An order management system is a digital way to manage the lifecycle of a particular order. It tracks all the data and processes, including inventory management, fulfilment, order entry, and after-sales service. An OMS offers visibility to not only the business but also the buyer. Firms can have near real-time insight into customers and inventories and can track when their orders will arrive. Investing in b2b order management software that will help you grow your business while protecting it from online threats is one of the ideal ways to do this.
We should talk about what 2021 is seeing – preference to order online for complete transparency, rising b2b eCommerce and why users hate calling and chatting to order but use their own convenience as a time of working is flexible.
Order management software ensures fulfilment via robust order capture, validation and release; pick, pack and ship functionality along with drop-shipping; customer communication and shipment confirmations.
After the order, a full-featured inventory and customer management software enables easy payments and shares that data with financial systems. In case the customer decides to return an item, the software sets rules for processing their returns from all channels, crediting the customer account process and fulfilling exchange requests.
So, what can you do with a reliable order management system?
- Manage multiple price-lists
You can create a unique b2b channel for every group of consumers for better price management as inventory management software allows you to stay a differently priced catalogue for every channel.
Easy updating of product prices across all of your online and b2b channels in a single go. You can opt for uniform pricing or have different prices as per every channel. - User permission
You can set user permissions for your employees and simply track their work. Define the degree of permission you would like for each store and inventory for better control of your team and processes - Barcoding
Add products to sales or purchase orders by scanning the generated barcodes. This makes the checkout much quicker and the accurate inventory is maintained. Print barcodes that support your requirements from the list of templates we offer. - Multi-location stock management and transfer of stock
Ensure easy transfer of stock between your different channels of sale and between your warehouses, that support demand. The inventory level at the particular store automatically gets updated. - Sync inventory with online channels and stores
Your distribution business shouldn’t impact the supply of stock for online sales. Inventory and customer management software inventory management software blocks inventory for online orders received so you’ll manage your reputation as a reliable merchant across channels. - Wholesale inventory tracking
Bulk orders can be daunting. Whether you sell jit or back-to-back for your distribution business, it’s important to know what proportion of inventory you’ve got and how much you would like to acquire or manufacture. - Sync your sales with Quickbooks online
Order management in inventory and customer management software makes sure that all your purchases and sales in our b2b software get synced into QuickBooks online automatically. You obtain an up-to-the-minute financial status of your company after the inventory gets automatically updated into QuickBooks. - Generate invoices
Choose an invoice template from our inventory management software and print them as repeatedly as you would like or customize it with additional details like your logo, brand, and contact information. - Accept payments
Send your invoices with a payment link to your customers anywhere within the world and obtain paid instantly!
Why should you use it?
Inventory and customer management software becomes increasingly important, for two primary reasons. First, it helps you meet customers’ expectations that they ought to be ready to use any channel to order products, and will have a choice of whether to have them delivered or pick them up in stores, and will be ready to return or exchange products anywhere.
Second, the inventory and customer management software supports distributed order management: it helps you fulfil an order that involves shipping items from multiple locations, without an equivalent rise in costs.
An inventory and customer management software also enables you to handle increases in sales volume as your business grows. An inventory and customer management software automates many steps that previously required manual involvement. This increases the efficiency of your order management process. Because that improves the company’s ability to process orders efficiently and quickly, inventory and customer management software may increase customer satisfaction and enhance your cash flow and profitability.
- Plan purchasing better
With order management software, manage your purchase orders for better inventory tracking and purchase planning. - Accounting integration
Inventory gets automatically updated on this accounting software and you get the up-to-the-minute financial status of your company. - Wholesale inventory tracking
Bulk orders can be daunting. It is necessary to understand how much inventory you have and how much you need to procure or manufacture even if you sell back-to-back for your distribution business. - Makes it easy to require care of orders on different sales platforms.
With the help of the right B2B order management system, you will be able to accept orders via all the varied sales platforms that your customers use. It doesn’t matter if a customer placed an order telephonically, face to face or online because it will be much simpler to induce a general summary of what’s going on (and the info are going to be far more reliable and accurate too). - It’s faster
This is probably the foremost significant advantage of investing in an order management system. An advanced order management system can help you in automating many of the processes like assigning and fulfilling orders, updating shipping information and updating the inventory. Not only will your employees be less frustrated, but it’ll assist you to induce your orders to be shipped and delivered faster. All in all, it’s far more cost-effective than trying to manage this process manually. - Returns management
Ease of tracking and recording of returned goods from your clients. Generate the updated invoice indicating the returned product and obtain updated inventory instantly. Refunds for payments made on the order are easily processed. - Multi-currency
Make transactions in any currency from your sales outlet. Accept payments in any currency from your online sales channels across the globe. - Invoice management
Choose an invoice template from our billing software and print them out as many times as you wish or customize it with additional details like your logo, brand, and contact information. You can also prefer to use the marketplace invoice.
