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Advanced Excel Functions for Small Business Owners

Microsoft Excel is a very powerful tool – a simple workbook with many possibilities. It’s used in businesses, schools and is one of the original tools for entering and analyzing data. As a small business, it might seem like a good idea to track all your data in Excel because it’s simple to use and cost-effective. But, it is not the best tool to use for sales leads or even tracking inventory because the more your business grows, the more likely that data is prone to errors. Entering 50 lines of inventory items per day may not seem so bad and will even give you enough time to double-check all the entries, but can you imagine having to manually enter 500 lines of inventory? You definitely wouldn’t have time to double-check each one and the idea of 0 errors, is highly unlikely. But, don’t completely get rid of Excel. Instead, use it in conjunction with an ERP software such as Blue Link ERP and you’ll be amazed at how you can automate your data analysis processes and use the below advanced Excel functions that are going to assist with your analysis.

Below we will look at 7 formulas, 4 of which are part of the spill formulae which means that if you enter anything into a cell that needs to be used from one of those formulas, you will end up with a #SPILL error. Essentially, these formulas are entered into one cell and spill into the other cells to populate them – as opposed to each cell containing a separate formula. Spill formulae contain the Sort, SortBy, Filter, and Unique formulas. It is important to remember that these formulas in the example are being used with lived linked data from Blue Link ERP allowing you to look at all your original source data in one tab and narrow it down to reflect a slice of it in another tab for easier analysis.

Advanced Excel Functions:

Sort and SortBy
Filter
Unique
Xlookup
Aggregate
3D totals
Flash Fill

 

Sort and Sortby
As a basic excel skill, you may be familiar with the option of sorting data by clicking on the right sort button at the top of the chart and sorting by that column. This will sort the whole data set whether it be alphabetically or descending values – whatever you decide. However, using this technique affects your live linked data which is not always the best when you want to analyze different aspects of it.

The Sort formula allows you to take a set of data and sort it using multiple components. For example, you can sort a whole table specifically using one column ‘amount’ and then also sort it by ‘descending amount’. This will help you to visually see your data in descending amounts as opposed to limiting the sort by only one circumstance. Doing it this way does not affect the live linked data from your original data set because it is a new formula on a different tab and, whenever you refresh or update your original data set, your Sort formula will automatically update as well.

You can also use the Sortby function which allows you to sort your data using a column in the original source data that you do not want to show in the result set. For example, let’s say you want to get a list of your sales and see products and quantities that are sorted by vendor but you don’t want to see the vendor in your result set, then the Sortby function is your new best friend.

Find the tutorial at 6:20 in the video above.
Filter
This function filters your original source data and only returns some of the rows. This is used as opposed to filtering right in the original data set because all it will do is hide rows which can get messy if you don’t realize some information is not shown. The filter function is great for accounts payable analysis and when you only want to see certain values but consider others. For example, in the photo below we’ve used the cell F7 as a point of reference for Excel to look at when sorting the data. If that number is 100, the data will only show numbers equal to or greater than 100 and if changed to 2,500 then we only see data that amounts to equal to or greater than 2,500. Just like the Sort and Sortby functions, this formula keeps your original source data clean and gives you the ability to analyze a slice of it.

TIP: If you wrap the filter function with the sort function, you can actually sort that resulting data by additional criteria. For example, you can sort by items over 2500 with a descending date.

Find the tutorial at 16:46 in the video above.
Unique
The unique Excel function allows you to return only unique values of a set of data that has multiple copies of a value. For example, use this formula when you want to see which specific products you’ve sold over the last three months. It is likely that when you try to see this manually, there is just too much data. If you enter =UNIQUE and highlight the data you want to see, it will only return one instance of every product code no matter how many times it appears in the original data set. Watch the video below to see further examples of how you can use this function.

Find the tutorial at 25:30 in the video above.
Xlookup
The Xlookup formula allows you to look up an item in one column and return the data in another column. You tell it what you want to look up, where to look it up based on a column, then tell it which column contains the results. For example, let’s say you sell home equipment including electronics, furniture, and paint. You can use the Xlookup formula to return ‘electronics’ every time you type in ‘TV’ as that is the corresponding department. This formula is a great replacement for VLookup which can be finicky to deal with as you have to meet certain criteria when using the formula.

Find the tutorial at 34:12 in the video above.
Aggregate
If you’ve ever worked in a data set where you want to sum, multiple or divide values but some of the values are text values as opposed to numeric values, then you’re familiar with the #VALUE! error. The aggregate function allows you to sum your data and ignore error rows – treating them as if they don’t exist.

Find the tutorial at 43:08 in the video above.
3D Totals
Let’s say you have sets of values in three different tabs. All values are in the same column (column D) and you want to sum all the values in each tab for column D. In this scenario, you can use the 3D total function. The 3D total function will allow you to select a range in one tab and by holding down the shift key and highlighting the other tabs it is theoretically highlighting all values in column D for all tabs. This will sum those values for you much quicker than manually summing each tab.

Find the tutorial at 49:05 in the video above.
Flash Fill
The flash fill function is as simple as it sounds. It will fill your data when it senses a pattern.

Find the tutorial at 50:41 in the video above.

We at Blue Link Associates use these advanced Excel functions for our own books and accounting at year-end as well as working alongside Blue Link customers to analyze and make sense of their data.

To learn how to live link data from Blue Link, watch this video.

