What is an Order Management Software?
Order management software (OMS), also known as ‘Trade Order Management System’ is a platform that helps in tracking sales, orders, inventory, and fulfillment across multiple channels to ensure timely deliveries.
Let’s understand first what exactly is Order Management:
It refers to the process that revolves around the lifecycle of an order. Order Management involves order capturing, tracking, and fulfilling till it reaches the customer. This process begins when the customer clicks the ‘Buy Button’ and ends where the order is received by the customer.
Software facilitates the management and execution of trade between two parties. The trade area can be securities, bonds, currencies, etc.
For many businesses, especially large-scale enterprises, the action of capturing, tracking, and fulfilling orders across multiple channels is laborious. In today’s time, 55% of retailers still use pen and paper to manually operate in their logistics task leading to more errors and confusion.
So, which tasks should software manage for order management? What are the advantages of a centralized dashboard to receive, process, and fulfill clients’ orders? And how can we evaluate the kind of OMS for the business wants? We got you all covered in this article!
What is the process of Order management?
Order management software is used to place the order for securities, currencies, bonds, or other trading items in order to track the execution process of this order. This process of order management consists of identifying the best rates across the market, delivery process, order acceptance, packaging, shipping, etc.
Such Software automates the attainment process of order management, shortens the time in the order-to-cash cycle, and enhances the processing efficiency for suppliers and wholesalers. In layman’s terms, this software is required to maintain transparency and fairness in the trade of such securities.
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What are the key benefits of a good order management system?
A good order management system has the following key features:
- Simple to handle
- Easy to afford
- Easily gains insights
- Supports multiple currencies
- Multichannel order management
- Tracks orders
- Reduce manual processing errors
- Effectively send and receive orders
Order management software allows users to effectively enter and convert orders, maintain an eye on stock levels, search & analyze trends from existing invoices, verify shipping lists and modify pricing across various platforms from a single system.
Order management is managed and processed by such software in order to fulfill the demands of B2B customers. The products related to order management frequently integrate billing software and CRM software depending on the variety of products or services being offered to the customers for which the user needs to track records.
While orders are placed by the customers through online portals or by phones, they are transferred to an order management software for further processing. Companies are supposed to match orders with the available inventory and prepare for the shipping process to meet the demands of the customers.
Depending on the location and demand of each customer, an order management software receives and verifies orders in diverse file formats from several devices. As clients may send or receive orders through email, fax, electronic mediums or devices (including PCs, Mac, Mobiles, Ipad, etc), it is, therefore, crucial to choose software that can operate well and is compatible with any file type or electronic device in order to achieve maximum customer satisfaction for proper order management.
Why use Order Management Software?
Meet customer demand:
It is important for companies to meet customer demands, maximize their satisfaction and increase revenues by matching the sales orders with the available goods.
Maximize employee productivity:
Since order management software reduces the time of order processing and automates the whole process, this reduces the manual workload and double data entry for employees. Thus, employees become more productive and efficient to achieve the desired goals.
Who uses Order Management Software?
It is majorly used by two teams in an organization which are –
- Sales Team
Sales department benefit the most using order management system as it makes it easier for them to balance demand and supply of inventory
- Logistics Team
The logistics group frequently requires order management software to schedule deliveries as per the demand, goods availability, and location of the customer.
Best Order Management Software in 2021:
Below is the list of top and even free order management software:
Let’s review all the software below!
NetSuite software is one of the best order management software that allows organizations to operate their key business workflows in one system. This is the first and final business system one would require. It has no complex setups and upfront license fees.
- Maximize profitability with Netsuite’s order management solution.
- Real-time visibility of orders, sales, goods, etc
- Maximize operational effectiveness
- Involves no hardware and maintenance fees
- Used for enterprise resource planning (ERP)
- Maintain customer relationship management (CRM)
- Strengthen competitive advantage
This flexible system can be used in several business applications. Most businesses are turning to the cloud for the delivery of their system to reduce costs.
Unicommerce is an OMS system that caters to more than 10,000 businesses such as TCNS Clothing, W, Jack & Jones, Chumbak, House of Anita Dongre, Sugar Cosmetics, FabAlley, Flo Mattress, Portronics, Hamilton, etc., in order to execute their orders smoothly in an advanced way.
It serves order management systems for businesses across India, South East Asia, and the Middle East to offer robust eCommerce technological solutions in order to simplify their sales.
This order management software enables exact order fulfillment, real-time tracking, reduced operational costs, enhanced delivery efficiency, improved productivity, etc. It manages 4Bn+GMV with more than 300 Million transactions in a year and more than a hundred powerful integrations across various commerce platforms.
- Increases the productivity of the employees
- Improves the warehouse space consumption
- Enhances inventory visibility, accuracy, and timely shipments
- Robust eCommerce order management solutions
CARTFIL is a popular order management software for eCommerce stores. It manages order fulfillment and inventory control by integrating with the Rest API process. This enables omnichannel order management, billing of both online or offline stores and supports mile delivery.
- Backorder Management
- Inventory & Order Management
- Order Entry
- Order Fulfillment
- Order Tracking
- Recurring Orders
- Returns Management
- Shipping Management
- Special Order Management
If you are looking for order management system software, CARTFIL is best suited for third-party eCommerce applications.
TYASuite Sales Order Management Software helps in preparing sales invoices, quotation management, efficient logistics operations, simple pick and pack, tracking deliveries, and more.
This order management software controls everything flawlessly and effortlessly in regard to sales order management. TYASuite presently caters to businesses across the globe. They serve companies of all sizes, from small to large corporate enterprises.
- Accounting Integration
- Aging Tracking
- Approval Process Control
- Approval Workflow
- Archiving & Retention
- Audit Trail and Management
- Backorder and Cash Management
- Billing & Invoicing
Brightpearl is the top order management system that is designed to effectively manage orders, fulfillment, shipping, and invoice flows. It supports the retailers and wholesalers to maximize sales, exceeds customer wants, and respond quickly to the dynamic market.
- Controls the online and offline orders on a single platform with many conveniences.
- The automation feature allows you to focus on specific orders that require extra attention.
- Various types of fulfillment options like partial fulfillment, drop shipping, multi-location fulfillment, etc.
- Monitor the sales performance with the help of business reports and plan accordingly.
- Improve operational proficiency using features like inventory management, warehouse management, accounting, POS, CRM, etc.
Based on our study, we can now conclude that out of the best available multichannel systems for order management, above is the list of the most suitable order management system that can fit businesses of any size.
With the help of these inventory management software, companies can easily get sales orders, stock updates, shipping labels, and payment acceptance in an efficient and effective manner. We hope you’ve learned more about the lifecycle of an order from fulfillment stage to customer delivery in the above guide than ever before.
If you are looking for the right software for your business, Mobcoder is the best choice. It is an app development company in USA that can help you with the selection of a platform that’s tailored to your business needs.
We give you the confidence with the most comprehensive software search resource out there to simplify tedious processing. Do not hesitate to call us and understand how we do it.
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