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Best Order Management Software in 2020

Finding the best Order Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

order management guide

Table of Contents

What is Order Management System?

The order management system is the process of taking, sorting out, following and fulfilling purchase orders for an organizations products or services.

The whole concept of business deals is the effective management of orders placed by the corresponding clients in terms of their business requirements and specifications. Gone are the days when traditional methods were used to carry out a business process effectively. With latest technological developments and incorporation of better marketing strategies, the business has inevitably risen to greater standards and Order Management Software is the exact tool which needs to be implemented if you want to keep up with the business revolution in the current economic scenario.

An order management system computerizes and streamlines order management system processing for the organization. An order management software gives constantly updated stock information, merchant’s database, client’s database, a database record of goods returns and refunds, billing and payment related information, and order processing information.

Benefits of a well-executed order management software incorporate enhanced sales visibility, enhanced customer relations, and efficient order processing with least delays and back-orders.

What is the Role of Order Management System in Your Business?

Order Management System Software consists of various modules which incorporate the different stages of business process execution and integrates the concepts of trading market standards for better financial efficacy. Any placed order goes through various stages of Order Generation, Processing, Fulfillment, Report Generation etc. All these aspects need to be effectively managed for better business opportunities; hence the use of order management software is highly recommended in your business. 

What are the Main Features of Order Management Software?

  1. Comprehensive marketing data as per the business specifications.

  2. Detailed invoice generation and report maintenance for future reference.

  3. Shipment tracking features to monitor the order details effectively.

  4. Customized alert facilities and mobile notifications for order management on the go.

  5. Creative and smart user interface with easy navigation features.

  6. Automatic updation and processing of order data for greater performance standards.

  7. Automated response system for dealing with various queries and user feedback.

  8. Modular implementation of business solutions for greater decentralization.

  9. Cross-platform synchronization for better computability in internetworking devices.

  10. Extensive database with smart updation and retrieval.

  11. Inventory systems in complete compliance with the market standards.

  12. Visual representation of the obtained orders for market statistics and growth curves.

  13. 24*7 assistance and support systems for future performance requirements.

  14. Streamlined processing in terms of refunds and cancellations.

  15. Better cash flow ordering techniques and management of the monetary solutions.

What are The Limitations of Order Management Software?

  1. These software are prone to technical glitches and need human monitoring to prevent damage to essential data.

  2. Any malfunctioning of the software brings down all of the operations that are directly or indirectly integrated with the core systems.

  3. Needs constant updation for compatibility with the latest market trends and technological advancements.

What Things Should You Keep in Mind While Buying Order Management Software?

  1. First and foremost, one should ensure that the software requirements are incomplete computability with the system specifications wherein the software needs to be installed.

  2. The user interface of the software should be highly interactive and easy to use.

  3. Great security features against potential hack attacks to ensure better integrity of the software.

  4. The time complexity of the individual transactions in the software should be highly reduced for the best performance.

  5. Incorporation of cloud technology is a must to ensure hassle-free business on a massive scale.

 Key Modules of Order Management System

  1. Manage your clients

  2. Handle your orders

  3. Monitor your inventory

  4. Track the orders

Features of Order Management Software

Here are the five most essential functionalities you should look for in an order management software:

1. Centralized Order Management:

In case you decide to list your products in more than one e-commerce store, your order management software should able to manage it centrally. This is a significant feature in the order management system, designed to receive and track the orders from various channels. Centralized order management helps to improve productivity by synchronizing all the orders from multiple channels into one. It enables dealing in real-time and providing better customer service by making it easy to process orders and exchange or return products.

2. Shipping Service Integration:

Even after the product has been dispatched, the merchant's work is not over yet. Both the seller and the buyer need to know the current status of their parcel shipment. That's why the software integration with shipping service is important so that the seller can allow their customers to do real-time tracking of their orders. And, as for the sellers, this feature will allow them to track and process payments collected by shipping companies. Besides, the order management software should provide as many shipping integrations as possible. E-commerce businesses are now expanding their delivery options for the sake of customer convenience and reduced shipping costs.