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Do You Need Industry-Specific Software?

All wholesale and distribution businesses will have similar requirements when it comes to managing inventory, doing accounts payable and receivable, creating sales orders, calculating commissions, invoicing customers and purchasing product. However, even if you’re in the business of buying and selling inventory, there are certain situations where your requirements will be more industry-specific – for example, if you deal with perishable items or regulated items, if you also sell through eCommerce and retail channels, and/or if you have multiple warehouse locations. Therefore, when searching for ERP software to help manage your business, your priority should be on finding a system that can handle wholesale and distribution, and then you will want to consider a software vendor that can handle your business type and industry-specific requirements.
Business Type
Many wholesale distribution businesses also identify as a different business-type – for example, eCommerce, Retail or Import and Export. In this situation, you will want to look for ERP software that can handle the needs of your omni channel business – with wholesale and distribute at it’s core.
eCommerce
If your wholesale and distribution business also sells through eCommerce channels, you will need to find specific software functionality for managing your online sales channels. This could include your own site built on a platform like Magento or Shopify, an Online Order Portal for your B2B customers and sales reps, or integration with marketplaces such as Amazon. Look for an ERP solution that can integrate with ALL your sales channels and provides an all-in-one system for managing inventory. This means information is always up-to-date across your different sales platforms.
Retail
Many wholesale and distribution businesses will also sell through retail sales channels such as traditional brick and mortar retail or cash and carry. In this situation, while you will still need software for managing your wholesale operations and warehouse, but also specialized features for a point-of-sale environment. Once again, the right software will make sure information is synced across all sales channels.
Import and Export
For businesses that import and export product landed cost tracking is an important need. This helps you determine the true cost of getting product into your warehouse to help with purchasing and pricing decisions. You will also need the ability to manage specific documents, multi-currency and exchange rates.

Industry-Specific Software
Once you know which business-type best suits your company (or possibly a combination of business types), you want to then consider other industry-specific functionality that will be important in ERP software. Blue Link ERP provides functionality across a variety of wholesale and distribution industries including:

Apparel and Sporting Equipment
Baby and Children’s Products
Building, Construction and Home Supplies
Consumer Goods
Food and Beverage
Foodservice Equipment Supply
Industrial Products
Pharmaceutical and Medical
Salon and Cosmetic Products
Seed-to-Sale Cannabis Software

While all of the above industries will share software requirements (such as accounting, inventory management, and reporting), they will also have some specific requirements. Examples include:
Lot Tracking
Lot tracking (or batch tracking) allows you to track specific lots of products from supplier through to the end customer and can help quickly identify product in the event of a recall.
Product Matrix
Matrix functionality allows you to easily manage inventory in a matrix format for companies that have SKUs with multiple variables (color, size, finish, etc.).
Pharmaceutical and Medical
The pharmaceutical and medical device distribution industry has sophisticated feature requirements around tracking inventory, reporting to the FDA and DEA, managing barcodes and serial numbers and keeping track of licenses.
Service and Repair
For companies with small service and repair requirements either in-house or in the field, service and repair features allow you to track and schedule work, assign non-inventory items such as labor and schedule regular maintenance. This is a common feature for businesses that offer installation services or do simple repairs for warranty items.

 

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Benefits of Automation: Customer Experience

Imagine placing an order online and when it finally arrives, it turns out to be a completely different product than you were expecting. Disappointing, isn’t it? If you can find what you’re looking for somewhere else, you probably won’t order from that company again. As a wholesaler or distributor, if you’re using manual processes then you probably understand why mistakes like this happen. In a manual environment, you likely have different systems put in place that require the re-keying of data by an employee and this process alone can cause many issues and be prone to human error. But, you need to remember that your customer doesn’t see the back-end of your business and if their order isn’t correct or on time, they likely won’t be ordering from you again.  If manual processes are affecting your customer experience, it’s time to look into the benefits of automation to help your business grow and your customers stay. Blue Link’s ERP Software and built-in features such as ARM (Automated Routines Manager) are designed for wholesalers and distributors like you to assist with reducing manual processes, automating tasks and growing your business.
Why Customer Experience Matters:
It’s not unknown that the eCommerce industry is at its prime and continues to grow. During the Covid Pandemic in 2020, it was estimated that global eCommerce sales reached well over $4 trillion (that’s a lot of online shopping!). People didn’t have many in-person options during this time and some even enjoyed the convenience of not having to find parking spots or wait in lines. As the world returns to the “new normal”, we see stores opening again and people going out, but we don’t anticipate much of a decline in online sales as shown in the graph below.

This is important to recognize as a wholesaler or distributor because your focus on eCommerce should be one of your priorities. As you have probably experienced yourself, online shopping is a little different than shopping in person. Whether you’re out on a mission or window shopping, in-person sales have a lot to do with visible inventory and salespeople’s assistance. It’s usually no big deal if you have to wait a minute or two to ask a salesperson if they have a particular t-shirt in your size. Could you imagine waiting two minutes to find out if an online store had the inventory you are looking for? Absolutely not! As consumers, we expect online inventory levels to be up to date in real-time. This is a good example to explain that today, customer experience must be a consideration at every touchpoint a potential customer has with your company, including your website, your mobile applications, and your entire customer service process.  Automating your processes in the back-end is a great first step when putting a focus on customer experience.