So how can you avoid common mistakes when choosing an order management system?
- No competitive bid processes
Conduct a multi-vendor bidding process. Not only will you get the simplest price but creative vendor analysis and proposals may give systems insight into your business that you simply wouldn’t have gained. Keep two finalists until the very end. In many cases companies develop a favourite vendor. - Have fixed locations issues
Except for when that space is full, Every item has its place. Then it’s sent to the overstock location. The potential for flexibility to allocate high-demand items closer to the pack is eliminated when necessary. It also means that warehouse space is not fully optimized, costing money and resources. - Not having fair and balanced contracts
You only need an honest contract once you need an honest contract. Most contracts are obviously biased toward the seller. - Mixing two or more orders
Many times, one operator is tasked with collecting various items from different orders directly. However, this system is sort of risky because one lapse in attention can cause a blunder when packing orders. - Unauthorized item replacement
When handling stock breakage, if an item must get replaced by another, it’s vital to properly register this replacement within the system. This action can greatly affect the stock management process. - The orders are more complex
As mentioned earlier, b2b businesses more often than not sell in bulk. The average buying cycle is additionally much longer, this makes the orders more intricate than a b2c online sale. This is why b2b businesses are in need of more sophisticated technology. - No prioritization when picking
If you don’t prioritize your orders often, then the most recent sales order items will be picked up first by default. This can mean that the previous orders or more important orders have been neglected or delayed. - Failure to develop detailed business requirements
This is one of the main areas that companies try to shortcut the effort and end up hurting themselves. Develop a requirements document; gain user sign-offs; turn that into an invitation for proposal (RFP) document or design document. - Picking technology over functionality
Balance technical decisions with all other factors. Platform and systems technology is important. But what quantity functionality are you abandoning by selecting the absolute forefront technology? Deciding on technology foremost without sufficient functionality will be a mistake to pay for. If the functionality could be a great suitable business, but the technology is antiquated, how will you be ready to integrate other business applications? You need to be ready to strike the correct balance. - You have paper-based picking.
While executing this kind of operation, the paper must be printed and carried with the picker. This is not only a lengthy process; it’s also highly inefficient and leaves an outsized margin for error thanks to lost or unfulfilled orders.
The bottom line – how will this change your business in 2021?
The final thought is that a transformation framework for businesses is required after this pandemic. Tools that can have a positive impact on the bottom line is a must-have. It is all about creating sustainable systems and models.
Successful small business owners who have survived this pandemic are the ones who have always brooding about a way to increase their earnings. When the times are rough, every little bit of extra money helps. And when things are back on track, a healthy bottom line can assist you in building up an emergency fund, or even in expanding your business.
Here are some strategies to think about if you’d wish to improve your bottom line:
- Work smart
Handing off non-essential duties to others can liberate time you’ll use for strategic planning, investigating new opportunities, and other high-level tasks that make the simplest use of some time. - Utilize the power of a mentor
There are numerous people around you that have been doing this for much longer, and the experience they possess is valuable to them as well as to anyone who cares to learn from it. Find someone who understands what owning a business is like, and learn from their mistakes and successes. - Focus your marketing efforts
If you would like to be heard and understood, just shouting out to the entire world is far less effective than tapping one person on the shoulder who might actually be interested in what you have to say. Do some research, consider who is presumably to profit from your product or service, then consider the way to reach out to that group of individuals. Make sure you’re targeting the right demographic with your marketing messages. - Adjust your pricing modelThere are an entire host of things that you simply can do to extend your sales turnover, adjusting your pricing model being one of the foremost effective. Once you perform this significant task, you’ll find it easier to succeed in, engage, and ultimately retain your target market members.
- Cut down on expenses
If you’re serious about improving your company’s bottom line, you want to plan to cut your monthly costs. Switching utility providers may be simple yet effective thanks to performing this all-important task. This will assist you to stretch your money further with relation to staying on top of your payment demands and investing in your company’s bottom line.
Don’t stop learning
No matter how good you’re at your job, don’t ever become too comfortable. Never stop learning and searching for tactics to enhance. Times change, as do technologies. Make sure you stay on the cutting edge for as long as possible.
In 2021, your B2B business will be expected to have great inventory and customer management software in place. Order Circle is one of the best options in the market for those looking for an easy-to-use system that can grow with you as your company does. If you’re ready to take advantage of all our features and get started today, give us a call or stop by our website!