But what are the actual cost savings we’re talking about?

In our experience, automated order processing cost savings are a multi-million-dollar opportunity for many organizations. While your competitors may still be burning resources on manual processes, automation gives you the operational edge to reinvest those savings into growth, better pricing or enhanced customer service.

Improve visibility with speedier data flow

Replacing manual order processes with an automated EDI solution enables quicker data flow, so you’re aware of any order issues sooner.

By automating orders with your suppliers, you’ll know:

• If your order was received
• If the vendor can fulfill it (completely, partially or not at all)
• If there are any issues with the order details
• When the shipment is on its way to your dock or customer

Visibility into each of these order touchpoints is key. Timely, accurate information is crucial to get your supply chain working like it should.

Reduce inventory with order automation

One of the quickest ways to remove waste from the order management process is with better inventory management. When you know which items are coming in and how they’re selling, you don’t need to carry so much inventory.

Your savings result from:

• Reducing order lead times.
• Increasing fill rates.
• Reducing excess store and warehouse safety stock.
• Providing consistent in-stock levels.

Empower staff by cutting manual processes

Eliminating manual tasks and replacing them with an automated solution frees your staff to focus on more important priorities.

The impact of automation is felt across receiving, planning, expediting, customer service, sales and accounts payable teams, giving them more time back in their day to work on driving business growth.

Your savings:

• Speed up the receiving process by knowing exactly when to expect a shipment and what is being delivered
• Reduce staff time in managing orders by up to 20% through order exception management
• Minimize customer service requests on order status (for drop-ship orders)
• Reduce the number of touch point contacts with suppliers

Optimize open-to-buy budgets

Every time open-to-buy funds are held up in orders that will never (or only partially) be fulfilled, it’s a missed opportunity. Because the money is tied up, buyers can’t use it to grow their category or order from new suppliers, and subsequently sales are lost. And when fill rates drop, you risk having empty shelves and unhappy customers.

With optimized open-to-buy budgets, you can:

• Recover money each year in unused open-to-buy dollars
• Increase customer satisfaction by reducing out-of-stocks

Increase invoice accuracy

Automated data exchange enables retailers and distributors to confirm order details such as pricing, item number accuracy, delivery date and even some insights like potential fill rate—before the order is received.

This saves the accounting team time and eliminates errant payments. As a supplier invoice electronically moves through the payables process, you can automatically validate that the invoice information is accurate and approved.

The result: time savings for staff with efficient scheduling and timely payment of invoices.

Hold vendors accountable

You don’t want to be left wondering if your vendors are doing their part. To keep products moving and customers happy, fill rates must stay high, and ship dates cannot vary.

Solutions like the SPS Commerce Supply Chain Performance Suite are designed to help you be proactive and work more productively with your suppliers.

When you capture and pay attention to performance metrics, retailers can gain a good understanding of which suppliers are solid, collaborative partners, and which are less reliable and need attention. Key metrics to track include:

• On-time and in-full (OTIF) – The percentage of complete orders delivered on time
• Fill rates – How often suppliers fulfill your entire order in one shipment
• Lead times – Consistency in delivery timeframes from order to receipt

Often, just knowing that a buying organization is carefully watching these numbers will improve fill rates and shipping, both of which save a retailer time, money and headaches.

The savings? Mid-market retailers taking advantage of automation through our Supply Chain Performance Suite have seen up to:

• 5% sales lift
• 10% reduction in operating expenses
• 3% margin improvement

Boost supply chain performance, get higher profits

When you invest in the automation of trading partner data, the payoff is not only in dollars and cents, but also the building of more transparent, proactive relationships with trading partners. With the right technology, you can transform your supply chain, scale your growth and reap the rewards every day.

Is there room for improvement in your processes? Take our five-question Supply Chain Health Vitals Checkup and get instant results, resources and more, or reach out to our team for a one-on-one conversation today.

At SPS Commerce, many of our retail experts were previously buyers at major retailers. They’ve hosted hundreds of meetings with new suppliers and know firsthand what it takes to impress a busy buyer.

Here is their advice on how to make your next buyer meeting a success.