Some benefits of automation that directly affects customer experience are:

Inventory management
Productivity and efficiencies
Reduced lead times

Inventory Management
As mentioned above, it is important to be able to see live inventory levels. When a company is using manual processes, and a customer places an order online, frequently, an employee is then responsible for manually changing the inventory levels on the back-end as well as on the website. Sounds like it wouldn’t take too long but if only a few employees are doing this and a few hundred orders are coming in, it can be a lot to expect them to input all the data in a timely manner let alone correctly. Manual processes are prone to human error and if even one mistake is made or an employee forgets to update the information, and a new customer is affected by that mistake, it could cost the company money fixing or replacing the order. Having proper inventory management software such as Blue Link ERP will allow you to integrate your back-end system directly to your website so that inventory information automatically flows bi-directionally between the two systems without any human interference.
Productivity and Efficiencies
It can get difficult to help out a customer if information about sales and service lives on different systems or even different spreadsheets. Automating the customer journey process with a contact management feature allows for anyone on your team (whom you want to have access to) to look up customer history, information and location all on one screen. This can shorten the customer’s call with the intention of answering the question or resolving the issue in the minimum amount of time possible. The proper system will also allow you to automatically send information to customers about their account status and can automatically email salespeople to follow up with specific customers about new promotions and products.
Reduced Lead Times
Right from the time the customer places an order on your website all the way to when they receive their order is considered lead time. Keeping track of lead time is a great way to measure efficiencies in your warehouse, especially with picking, packing and shipping. This is another area that can be easily automated with Blue Link’s Warehouse Management System (WMS) which includes barcode scanning to ensure the right product is picked and shipped every time, consolidated pick slips and bin/shelf location tracking making it easy for an employee to pick products following the most efficient route in the warehouse, and allows for integration with major shipping carriers which will eliminate the need to re-key data into multiple systems.

Switching from multiple systems and manual processes to one all-in-one ERP System like Blue Link means you will be able to manage all aspects of your company’s operations. Not only does automating manual processes save time and reduce costs, but it also assists with the customer experience allowing a seamless journey from purchase to delivery. Prepare your team for ERP software with our Change Management Guide.

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Manual Processes That Can Be Automated with Blue Link’s ARM

ARM stands for Automated Routines Manager and is a propriety Blue Link feature built directly into our ERP software and available to all customers. Although ARM can do many different things, the technology primarily helps customers automate what would otherwise be tedious, manual processes. ARM is a tool to read data, determine when data meets certain criteria and then perform an action based on the criteria (such as changing or updating a record, or sending an email). During our implementation process, Blue Link consultants will work with your team to identify any opportunities to use ARM, but customers (and Blue Link employees) are always creating “new ARMs” every day to further automate processes. Below, we share some of the popular ARMs that we’ve set up to help our customers save hours of manual work.
Save Time with ARM
With the help of the right software system and automation tools such as Blue Link’s ARM, your team will be able to reduce manual work and automate processes.

Instead of manually emailing invoices to customers, ARM allows you to automatically email invoices from the system to customers when the sales order status changes to “shipped”.

You can also automatically email other documentation such as shipping notifications and tracking information.
With ARM, you can automatically send multiple attachments to a single email address (such as an invoice and order confirmation information) or send information to multiple emails.

Automatically populate Blue Link’s F3 notes when a report (such as a quote or invoice) is sent to the customer. This saves you from manually updating contact records every time you send information.

The record that gets added to the write-back table is then used to make sure that employees do not send the same report repeatedly and provides a means to track communication between your employees and customers.

Automatically email customer Statements with Accounts Receivables based on certain criteria to help with the collection process. This replaces the manual process of reviewing all customer accounts and then emailing those accounts that are overdue. Instead, the system will find that information for you and then automatically send a statement to all customer accounts that are x days past due or past the due date.
Automatically send website orders (either B2B or B2C) directly to the warehouse to be picked, packed and shipped if they meet certain criteria. While you may sometimes want to manually review website orders before sending them to your warehouse, in certain situations, this process can be automated instead and the criteria set by your team could be based on factors such as inventory availability, customer credit limit, type of inventory on the order (serialized, lot tracked), etc.
Automatically change the status of an order based on criteria being met such as payment received. Instead of manually updating the status, once you receive payment the system will automatically change the status to “Paid”, “Ready to Ship” or some other example, for your team to continue processing.
Automatically email spreadsheets to specific sales reps with their sales activity, commissions, etc. This provides your sales team with timely updates on the status of their accounts and allows you to automatically alert them to opportunities.

 
Other Tools to Eliminate Manual Processes
Using SQL Reports is another great way to automate processes and eliminate manual work. While in some cases users could choose to use Blue Link’s ARM tool OR SQL Reports to accomplish the same task, in the real world, the following examples would be best using SQL Reports.

Track Employee Productivity

Using SQL Reporting tools, you can schedule daily reports that get automatically sent to the appropriate people with information on staff productivity. For example, how long it took an employee to pick/pack/process an order, the employee’s fastest vs. slowest times and how much free time they had during the day.

Prevent Bad Data

Using SQL reports can help you prevent bad data – either due to missing information, duplicate information or incorrectly entered information. The system will automatically email the correct person when information is missing or incorrect for a specific screen/task. For example, if the address field or phone number field on a customer account is missing, or if a salesperson did not correctly enter or complete an order.

