Value-added resellers (VARs) position themselves to help their customers drive their businesses forward with IT solutions. But to do this, you need access to accurate and unbiased data. Unfortunately, many VARs today face data challenges that limit their ability to provide the best possible service to their customers.
In this blog post, we will explore three of the most common data challenges faced by VARs:
Dependency on original equipment manufacturer (OEM) and distributor data
Lack of process for monetizing existing data
Difficulty accessing data
We will also discuss how you can overcome these challenges and propel your reselling opportunities forward.
Supply Chain Dependencies
Data integrity is more important than ever in today's sprint towards a digitally transformed industry. A successful business runs on informed decisions, and as a reseller providing value-adds to your customers, dependencies on OEMs and distributors can impact the speed and accuracy at which you deliver your solutions.
When it comes to IT renewals, timing is everything. Distributors and OEMs often notify resellers of a pending renewal just two weeks in advance! This doesn't give partners or customers enough time to make an informed decision that's in their best interest. The information provided is dated and inaccurate, making it difficult to correct within the limited timeframe. This leads to several issues, including lost business opportunities, return to service fees, and decreased customer satisfaction.
OEMs, distributors, VARs, and end-users are essential links in the chain, but the flow of information between them is rarely smooth. For example, if a distributor misregisters an asset to another end user, or even themselves, the data record is jeopardized. To a reseller, this means when the asset comes up for renewal, potential revenue is minimized since the true owner is lost. The true customer suffers when they go to call for support, but the OEM has no record that the item belongs to them in the first place!
While each member of the supply chain plays an important role, the sheer number of players means greater risk for irregularities in the data.
Lack of Process for Monetizing Existing Data
Many VARs have extensive data at their disposal, but they lack a process for monetizing it, leading to lost opportunities, revenue, and decreased customer satisfaction. To overcome this challenge, VARs need to develop a strategy for monetizing their data that is efficient and effective.
In VARs, it's common to prioritize new sales over renewals. But this comes at a high cost. VARs with a renewal management platform capture an additional 30% of revenue compared to those who omit renewals from their business plan. In addition, if you're a VAR trying to digitally transform or streamline your workflow, leaving renewal revenue on the table is short-sighted.
Difficulty Accessing Data
As a VAR, your focus should be on developing relationships with customers and ensuring their satisfaction with your services. Instead, one of the biggest challenges faced by VARs is accessing the data they need on time. Often, OEMs and distributors have different portals and processes for providing data, making it difficult for VARs to get their information.
How to Overcome Data Challenges
VARs face unique challenges when it comes to data management. Often, the OEMs or distributors are the source of the challenge rather than the solution. By overcoming data challenges, VARs can ensure they provide the best possible service to their customers. Additionally, they can avoid decreases in revenue and customer satisfaction.
To solve common data challenges, consider subscribing to a comprehensive IT asset management and renewal tool like ServTrax. ServTrax differentiates itself from existing OEM portals with its ability to normalize data across the supply chain regardless of provider.
We have found that it's easier to join an existing PaaS (Platform as a Service) with data entitlement APIs than it is to build your own from scratch. Not only will this provide a single source of truth, but ServTrax also performs checkpoints across the supply chain. It validates IT asset and contract data to ensure that everyone has access to accurate information, helping to avoid confusion and ensuring that tech support is always going to the right place.
An ITAM (IT asset management) platform like ServTrax automates and tracks data, keeping VARs top of mind with customers while boosting your ability to capture the total value of renewal contracts.
ServTrax ensures that you have the information you need to make profitable decisions rapidly and efficiently. This means you can focus on your core business while entrusting supply chain management to industry experts.
If you’re currently struggling to overcome any of these data challenges, get in touch today before your customers suffer impact to their operations.