Most Common Order Management Challenges in 2023
When it comes to operating a B2B Supply Chain business strong order management is the key to success. If your business cannot accurately manage your ordering, you will impact profitability, scalability and most important the customer.
With that being said, so many businesses continue to struggle with Order Management in 2023. From order accuracy, to stockout and everything in between there are many challenges for suppliers to deal with.
In this blog post we will look at the 3 most common Order Management Challenges in 2023 and how using an Order Management System (OMS) can help mitigate them.
Let’s delve into it.
1. Order Accuracy
One of the biggest challenges all businesses face is ensuring order accuracy. Depending on how your business takes and receives orders, maintaining order accuracy can be extremely difficult. If you are still taking orders via phone or sms, you are just heightening the risk!
The problem with not taking and fulfilling orders accurately is it impacts the customer, increases your costs, and most importantly damages your businesses reputation. If a customer receives a late or incorrect order, why would they return?
Arguably the biggest order management challenge that all businesses face at some point of their trading lifestyle is stockouts. Running out of a particular stock when a customer requests it is gut wrenching. You need to turn a customer away and when that happens it often leads to them not returning in the future.
If your business currently takes and fulfils orders manually you are significantly increasing the risk of stockout. The only way that you are going to be able to plan accordingly is to implement technology solutions that track and record order cycles.
3. Fulfilment Delays
Take a minute to think, has your business ever faced order delays? There is no question that all businesses face fulfilment delays but that doesn’t mean you should accept them.
Delays in b2b order fulfilment often stem from a few underlying factors like incorrect or outdated processes, lack of real time inventory visibility and inadequate team collaboration.
That brings us to the question. How can an Order Management System help?
How an Order Management System Addresses These Challenges:
1. Streamline Ordering Process
One of the greatest benefits of implementing an Order Management System is it streamlines the entire order process for both customers and your business.
An Order Management System completely automates both the order taking through your very own online ordering website and the management of your ordering. Once an order has been placed the system will automatically update your stock numbers, invoice the customer, debit payment, and notify your team for fulfilment.
2. Improved Accuracy
Integrated with your very own Online Ordering Website, an OMS ensures order accuracy. Customers can log in at any time of their choosing and select, place, and pay for their order. The benefit of having your customer do this independently is it reduces your risk of making an order recording mistake which so often happens with manual systems like taking orders over the phone or via SMS.
Once an order is placed, your team will receive a notification of the order details, quantities, and all relevant information, making fulfilment a breeze!
3. Optimum Inventory Management
Another huge benefit of implementing an OMS is it provides real-time insights into your businesses inventory levels. In the click of a button, you can see what products are running low, what excess stock you have sitting around and more.
On top of this the system provides automated reorder reminders and forecasting reporting capabilities, equipping you with the most meaningful information to make strategic business decisions and minimise the risk of stockout.
4. Centralises Operations
An OMS centralises order-related data, enabling many departments to instantly access accurate data. This avoids misunderstandings and guarantees that everyone is on the same page. Customer experiences can be enhanced by customer service professionals' correct delivery of order status information.
It’s no question that order management is a tricky endeavour, but it doesn’t have to be. There are solutions available to businesses that support and automate the entire process. Implementing an OMS will streamline the entire order and inventory management process enabling your business to satisfy more customers and increase earnings.
We hope you enjoyed reading this article. To read more articles like this, please visit the EasyVend latest news page here.
For Supply Chain Businesses, EasyVend supports and automates every part of your business, freeing you up to grow your sales simply, unlike other ERP systems.
EasyVend includes key everyday features like Inventory Management, Online Ordering, Invoicing, Receipting, Automatic Credit Card Payments, Xero & MYOB Accounting Integration, Route Management, Business reporting and more.
Using the latest technologies, EasyVend removes common frustrations making business more streamlined today!