How to choose a right Order Management System for an Enterprise?
Sustainable profitability is the ultimate objective of organizations. The entire value chain you create to deliver to your target market involves a comprehensive procedure for an enterprise order management system.
Each step you take towards developing your final product, either provides a solution to the pain points of customers or adds negative encounters of customers with your enterprise brand. It’s a cycle of steps altogether strapped with an order management system for an enterprise.
Microsoft conducted a research study with 1000 U.S consumers and concluded that 65 % of customers sever ties with brands over just one negative experience.
To ensure repeat sales and continuous inflow of customers, you need a holistic approach. A robust order management process ensures a smooth cycle of the value chain of your organization and makes sure you don’t get stuck in the trap of negative customer engagements caused due to process bottlenecks. The best go-to solutions for an error-free value chain is offered by automated business processes.
In this post, we will give you valuable take away inputs of the general enterprise order management process so that you can choose what’s best for you!
What is Order Management?
Order management is the science of aligning the various steps involved in keeping track of orders in-flowing into the business and handling the operations or logistics required to accomplish them. This order management process is a holistic approach to achieving a sustainable value chain delivery system.
It is an exhaustive combination of activities from the starting point of receiving an order, delivery, payment integrations, operations, logistics, and extending up to after-sales experience including exchange/return management administration. Order management is an aspect of business process automation. Since inventory and supply are a few of the most nettle & tricky activities for stakeholders, so it’s inevitable to use a well-implemented Order management system.
Dealing with orders effectively and in a productive manner is the core of the supply chain process and is certain for profitability. It’s extremely important to collaborate with all departments with customer expectations. Improved financial progress can be achieved only through long term customer satisfaction and retention. Investing in an OMS to improve your competitive advantage is a very smart decision.
The enterprises today are undertaking fractured supply chain processes and ending up with high costs of production, matchless customer pressure, etc.
An order management system is in demand today because of:
- National, local and global expansions:
The next-Gen market is characterized by a shift towards growth orientation. Enterprises are hunting for quick alignment and wider local/global expansions. Hence the need of the hour is a solution which can be implemented easily and is flexible enough to enable business process integrations throughout globalization to compete with bigger market players.
- A high number of orders and multiple delivery channels:
Customers prefer wide choices and hence providers need to handle multiple channels and logistics. Attaining visibility across the front end of the supply chain is unavoidable for brand experience. It’s important to stay updated with other market players in every aspect so that you don’t get left out of the competition.
- Complexities of global supply chains are the new pain-point:
The global market provides enormous opportunities and every organization wants a share of the pie. The supply chains have become more comprehensive and composite with shorter product life cycles. To coordinate with all the pieces becomes a struggle for multinationals due to their economies of scale. What becomes more challenging for providers is keeping supply chain costs at bay. If mid-sized organizations miss on this component and local integration, they lose out on the benefits of large scale production.
- Extremely high customer expectations:
The cost of missing a single step in customer service is really high for enterprises in a competitive industry. Globally, enterprises and providers are concerned with new product introductions, products to service quality, delivery, warranty, etc.
“Quality” is the key to success. It starts from product or service quality and continues until after-sales service delivery. This makes the supply chain more demanding and failure highly fatal!
The benefits of adopting an Enterprise Order Management System:
- An efficient order management system (OMS) for an enterprise mechanizes and streamlines the operations, shipping, and order processing ability centrally for mid-sized organizations. It’s a very smart way of business process automation, which adds ease and efficiency in daily operations.
- It’s an electronic system developed to execute orders in a planned and cost-effective manner. It increases the productivity of resources involved across maximum levels.
- Medium Sized organizations adhering to stringent regulations enjoy the advantage of real-time monitoring positions and preventing regulatory violations round the clock.
- An OMS plays a key role in keeping the stakeholders updated with information. It’s a one-stop platform for key insights related to customer returns, shipping, refunds, customer database, vendor database, order processing records, billing and payment information, etc.
- An OMS also contributes to error-free order processing, operations, tracking, and with an assurance of minimum delays or backorders.
- With smart reporting, analytics, and evaluation, enterprises successfully can conduct a deep analysis of the workflow.
How does OMS work for an enterprise?