Generate Recurring Reports

Automatically generate daily, weekly or monthly inventory reports on a specific date chosen by the user and send to a specific email or list of emails. This helps track inventory information such as pricing, costs, inventory levels etc. and allows your team to make proactive decisions to help aid with inventory management. You can also generate recurring reports to help manage other aspects of the business too.

The above are just some examples of the tools available to Blue Link customers to help automate processes and reduce manual work.

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Business Model Examples to Boost your eCommerce Game

No matter what you’re looking for, it is easy enough to jump online and find an online store that has it, whether in your country or not. A few extra dollars for shipping won’t break the bank or waiting an extra week is no big deal when you’re getting exactly what you were looking for as opposed to settling for whatever your local store has. It might get you thinking, how does that all work? How am I able to see products selling in a country halfway across the world? eCommerce sure has expanded the scope for consumerism and allows for the flow of goods to travel much more simply than a couple of years prior. Although eCommerce may have only become common within the last decade, it constantly changes and now with the use of technology, companies small and large need to be aware of the many business model strategies to remain competitive.

We won’t get into the history of eCommerce, but we will look into eCommerce-based business model examples that you should consider if you’re competing to sell your products in the online space. Depending on your business type, the product you sell and the markets you serve, these examples can be used individually, or you could combine them to really amp up your eCommerce presence and provide your customers with the best possible experience. Let’s look at a few and learn how they can grow your business.
Business Model Example #1: Brick and Click

Brick and Click is when a company integrates both offline and online presences to their business model. This means that they operate both in-person through a physical store (Brick-and-Mortar) and virtually through online (Click) eCommerce methods. By giving customers both an online and offline channel for shopping, you are able to satisfy the needs of many consumers, near and far. A good example of Brick and Click is Old Navy. Amazon on the other hand, during its inception, did not have a physical store and was not using a Brick and Click business model. But, they did recognize the importance of having both channels and are now operating Whole Foods physical stores and Amazon Go, cashier-less grocery stores. If Amazon, the eCommerce giant of the world understands the importance of having both channels, then you should too. So, what’s the big deal? Convenience. By using a Brick and Click business model, you give your customers options and when all moving parts work cohesively, you provide the best possible experience.
Even during the Covid Pandemic, we learn how important it is for companies to be dynamic and the need to cater to consumers at a moment’s notice. We also saw that companies who weren’t able to do this, unfortunately failed.

Now that you understand the importance of having both physical and online stores, we can dig into online sales tactics, such as social media.
Business Model Example #2: S-Commerce

S-Commerce or social commerce uses social networking websites such as Instagram, Facebook, and Pinterest to promote and sell products and services. It is important to note that not only does the promotion of goods happen on social media, but the entire sales process takes place including completing the purchase right on the app itself. If you use any of these social networks, you have likely seen S-Commerce whether it be a company selling shoes as an ad or an influencer linking to their favorite brands. The Shop Now button on Facebook or the Swipe Up tool in Instagram stories are both examples of the beginning of the S-Commerce experience. Once you click those buttons or swipe up, you’re brought to an online store that is not redirected to the company’s website, instead, the shop lives right on the app.
Social Commerce is a $89.4 billion market right now. It’s projected to grow to $604.5 billion by 2027.

If you find it difficult to understand the difference between eCommerce and Social Commerce, remember that S-Commerce allows for the customer to make their purchase within the social media experience. eCommerce refers to selling a product on a website or a dedicated branded app (not a free, public social media app).
Business Model Example #3: Headless Commerce

You are already aware that your business has a front-end (what the consumers see) and a back-end (what they don’t see). When eCommerce first came around, it was common for companies to use a monolithic structure where you had to use the same hardware as you are using software. For instance, if you buy IBM hardware you must use IBM software which meant the front-end and back-end of the business are always connected. With the introduction of Cloud-based software, companies are now able to separate the hardware from software and thus separate the front end of the business from the back end. To explain simply, monolith structure requires all moving parts to be updated and released at the same time whereas with headless commerce, you would be able to change the front end of your business (photos of your products) whenever you want without disrupting anything on the back-end. Think of Target for example. They noticed that their customer base starts and finishes the buying process from multiple devices and by using a headless commerce business model, they are able to unify the customer experience across different devices and capture those customers before they moved on to Amazon or Walmart. A headless commerce business model not only allows for seamless website updates, but you also get complete ownership over site architecture, the ability to provide a much smoother customer experience by following an experience-led strategy and less work for IT teams as the SaaS provider takes on any risks in the back-end.

If you’re looking to start selling online, check out Blue Link’s Getting Started with eCommerce Guide.

