Types of Order Management Software

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.

How to Choose Order Management Software

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.

Benefits of Order Management Software

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.

Common Features of Order Management Software