3. Multiple Payment Getaways Options:

It's essential to have multiple payment gateways options. Mainly because many customers tend to abandon the shopping carts if they don't find their preferred payment method. By providing the buyers with a wide range of payment services, merchants can earn more profits. That's why always looks for an order management software that offers enough payment methods to make the checkout process as convenient as possible for the patrons.

4. Inventory Management Sync:

To provide the best customer experience, you need to update your stock status in real-time so that you don't receive orders for products that are out of stock. It can create a wrong impression for your business. And, it's not a feasible option to manually maintain your spreadsheet of inventory. There can be errors in the entries, plus you won't be able to keep up with the tedious task. There are many inventory management software available in the market, offering inventory solutions for the business. Having the option of syncing your order management solution with inventory software will be useful — right from recording the inventory entries, keeping quantity and stock levels under check and also making it effortless to manage the orders from a single system.

5. Shopping Platform Integrations:

There are many benefits of amalgamating shopping carts with order management software. It assists the retailers in extracting the necessary data from them, which is crucial for anticipating sales. Having more number of order management system shopping cart integrations automatically means more potential clients for you.

6. Customer Management:

The most prominent marketing strategy is to provide a great customer experience. The best way to do that is by answering any customer's queries even before they are asked. While you shop online, most e-commerce stores notify you about your order being received, processed, and shipped with detailed information about each stage. It is possible by integrating an order management system that can automatically send corresponding emails.

order management features

Types of Order Management Software

Depending on your type of orders, the order management software are designed in different ways.

1. Simple Transactional Order:

When a business is dealing in only one type of product or service and treating all sales as unconnected one-off transactions, a simple order management approach is taken. These are purely transactional in nature as such types of solutions do not take into account the context of other products and services being bought at the same time.

2. Contextual Order:

When a customer evaluates and purchases multiple products or services, then the concept of contextual order is introduced. In such cases, the order management solution ensures incorrect combinations are not sold. Plus, it takes care of the order process — right from order capture to delivered products and optimized services.

3. Configure-to-Order:

The configure-to-order concept means the products or services are created and sold from a predefined existing set of components. The customers can choose whatever combinations of products they want, but only from the range that is offered and available. It allows for customization to suit customers' needs and also, shortens the delivery time by selecting only from available stock. In such cases, the order management system must be able to deal with the sophistication of the interdependencies that result in combining different products and services.

4. Make-to-Stock:

All the goods are produced in advance and stored in inventory either in warehouses or stores. The customers are allowed to order by selecting any product from the inventory. Those products are then delivered to the customer. In such cases, the order management system should be more focused on inventory and logistics to provide great customer experience.

5. Build-to-Order:

Build-to-Order is similar to Configure-to-Order with just a slight difference. In a configure-to-order approach, the customer constructs their order from a predefined list of products and services. Whereas, in build-to-order, there are some products, if not all, that needs to be produced following the sale. Build-To-Order management solution is predominantly used where volumes are low, but costs are high, or there is a high level of customization.

6. Engineer-to-Order:

Engineer-To-Order product or service is unique — the new components of the product or service is produced to meet the customer requirements. It is designed as part of the sales process, and thus, it is the slowest to fulfill. Such an order approach is basically used for large construction projects such as airports. In such cases, the order management solution first takes care of the design as the price change often from an initial estimation placed with the first order.

order management type

It is highly essential to choose the best Order Management Software as per your business requirements to obtain better growth and also to streamline all your business processes. This is because only the best Order Management Software will help you take your business to the next level when it comes to successful orders, business efficiency and subsequently revenue!!

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Nidhi RaghuvanshiBy Nidhi Raghuvanshi | Last Updated: October 19, 2020

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