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Managing Inventory Between Your Distribution Business and 3PL

Many wholesale and distribution businesses operate without physically touching any inventory, and, instead of managing warehouse space, they pay a 3rd party logistics company (3PL) to handle the receipt, pick, pack and shipping of product on their behalf. In this situation, product from the manufacturer and other vendors ships directly to the 3PL where orders are then fulfilled on behalf of the wholesale distributor – without the end customer ever knowing. This is a great tactic for small businesses who do not wish to incur the costs associated with managing and staffing warehouse space, and for businesses that sell across the country and can benefit from multiple locations strategically placed. Before you decide on a 3PL partner (or multiple), you will need to consider your options for inventory management software. Even if you are not physically managing inventory, it is still important to find a system that can work together with your 3PL partners. Below we explore some of your options.
Option 1: Inventory Management Software and Manual Processes
As a wholesale distribution business, irrespective of whether you physically manage inventory, you still need proper software in place to manage inventory purchasing and replenishment as well as sales orders, invoicing, accounting, financials, customer service, and more. When it comes to inventory management, you need to ensure that your 3PL partners have enough inventory on hand to fulfil customer orders and therefore you will need to track inventory levels, sales orders and purchase orders, and keep track of pricing, costs, sales history and margins. Some of this information you will then need to share with your 3PLs and vice versa. Therefore, one option is to find inventory management software to use in conjunction with your accounting system and manual processes. With basic inventory management software, you can track information in the system and then manually email and share data with your 3PL partners. When your 3PL partners ship an order, they would email you back the appropriate information for you to then update in your system manually. Because of the manual work required with this type of approach, it is best suited for smaller wholesale distributors with a limited number of transactions and SKUs. And remember, if your inventory management system is separate from your accounting system, you will end up doing even more manual data entry to keep all systems up-to-date. Let’s look at an example.
Example:
A customer wants to purchase product from you and so you’ve gone ahead and created a new sales order. Now, instead of sending a pick slip to your warehouse, you will email the appropriate 3PL a copy of the pick slip and potentially the packing slip too. This would alert the 3PL that you’ve created a new sales order and that their team now has to pick, pack and ship the order on your behalf.

Once the 3PL has shipped the order, they would email you back shipping confirmation details which you will have to manually enter into your inventory system
Then, once the customer receives the order/the 3PL has delivered the product, the 3PL will send you proof of receipt and confirmation that the order was shipped and delivered

Once you have proof of delivery information, you will then update your inventory system and your accounting system to then invoice the customer 

Option 2: ERP Software and Automated Processes
Option 2 involves using an all-in-one inventory management and accounting ERP system that can integrate with the systems used by your 3PL partners. Just like you need software to manage your operations, so do the 3PL companies of the world. Finding an ERP system that can integrate with other software provides more opportunities for automation – therefore, eliminating manual processes and the risk of human error.

Typically done through EDI, integration allows your system to connect directly to the system of each of your 3PL partners. This means that instead of manually sending and receiving information and then manually updating your software, the systems can directly exchange information with one another, and then automatically update data and status’. Let’s look at the same example used above.
Example:
A customer wants to purchase product from you and so you’ve gone ahead and created a new sales order. Now, instead of sending a pick slip to your warehouse, through EDI, your system would automatically communicate and send the appropriate 3PL an EDI file. This would alert the 3PL that you’ve created a new sales order and that their team now has to pick, pack and ship the order on your behalf.

Once the 3PL has shipped the order, they would electronically send you back shipping confirmation details which would automatically update your ERP and potentially trigger the changing of a status such as marking the sales order as shipped
Then, once the customer receives the order/the 3PL has delivered the product, the 3PL will automatically send you proof of receipt and confirmation that the order was shipped and delivered

This information would be received directly into your system, once again automatically populating fields of data and/or updating a status
You can also have the system set up so that updating a status will trigger a workflow to then invoice the customer

As you can see, integrating your ERP system with the software used by your 3PL partners is a much more efficient way of doing business. And, when you compare the costs and time associated with both options, you may be surprised to find that there is a clear case for electronically exchanging data – especially if you have a lot of transactions and a high order volume.
Learn More: Inventory Management Techniques
 

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How Sunset Software Affects Your Business

If you’re using sunset software, it’s time to think about getting rid of the old software and implementing something new. While the system you’re using may be good enough for some areas of your business, you are likely missing out on quite a few key tools that new software systems are able to automate nowadays, not to mention the risks associated with using outdated technology and a lack of support. It is also a good idea to think about how the system in place is affecting your processes and employees. Is everyone doing their jobs in the most efficient way or is there room for growth and cost savings? Smart business owners know the value of investing in software and understand how it can cut costs and increase productivity.
Sunset software refers to old software that is being phased out or retiring. It has not been able to be updated in recent years and/or is resistant to change either because the company has decided to stop support and development on the product, the company no longer exists, or the technology available at the time of inception has completely changed.  
30 years ago computer knowledge was minimal, 15 years ago we discovered how useful computers can be and how implementing software meant expedited processes and money savings. Since then, it seems every year, there are thousands of changes made to the internet, computers, and software. Change is everywhere, especially with technology. If you’re using sunset software, are you noticing slow run speeds or missing tools that seem to be available with all the new ERP software? Your business has likely changed throughout the years and you may have found the need for tools you didn’t think you would ever use. And if the COVID pandemic has taught us anything it’s that we need to be adaptable to change at the drop of a hat. Updating software is like updating your smartphone. Without updates you’ll notice slower speeds; some areas of the technology won’t work the same as they once did and a lack of support from the company. While it’s easy enough to update your smartphone or get a new one, system updates for your business’s software are slightly more important.
Risks Associated with Application Sunsetting
If you’re using sunset software you risk security issues, IT issues, upgrade issues and more just because of the lack of support. If your software provider is scaling back their human resources only a few people around will still know how to help you should you run into any of the above issues. Having ongoing support is imperative when you’re using software because if the operating system or your computer breaks you will be out of luck and will completely lose access to the software.

