What is Order Management System? Features & Benefits
Growth and expansion of companies have led to rapidly increasing complexity in order handling, making manual processes cumbersome and prone to errors. To counter this, Order Management Systems (OMS) also known as the order-to-cash process, involves all the steps starting from order acceptance till the order is delivered.
Here is all you need to learn about order management systems (OMS), its feature, and their benefits. In 2021, economic sales have increased by 44%, as a result, businesses are under greater pressure to fulfil the order demand efficiently without increasing the budget.
What is an OMS?
The system includes managing the whole process- order acceptance, inventory management, order fulfilment, and after-delivery customer service on a digital platform. From seamless order processing and inventory management to real-time insights and improved customer satisfaction, adopting an OMS can be a game-changer for your business.
Order management process may differ based on the business, however, below are the three common steps:
- Placement– Order is placed by the customers online and details are checked and accepted by the business.
- Fulfilment– The order is picked, packed, and dispatched from the warehouse.
- Inventory management– Inventory is kept in check as the level of the inventory keeps on fluctuating with the demand.
Features of using an order management system
The software allows businesses to manage orders on an automated platform which reduced the chances of human errors and promotes efficient order fulfilment.
- Future stock forecasting– It allows businesses to get complete access to inventory detail, i.e., current stock available, the total amount of stock required and extra stock needed to fulfil customer demand.
- Digital order placement, modification, and cancellation-Orders can be placed, modified, and cancelled through the customer interface. This makes the order placement process easy and increases the customer experience.
- Generation of the automated order summary and invoice– The system generates an order summary and invoice as the order is placed by the customer and can be accessed on the customer and admin system.
- Real-time order status-Both customers and businesses can track the order live and the customers are in direct contact with the delivery persons.
Benefits of using an automated order management system:
- Easy order placement and modification– As all the changes are made from the customer application by customers, there is the least chance of human error. The order changes are notified on the business and delivery person’s system.
- Get real-time order status– Both customers and businesses are at peace when it comes to their orders as they can live to track their orders and even contact each other in case of any query or notification regarding delivery. This keeps the business transparent and builds value for the brand.
- Get future stock report– The delivery management software keeps the business posted about the current stock available, and the extra stock required to procure to fulfil customers’ demands. The future stock report also helps in analyzing future inventory requirements. This makes sure that the businesses never go out of stock or have excess stock.
The order management system has simplified the whole order management process while giving business time to strategize and make plans to expand their businesses. If you are also looking forward learn more about order management systems and automate your order management: Book a Meeting.
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