Here’s how an order management system can help you streamline different aspects of the order management process.
1. Order Placement:
The initiation point is where customers place orders, either through your website or a third-party platform. The business then logs and accepts the purchase order, employing manual methods or leveraging order management software. Subsequently, a confirmation email is dispatched to customers, encompassing order details and payment confirmation.
2.
A pivotal process involving monitoring, tracking, and controlling product inventory to prevent stockouts or overstock situations. Integrating inventory systems with order management ensures accurate product availability. Real-time tracking aids in streamlining the supply chain, reducing storage costs, and enhancing cash flow.
You can use an order management system to collect historical data and use uk phone number list it later to manage your inventory better. It also enables you to generate reports on trends and seasonality, which can help you forecast demand more accurately. By analysing this data, you can make more informed decisions regarding how much stock to reorder based on past sales and expected demand.
You would want to avoid overstocking as it can lead to higher carrying costs, storing costs, and even dead stock. Contrarily, understocking would increase the risk of running out of stock, missing out on sales opportunities, and dissatisfied customers. An OMS can help you optimise inventory, so you can meet customer demand and keep costs low at the same time.
You can analyse data even further, identify which SKUs are generating the most demand in a particular location, and decide where you’ll store inventory if you use more than one warehouse.
3. Order Processing & Tracking:
The backbone of operations encompasses verifying and validating orders, authorisation of payments, and preparation of items for shipment. Automating order processing through integrated systems eliminates manual data entry and reduces processing time. Real-time order tracking capabilities add transparency and facilitate customer inquiries.