Another risk of continuously using sunset software is the missed opportunities associated with new technology. Not only has the available software’s changed but so too has the way you do business and the new processes you can put in place. A few examples are:

The ability to do EDI transactions
The ability to integrate seamlessly with a website
Barcode scanning from mobile devices using Bluetooth technology

How Cloud-Based Software Helps
Switching over to a cloud-based solution has many perks but one of the most beneficial one is the one-time opportunity to cleanse your data – an opportunity you should take advantage of! You’ll be able to remove duplicate content, choose one format for data information entering, and organize your contacts to your liking so that when you’re ready to go live, everything is in place for the most user-friendly experience (both internally and externally).

You may have already done some research on cloud-based solutions and found prices to be quite unexpected but as a part of monthly fees, most cloud-based solutions include year-after-year upgrades and maintenance of the software. This means if you’re running the same system for 15 years, you’re always up-to-date on the latest and greatest technology. Think of it as a competitive advantage because, with society’s reliance on technology, you’re going to want to be using the best software that can perform tasks commonly expected from today’s consumers (such as seamless integration with websites).
Benefits to Keeping Software Up-to-Date
Having software that remains up-to-date allows your business to grow at the same speed as technology growth. You’re able to take advantage of new technology such as AI (artificial intelligence), eCommerce, wireless barcode scanning, reporting and analytics and more). These recent technology advances may not have been around when you first started your business, but they can likely assist in the growth of your business. When you use the most up-to-date software, you also allow for better interactions with your partners and vendors by being easy and adaptable to work with. For example, if one of your customers wanted to share information between systems, you will easily be able to ensure the technology you’re using is compatible with the technology they’re using. If they have a 2021 version of their software and you’re using a 2005 version of your software, data exchange will not be simple.

Not only will keeping your software up-to-date allow for better interactions with your current clients but it will also allow you to discover other avenues of industries and sales channels. If your software vendor is always updating their technology, they are likely aware of most industry trends, and you can take advantage of their expertise. A great example of this is eCommerce. 10 years ago, as a wholesale distributor you probably didn’t care about selling online, but now (and especially with the Covid pandemic) having an online store allows you to remain competitive.

If you’re looking to transition to new software and are curious about pricing take a look at our ERP Pricing Guide.

 

 

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How Distributors Can Manage Scheduled Drugs with Software

One of the biggest challenges for wholesale distribution businesses in the pharmaceutical industry is managing Scheduled Drugs, Limits and Licenses. To help manage these requirements, many small and start-up pharmaceutical wholesale distributors use manual processes and spreadsheets, but this is a very time-consuming process and prone to human error – a serious concern for pharmaceutical businesses where violations can lead to huge fines and the loss of your license to buy and sell product. 

Instead, it’s best to find a software solution that can help manage Schedules and Limits in addition to all the other regulatory requirements in the pharmaceutical world such as Suspicious Order Monitoring, Transaction History Management, Lot Tracking and more. Ideally, this piece of software will also be able to handle all your operational requirements including purchasing, accounting, financials, contact management and warehouse management.  
A Quick Overview of Schedules
In the United States, all drugs, substances and certain chemicals used to make drugs are classified into 5 distinct categories (known as Schedules). These Schedules are based on the drugs acceptable medical use and the drug’s abuse or dependency (addiction) potential. There are 5 categories (Schedules I through V) starting with Schedule I drugs which have a high potential for abuse and can lead to severe psychological/physical dependence, to Schedule V drugs which have the lowest potential for abuse. Common examples of drugs found under each Schedule are as follows: 

Schedule I: Heroin, LSD, Ecstasy 
Schedule II: Vicodin, Cocaine, Methadone
Schedule III: Ketamine, Tylenol with less than 90 mg of codeine, Anabolic Steroids
Schedule IV: Ativan, Ambien, Valium
Schedule V: Robitussin, Lyrica, Lomotil

While the DEA will assign all drugs a Schedule, these Schedules can be changed later and each state can choose to change the Schedule of a product, as long as it’s never lower than the Schedule assigned by the DEA. Some states have other specific regulations around drug Schedules. For example, some states require that any distributor wishing to sell Scheduled drugs in that state must have its “NABP Drug Distributor Accreditation” (formerly known as “VAWD” – Verified-Accredited Wholesale Distributors). Having this accreditation is similar to being ISO Certified  but in the pharmaceutical industry. 
Managing Scheduled Drugs with Bue Link Pharma ERP
To help simplify drug inventory management, Blue Link provides many great features in our Pharmaceutical ERP software to maintain accurate information and meet regulations. For pharmaceutical distributors dealing with Scheduled products, Blue Link ERP allows you to…

Assign Schedules for both DEA/Federal and States (as applicable) to each product/NDC
Assign Licenses to each customer ship-to location with expiration dates, track State License information if applicable, and manage all associated Schedules the customer can purchase under the specified Licenses

State Licenses can only be associated with the specific ship-to State

Notify the software user when a customer’s License is close to its expiration

A color-code system helps users easily identify which customer Licenses are close to expiration or have already expired
Users can also generate reports with information about Licenses that will be expiring soon

Blue Link also has checks in place to prevent product from being added to a Sales Order if there is no active License for the customer’s ship-to location, and when products are entered into a Sales Order, the system automatically checks that there is an acceptable License. 

If a user changes the ship-to location for an order, Blue Link performs a re-calculation to determine if the new ship-to has an acceptable License and if not, the system removes the products from the Sales Order.