1. Master your financials

Financial performance is at the heart of every buyer’s decision-making process. Retailers focus on profit margins, market share and how your product will contribute to their bottom line. You must come prepared with compelling financial data demonstrating your product’s success or potential.

If your product has a track record, share specific metrics like market share gains, revenue growth and how it has outperformed competitors. It’s also good to share the markets in which it performs best.

For new products, focus on your company’s history of successful launches of similar items. Show how each performed and how your go-to-market strategy led to financial success in an in-store or online retail environment. Use market insights, trend analysis and competitive data to support your projections. These reports may be available from Nielsen, IRI or other industry research providers.

Your goal is to create a compelling financial story that convinces buyers that your product is a profitable addition to their assortment.

2. Understand the retailer’s process

Buyers appreciate suppliers who demonstrate a thorough understanding of their internal processes. This insight, from timely sample submissions to accurate product information (such as weights, dimensions and packaging details), showcases your competence and readiness.

Before your meeting, familiarize yourself with the retailer’s submission guidelines and requirements. These are usually available online or provided to you by the company in advance. Be clear about what is expected and ensure you meet those requirements.

Be prepared to discuss if you’d consider an exclusive deal for your product and what commitment or level of bulk buy you’d require.

Be sure to highlight your ability to deliver on time, comply with their specifications, provide product images that meet their specifications if needed and navigate their supply chain processes by being EDI-capable.

3. Provide detailed product information

Buyers need to be fully informed about what they’re purchasing. Therefore, it’s crucial to come prepared with detailed product information. They’ll expect you to provide details on everything from the availability of different sizes and colors to production capacities and pricing. This level of detail will make you appear knowledgeable and reliable.

Discuss your production capabilities candidly. Buyers will want to know if you can meet their demand, especially if your product takes off and they need you to scale rapidly. This insight will also help them determine whether they should plan to carry the product across all stores or a subset of locations and what they can expect to set as available inventory online if drop-shipping. Be honest about your current production limitations and how you can scale up if necessary.

Quality is another critical factor. Make sure your product meets the retailer’s quality standards and be prepared to discuss any certifications or compliance with industry regulations. If your product has unique attributes—such as being eco-friendly or locally sourced—highlight these, as they can be key selling points.

4. Leverage samples and visuals

Samples and visuals are powerful tools in a buyer meeting. Bring live samples of your product or ship in advance (and confirm receipt) if the meeting is virtual. The items allow the buyer to see, feel and experience your product firsthand, which can make a significant impact.

In today’s environment, where many meetings still happen virtually, ensure your digital presentations are polished and professional. High-quality images, sharp photography, detailed slides and a straightforward narrative are essential.

5. Be professional and respectful of time

Buyers are busy, and their time is valuable. It’s important to approach the meeting with a clear, concise and focused agenda. While building rapport and a relationship is important, it’s crucial to keep it from overshadowing the business at hand. Every minute of the meeting is precious, so it’s respectful to keep the small talk to a minimum.

Focus on delivering the product information the buyer needs to make a decision. Start with a brief introduction, but quickly transition into the key points: financials, product details and how your offering aligns with the retailer’s needs. Avoid the trap of focusing too much on the relationship aspect; your goal is to communicate the value of your product efficiently and effectively. Their decision isn’t based on likeability. It will be based on how well your product adds value to their category.

Lastly, don’t leave the meeting without identifying how and when the buyer will contact you regarding the next step (or, if they don’t, letting them know when you will follow up), asking for feedback and determining a timeline for further communication.

Conclude the meeting with confidence

Nailing your next buyer meeting takes more than just having a great product—it’s about presenting a compelling business case, understanding the retailer’s needs and their business and demonstrating that you are a reliable and knowledgeable partner ready to do business with them.

By mastering your financials, understanding the retailer’s supply chain processes, providing detailed product information and respecting the buyer’s time, you increase your chances of securing a slot in their planogram or online assortment. Remember, the meeting is your opportunity to show why your product deserves a spot on their shelves—make it count.

SPS helps suppliers be at their very best at every buyer meeting, our experts and products ensure you have the right data and are prepared to dazzle the buyer with your product and its value to their business. Learn more today.