time, the Web-based solution provides field operations and finance executives with insights to help them increase revenues, cut order management costs, and retain valuable customers.
"The world is going from simple distribution to networks of distributed customers and from selling a product to reselling large SKUs of products, causing companies to manage product roles. One product life ends while another is beginning," Cope says. "How do I handle all of that through the channel?"
Specifically, BizGenics Fulfillment can answer more visibility questions such as the following: What shipments are at risk of late delivery? Which backorders matter most and how should we handle them? Are featured products getting shipment priority? What cross-sell opportunities exist to improve asset utilization? How do I maximize revenue recognition given my current inventory? Which third parties need attention?
Although, the product serves partners and distributors, you won't hear David Cope, CEO of BizGenics use the words 'partner relationship management' (PRM) when describing his company. "Partner relationship management focuses more on sales force automation," he says.
BizGenics Fulfillment enables organizations to increase revenue by learning more about their customers' buying patterns to initiate targeted cross-sell and up-sell programs. Executives can increase their focus on top customers and key products - even as old products start phasing out and new products phase in. However, the company also focuses on what happens after the sales.
No vendor likes backordered products, especially as it slows revenue recognition. BizGenics Fulfillment can identify critical backorders, prioritize shipments based on service and profit objectives, and trigger customer specific procedures to clear backlog, cut order management costs, and recognize revenue. With the product's pre-emptive analytics capabilities, problems such as backorders can be recognized before they happen.
BizGenics Fulfillment also ensures customers receive the right product on time. Naturally, this enables companies to realize revenue faster and decreases the risk of customer attrition.
While BizGenics (which sells to high tech, durable goods, and consumer packaging companies) launched in February of this year, it has already landed some giant clients, including Hewlett-Packard, which has 79,000 business customers in North America. With such a large indirect channel, HP had trouble getting a clear view of its business customers and was grappling with product backlogs and on-time delivery issues, Cope says. "We gave HP real-time visibility. Several individuals at HP use the product every day, and it has dramatically reduced backlog as well as the amount of time employees and management spend on customer escalation issues."
"Sell through visibility is essential. If organizations don't have visibility, they hair cut their margins," Cope says.