This includes Sales Orders coming from Blue Link’s B2B Online Order Portal which get automatically re-calculated to ensure active/acceptable Licenses each time. 

To further verify license information, Blue Link performs an acceptable License check every time a process is performed on a Sales Order (i.e. printing a pick slip). If there is no acceptable License, the process will not be completed. 

As you can see, using Blue Link Pharma ERP makes it nearly impossible to violate Schedule and Limit regulations when it comes to selling product to customers. This is just one example of how Blue Link ERP helps pharmaceutical distributors manage inventory and sell product, without having to manually track and worry about meeting regulations. These pharmaceutical features are just one set of tools available as part of Blue Link’s full ERP solution. 

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Electronic Payment Methods for Secure Transactions

Whether you’re paying rent for your warehouse or leading the implementation of new software for your business, one thing we all know for sure is that nothing is free. If you’re a business owner, you probably have to keep track of making payments to retailers, suppliers, vendors, and employees every single day. With so much money coming in and out of your accounts, it’s best to be aware of all your payment options. Although cash remains the most popular payment method for Americans, with 30% of all payments being made with physical money in 2017 it doesn’t make a whole lot of sense to pay for everything with cash. For example, if your company implements ERP software and you have to pay a monthly subscription fee, you will want to automate this process and track those payments to ensure they are completed on time. Explore the different electronic payment methods and discover what’s best for your business.
EFT Transfers
EFT stands for electronic funds transfer that moves money from one account to another electronically over a computerized network. To make an EFT payment, you must know the details of your recipients’ bank account information and once you authorize the transfer, the money will be taken from your account and deposited into the recipient’s account. You will have used EFT technology if you’ve sent money to a friend using an app on your smartphone or if you’ve used online banking to move money from your checking to your savings account.

Types of EFT Transfers:

Direct Deposit (ACH)
Wire Transfers
Phone payments
Mobile wallets
Electronic Checks
ATM Transactions
Debit Card Transactions
Internet Transactions or Computer Banking

Cost: Depends on the type of EFT transfer. For example, certain ATM transactions have a cost associated with them while other transactions may be free.

Processing Time: The EFT Transfer may take anywhere from one to four business days. Some electronic funds (e.g. wire transfers) are usually sent and received within the same day. Keep in mind that there may be certain cut-off times in place. For example, if you initiate a transfer after 7 pm, the transaction may only begin the next business day.

Limits: Depends on the type of EFT you’re transferring.

 
ACH Transfers
ACH transfers are electronic, bank-to-bank money transfers processed specifically through the Automated Clearing House (ACH) Network. It is important to note that an ACH transfer is a type of EFT transaction but not all EFT Transfers are ACH transactions (e.g. Wire transfers). There are two types of ACH money transfers that you may already be using. The first is to pay your staff through direct deposit which allows any business or government entity to deposit funds to a consumer. This includes paychecks, tax refunds, interest payments etc. You can also use ACH Transfers to send money to other individuals or businesses and organizations that you are paying a service for. The person (or company) sending the money will see an ACH debit in their bank account while the person (or company) receiving the money registers this as an ACH credit in their bank account.

Cost: Depending on where you bank, ACH Transfers are usually free. If they do charge a fee, it is often only just a few dollars.

Processing Time: You can expect the transaction to transfer the funds in one-two business days once initiated.

Limits: Many banks impose a limit either per transaction, or you may have daily, weekly or monthly limits. The bank may also impose limits on destinations, so it is a good idea to check with your bank before sending an international ACH Transfer.

 
Wire Transfers
A wire transfer is a type of EFT transfer done electronically across a network of banks or transfer agencies around the world. A wire transfer allows for the safest movement of money to people and financial institutions around the globe. The sender will first pay for the transaction at their bank and they will contact the recipients’ bank with payment instructions through a secure system such as SWIFT. The recipients’ bank will receive all the information and deposit its own reserve fund into the correct account. The two banks will then settle the payment on the back end after the money has been deposited. In some cases, a non-bank wire transfer company like Western Union does not require bank account numbers. Conveniently, their international money transfer service is available in over 200 countries.

Cost: Some providers charge anywhere from $15-$35 per transaction. International wire transfers can cost as much as $45.

Processing Time: A local wire transfer can be received within a few hours. International wire transfers can take as long as two business days to process.

Limits:  There are no laws indicating a limit to the amount of money you can wire transfer, but some individual banks often cap the total amount.

 
Email Money Transfers (EMT)
Interac e-Transfer
Interac e-Transfer is provided by the Canadian company, Interac which is involved in creating interbank networks to facilitate financial transactions between banks. In order to send an Interac e-Transfer all you need is the recipients’ phone number or email. When you have sent the transfer, the recipient will receive a notification and deposit instructions. To access the funds, the recipient must answer a specific security question that is set by the sender. In some cases, a recipient can sign-up for auto-deposit which will eliminate the need to check your email and answer any security questions. Once the funds have been accessed, the sending bank or credit union communicates with the other institution to finalize the transfer through established and secure processes. There is no actual physical flow of cash – the actual money is transferred via existing bank fund transfer networks.

Cost: Generally, Interac e-Transfers can be completed at no additional charge.

Processing Time: When sending an Interac e-Transfer, as soon as the recipient accepts the money via email or text, the funds are deposited immediately.

