Order management software is designed to support stock management efforts. Often used in e-commerce, mobile shopping and multi vendor environments, order management is closely related to inventory management, as both fields tend to overlap. However, order management is more heavily geared towards the outgoing aspect of stock management and helps vendors keep track of stock levels with low stock notifications, analyses and reports on popular products, computer-assisted customer data capture and automated category management. Common users are online retailers, stock or warehouse managers, merchants and even small shops offering product delivery. Read the full software guide...
Order management software is used by businesses across multiple industries to efficiently manage both inbound and outbound orders.
As a process, order management is the administration of key processes within an organization that deals with orders for goods and/or services. Order management software, otherwise known as an order management system or OMS, helps to automate and streamline the entire order management process for businesses, especially those in the retail industry.
Most order management software solutions provide accurate inventory data in real time, allowing businesses to always remain on top of inbound and outbound goods. The system provides a comprehensive database of both customers and vendors and a detailed record of customer returns and refunds.
Order management software also offers information on billing and payments, general ledger data, and order processing records.
Order management is about the process of keeping track of orders that are arriving at your business to stock up your inventory and the orders that are going to your own customer. It is also about managing the personnel, the activities, and the partnerships needed in order to fulfill those orders.
The process involves monitoring the order itself as well as managing the information around the customer—from their previous purchases or order history to the frequency and volume of their past orders.
Order management software solutions are designed to facilitate stock/inventory management processes and track orders for inbound and outbound goods. The software solution is typically used in eCommerce, retail business, online shopping, as well as multi-vendor environments.
The functionality of order management is closely related to another eCommerce process known as inventory management, as many of its functions often overlap. The difference, however, is that order management emphasizes more on the outgoing or outbound aspect of the stock management process.
There are many different types of order management software. Some solutions are standalone systems. Others come as one of the main features of all-in-one inventory management platforms like Cin7, Unleashed, Ramco Logistics, and AFM Suite. There are also those that are available as modules of an enterprise resource planning (ERP) system.
Additionally, order management software solutions are also available as an on-premise or cloud-based system. The main difference between both deployment types is that the on-premise solution is installed locally on the organization’s in-house computers and servers and managed by their own IT teams.
Cloud-based systems, on the other hand, are essentially hosted by the vendor or service provider in their own servers. Businesses and organizations that are paying for the service can access the platform itself via web browsers and downloadable applications.
Finally, there are order management software solutions that are used for financial securities, which are generally available as standalone systems or modules for practice management software (PMS) systems. These solutions are designed to facilitate trade orders simultaneously across a number of different funds. The IT infrastructure in this particular solution helps to lower operational risk.
Most eCommerce or retail businesses generally have multiple order capture solutions, from their point of sale (POS) systems and inventory management software to warehouse management and enterprise resource planning solutions. More often than not, these platforms already come with some type of order management functionality.
However, if you’re looking for a solid order management software solution, there are a few key characteristics you should look for before deciding on a particular product, vendor, or service provider. The solution has to be able to cover the basic requirements and standards of your organization.
The first thing you have to do when choosing order management software is to identify what your company actually needs when it comes to the process of managing orders and inventory. Once you figure out which aspects of that process your business is lacking, you can start researching solutions that actually help make your order management process more streamlined and efficient.
A good order management software solution allows users to access their inventory across multiple locations, including inbound and outbound orders. It also stores and provides access to up-to-date customer data and lets businesses keep track of order fulfillment status from multiple sources in a single clean interface.
Companies and organizations that want to buy a dedicated or standalone order management software solution should also think about opting for a product that allows them to easily define and tweak fulfillment rates in order to optimize and provide top-notch customer experience.
When it comes to business process software, integration is crucial. In the case of order management software, having the ability to integrate the solution with other existing systems will provide users with a single, real-time view of their customer orders and fulfillment operations. This will allow in-store pickup of online purchases, shipping to and from the store, real-time returns processing, and more.
Finally, the software solution you go with should be properly optimized for mobile devices, given that the majority of online shoppers today use smartphones, tablets, and other mobile devices to purchase products online. A mobile-optimized order management solution will also enable store associates to locate out-of-stock items for customers at other store locations.
There are many benefits to using order management software and incorporating it into your existing business process solutions. A good order management system will help save businesses time when doing inventory, placing orders for restocking, and monitoring inbound and outbound orders. It will also minimize errors that are common in traditional order processing, which are performed manually.
In addition to saving time and reducing errors, order management software also saves money. When switching to a good order management system, businesses will be able to integrate multiple functions into one cohesive platform. There won’t be a need to spend money on separate solutions like accounting systems, inventory management software, customer service, shipping solutions, and marketing software.
Last but not least, the ability to integrate with other existing systems is something that should not be overlooked. Any software solution nowadays should be capable of seamlessly integrating with other platforms to help streamline workflows and make business processes more efficient. A good order management software solution does that effortlessly.
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|BitCoin||BitCoin support - a digital currency operating independently of a central bank.|
|Contact Management||Manage large amounts of personal or business contacts in a centralized system.|
|Customer Management||Manage customer databases and/or track outstanding shipments, payments and more.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Inventory Tracking||Stay on top of inventory levels, to manage the storing, reordering or production of stock items.|
|Lead Management||Manage business leads to improve sales outreach processes or stay on top of prospect inquiries.|
|Lead Scoring||Manually or automatically assign quality scores to business leads to target / segment sales outreach efforts.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Order management||Manage the fulfilment of sales and orders for goods and services.|
|Route Optimization||Optimize transportation routes, often involving complex processes to determine which route is most cost-effective. Route optimization technology tests multiple 'what if' queries to find the optimal route.|
|SAP Integration||Integrates with common SAP services.|
|Shipping Management||Automate time-consuming shipping issues for goods manufacturers and vendors.|
|Supplier Management||Manage suppliers and purchases required in the day-to-day operation of a business.|
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