The basic objective of an Order Management System (OMS) is to organize and make the work process easier for organizations. It consolidates orders from all sales channels into a single platform and is smart enough to give you the benefits of analytics. For enterprises, the Order Management System (OMS) is unavoidable if they wish to streamline workflow operations and introduce new products in the marketplace. An OMS becomes a mandate if you want to easily ramp up production in the lowest time possible.
An Order Management System covers six pillars:
Orders: Pooling in customer orders from multiple channels, both internally and externally.
Inventory: Undertaking accurate forecasting and syncing activities in real-time across all channels to avoid stock-outs.
Fulfillment: The focus is on a well-organized warehousing process involving picking, packaging, and integration with targeted shipping carriers. Quality fulfillment techniques are futuristic.
Returns: An OMS serves as a single platform for the organization to complete orders from start to finish and book-in return stock back to the warehouse inventory.
Analytics: Measuring trade-offs in the workflow are extremely vital. Analytics gives a major insight into forecasting and managing.
Delivery and Accounts receivable: Delivery of the order placed becomes a crucial step for order fulfillment along with custom payment integration options.
How to choose the right Order management system?
With the ever-evolving market in this highly technologically advanced world, there are various product options in the marketplace along with competitive fulfillment channels. It’s quite challenging to choose the correct Order management system for your organization. Traditionally, it’s observed that there are quite a number of solutions available for retailers as compared to enterprises.
Major key points to choose a perfect order management
- Your budget concerns
We understand how vital an order management system is for your business success. However, we aren’t great fans of short term visibilities. You may choose to invest in high time demanding ERP solutions, however, that investment will head you towards losses which are quite deep-rooted to cripple your system. Rather choose an automated Order to Cash process and pay only for specific required services. So never go with monolithic solutions.
We strongly advise you to be practical with how much you are willing to spend!
- The end-to-end order management system
Not all order management system options match well with your enterprise needs. You can definitely choose them, but at the risk of setting up loads of tools manually. It’s always advisable to choose solutions that take care of all activities from receiving the order, processing orders, delivery, and payment process.
So, do a deep business process automation product information study before investing!
- Flexible integrations
It’s vital to understand how to sync in the tools you adopt into your existing e-commerce, operations, accounting, or any other tools. This is where the integration feature of the order management system plays a big role. For retailers and enterprises, the system must support all sales channels and business process automation basics. However, the more integration, the higher the cost price.
So, be calculative!
- Production flow
There are many changes that your production flow might undertake to adjust to an ever-evolving market. Hence, while choosing an order management system, you need to be sure that it’s adaptive and sustainable for your organization. A pliant order management system makes it easier to edit your business process and handle stock inventory, custom orders, etc.
Why choose us?
We are recognized globally as one of the Top 20 most promising Red hat Solution providers of 2019. Entoss Technology is a global and leading provider of Order to Cash integrated Business Process automation solution which is an End-to-End Order Management system. It’s a well-researched solution and is based on the best practices of the industry. It automates all activities from scratch i.e. receiving the order till payments and after-sale services.
Our products revolve around our ibpaas mediator. Entoss Pomfret is an intelligent business platform which offers ready to use automated business processes on demand. If you want to select only specific core processes for your business, it gives you that option without any implementation hindrance.
Entoss Tech’s Order Management system is tailor-made for enterprises to create a foundation. It enables you to work with formulas to deal with the convolution of your product and procedure. It keeps a track of all your raw materials and finished products and improves your production capacity, product costing, and traceability.
We can give you a customized solution for your business. The advantage you enjoy partnering with us is that we carry expertise across various industries, business process automation, and applications. Our solution is quite a mettle, it has the inbuilt bandwidth of handling difficulties of enterprises. It’s homogeneous, and you can enjoy flexible priced packages. Entoss Technologies has paved a path for enterprises by providing a software custom-tailored for their needs which would help you integrate a “holistic” order management software for your business process automation.
Our software for enterprise order management is:
- Pay per usage – Pay only for the number of transactions.
- Start using our product from the day you purchase because you don’t need an integration team- Which also means you save on cost and have zero wait time!
- Offers Business Process Automation advantages.
- Effectively priced to increase productivity.
- Easy integration which positively impacts efficiency.
- Supportive of multiple enterprise processes.
Our superhero tip is –
Avoid backdated systems and applications as they are difficult to comprehend and too heavy on your pocket and choose LEAN solutions. Lean solutions give you the benefit of an uninterrupted value stream.
Get a free insight into our solution quality through demos before a full-fledged sign-up.