Limits: Your Interac e-Transfer limit is based on your client card’s daily access limit set through your bank. In some cases, your limit can be temporarily increased.

 
PayPal
PayPal is an electronic company where customers can make an account on their platform and connect their credit card or checking account. While making an account, users transfer money from their bank into their PayPal account. Once the account is verified and proof of funds is confirmed, users can then send or receive funds to and from other PayPal accounts online or through the app using the recipients’ email or phone number that is associated with their account.

Cost: PayPal offers many different transaction options that range in price from free to 5%. A list of all options can be found here.

Processing Time: It can take 3-5 business days for your funds to be available for use in your account. When purchasing or sending funds, the transfer should take no longer than 30 mins.

Limits: There is a limit of $10,000 in a single transaction but you can increase it by linking your credit card and lifting the limit.

Based on the limiting factors, both Interac e-Transfer and PayPal may be better suited for personal use rather than business.

If you’re implementing anything new at your company and are experiencing change, take a look at our Change Management Guide.

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6 Tips for Researching ERP Software Vendors

According to research expert Joseph Johnson and a recent Statista report, Google accounts for 86.6% of the global search market with over 3.5 billion searches per day. So, it’s no surprise that most people looking for information navigate to Google as their first source of data. Plus, millions of marketing teams around the world spend their days creating content and designing websites to make it even easier for Google to find and share the information that customers want. When searching for new ERP software for your business, Google is frequently the first source of information. However, there are several other places you can look for information about the right system and tricks and tips for making the most of your Google searches (whether you’re looking for ERP software or buying a new couch). Continue reading for more information on how to research an ERP system and Google search tips to help make the most of your online search efforts.

6 Tips for Researching ERP Software Vendors

Ask People in your Network
Perform a Google Search
Determine What Keywords Are Important to Your Business
Do Your Homework and Read ALL the Information
Don’t Forget About Review Sites
Consider Using 3rd Party Consulting Sites for Complex Business Needs

Ask People in Your Network

When searching for an ERP system to manage your business, the best place to start is to ask for a referral to software that has been tried and tested by someone you trust. Are you friendly with your competitors? Do you have friends in the industry or are you part of any trade organizations? If so, speaking with these people is a great way to get the inside scoop on which systems are best (and which ones to avoid).

Perform a Google Search

Even after you’ve asked people in your network for specific recommendations, you will still want to search those results online and use Google to find other options. When you do search on Google, the more specific you can be, the better the results. Searching for ERP software will yield millions of results and is too generic of a search term, meaning it doesn’t provide enough context around what information you want. Instead, choose your search keywords carefully and try to search based on your industry or specific requirements – for example, ERP software for wholesale business. You can also use Search Operators to help refine your Google search even further. Google has put together a great resource of all their search operators, such as the ability to search a specific site by using the following format: 

Add the word “site:” in front of an existing website URL and then enter your search term to search for information on a specific website – for example, site:www.BlueLinkERP.com “customers” 

 Determine What Keywords Are Important To Your Business

When searching using Google, or when speaking with potential software vendors, consider if some of the keywords you’re using have multiple meanings.  A great example is searching for and talking about inventory management as it can mean many different things in different contexts. For example, when it comes to inventory management…

Do you need inventory management as a company that buys and sells different product?
Do you need inventory management as part of your production processes? Do you need to manage raw materials and finished goods?
Do you need inventory management to manage internal assets and equipment? Inventory that is used internally by you and your colleagues?
Do you need inventory management for rental items?

Each of the different scenarios above imply very different business processes and requirements, so once again, make your search as specific as possible when using Google and read all the information on a software vendor’s website to ensure you’re in the right place.
READ MORE: Blue Link’s Software Buying Guide
Do Your Homework and Read ALL the Information

Expanding on the last point from above, while it can be very time-consuming to sift through multiple websites looking for information, spending extra time in the beginning doing research can save you time down the road. Many software vendors (Blue Link ERP included) provide advanced features that are more industry-specific and can be added to the company’s base software package. When you do find a website/company promoting a specific feature, double-check if it’s available as a standalone product or included with the full set of ERP tools. For example, if you’re searching for inventory management software and find a website page promoting the functionality, make sure to read the information closely to check if the inventory management is a standalone system or included as part of a full ERP with accounting, warehouse management, order entry and processing and more. This will save you time speaking with vendors who only offer a subset of the functionality you need (or who offer more than what you’re looking for).

Don’t Forget About Review Sites

Review sites are another great way to get information about a company and its products before you start speaking with vendors. Many review sites categorize products which can help you create a list of potential vendors to do further research on. When reading reviews, look at the dates of the information and read both positive AND negative reviews. This will help you determine if the reviews are legitimate, what specific areas of the software are good/bad and whether a review is from a disgruntled customer or is cause for legitimate concern.

Consider Using 3rd Party Consulting Sites for Complex Business Needs

3rd party consulting sites such as SoftwareAdvice.com and SoftwareConnect.com are a great resource for creating a list of potential vendors and finding a software solution, especially if your business has very unique requirements. These sites provide free services and will recommend solutions based on your requirements, processes and budget. However, be mindful that these types of sites only recommend vendors that have a paid membership. So while they are great if you have unique business processes and need help getting started, you’re better off performing an initial Google search if your business operates following standard processes.

The next time you’re using Google or researching systems for your business, keep in mind the above 6 tips for researching the different options to make the most of your search efforts! 

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