Are you having a hard time planning the demand for each product and manufacturing accordingly? Do you have real-time information about your products in stock?
Optimize your order management, eliminate human errors, and speed up the delivery of your products.
An optimized order management system properly manages the lifecycle of your customers’ orders providing complete visibility and order control. This, in turn, results in completing all processes and order delivery without errors, which on the other hand controls costs and generates revenue.
Your order management system has a direct impact on your customers as well, since nowadays, customers expect to have detailed information about their order all the time and delivery on time. An optimized and effective order management system:
- Anticipates problems and develops more efficient processes
- Provides a single view of inventory and real-time information about the stock
- Ensures delivery on-time
- Provides seamless customer experience
- Uses data to improve order management and customer experience
Our Order Management System solutions focus on the entire lifecycle of an order, starting from sending and accepting an offer to final customer delivery.
Order Management Process Flow
The following diagram depicts the directed flow of activities of an Order Management Process.
What is Order Management System (OMS)?
An Order Management System (OMS) is software that helps companies manage their orders and inventory. The system ensures all inventory management is handled with little to no errors, enables automatic new inventory entrance into the system, tracks sales with the use of different selling platforms, alerts management when inventory stocks are low, etc.
Automating order-to-cash processes is another characteristic of OMS and it begins when a customer places an order to shipment. Order Management Systems are suitable for companies of various sizes and industries and are equally efficient for B2B and B2C companies. Another great advantage of Order management software is its shareability, as it can be used by the sales team, accounting, marketing to the warehouse staff and to management. Top systems also include stock management options and real-time inventory analysis. Establishing an effective order management system enhances the business workflow and increases customer retention rate. To put it simply it aligns people, processes, and partnerships needed for the products to get to the customers that bought them.
How does an OMS work?
The order management system includes the entire process once a customer places a request and pays for the order. The system works by merging orders from different channels in one place. For example, if a company sells both on Amazon, eBay, and a brick-and-mortar store, it can manage all orders from one place and on one screen. This enhances the order management process and ensures simplicity because there is no need to log in to individual sales channels or POS systems. On the contrary, everything is managed from the beginning to the end from one central place.
There are four parts an OMS covers:
- Orders – merging sales from various channels in one platform,
- Inventory – synchronizing inventory from every channel, real-time, making sure that stock-out is prevented,
- Fulfillment – synchronizing picking, packing, and warehouse processes and integrating them with shipping carriers,
- Reverse logistics – enable one place for the company to manage returns.
Why is OMS important?
In today’s modern world customers want to buy products 24/7, but they also want to return them at any time and any place. Sometimes they buy things online but return them in the store. They also expect to receive online orders as quickly as possible, without considering stock options. We are witnessing a time when everyone shares their experience with just one click, and customer reviews are getting more important and viral every minute.
In a complex system that involves multiple channels, each product should pass through various teams or locations to reach the final client. Having an OMS will save you time and money and ensure great customer service in the end. The importance of the OMS is significant because it will help with stocking products, processing orders, routing and processing, fulfillment, delivery, and reverse logistics. With the use of an OMS system, a company improves customer satisfaction, ensures inventory awareness, reduces errors, increases order efficiency, simplifies multiple-channel selling, and stores all information in one place.
In 2020, the total European e-commerce grew to €757 billion, which is up 10% from €690 billion in 2019. This just talks about the rise of e-commerce demand and the importance of one-click processes that customers expect. To increase customer retention companies must act proactively and satisfy customer needs using modern systems like OMS.
Key features of an effective OMS
No matter of the size of your company, and the business line it operates, i.e. B2B or B2C, there are a few key features that should be taken into consideration before choosing the software that will manage your orders:
- It should be a sales channel – An OMS software stores and combines information from all points of sales, from online to call center order to offline. There are also cases where certain products can be sold in various currencies.
- Supporting sales – The availability of products and certain information about the products are updated in real-time thus making it easier for clients and employees to have up-to-date information. An OMS system also handles product returns and exchanges which is an important part of the customer experience.
- Database of customers – This refers to all the contact information and purchase activities of customers. Sales teams benefit from this information as they recognize loyal customers and can act in accordance.
- Inventory management– Besides an integrated view of all inventories which helps manage and track stock levels, an OMS system also directs orders to the proper warehouse and finds the best options for shipping and tracking orders.
- Integration with accounting – All data from the OMS goes into the company’s accounting system thus reducing the need to enter data twice or transfer it in a distinct process.
Create an order management system that exceeds your customers’ expectations. Explore our solutions and let’s connect.