Order Management software:

Order management is the administration of business processes related to orders for goods or services. An order management system (OMS) automates and streamlines order processing for businesses. An OMS provides constantly updated inventory information, a database of vendors, a database of customers, a record of customer returns and refunds, information on billing and payments, order processing records, and general ledger information.

An order management system should provide one centralized place to manage orders from all sales channels. Centralizing this in one system is critical to delivering a superior customer experience by providing order status, on-time deliveries and meeting customer expectations for buy, fulfill and return anywhere. The right solution gives you a foundation for consistent and seamless execution across all customer, financial, inventory and supply chain touch points that drives customer satisfaction, repeat business and long-term loyalty. Additionally, order management systems can improve sales visibility and reduce delays and back orders by giving you a single view of demand, inventory and supply.

Key Features of Order Management Software

• Centralized order management. It should allow to manage orders coming from all sales channels within one interface. This includes real time order notifications and status updates for customer service to ensure timely order processing.
• Multiple payment gateways supported. Merchants definitely benefit from providing the buyers with a wide range of payment services to complete their transaction. Therefore, they pay attention to the order management systems that support multiple payment options.
• Inventory management. Syncing your inventory with an OMS is essential, as it helps to avoid receiving orders for items that are out of stock or are no longer available. This feature is also important for reserving goods that have been added to cart, but not yet purchased, and updating the stock levels correspondingly.
• Fulfillment points integration. If there are several fulfillment points, fulfillment integration enables to define which of the points to use for the order based on its location and item availability. If using a drop shipping model or third party services for order fulfillment, this integration lets the seller keep track of the progress.
• Shipping services integration. Your OMS software should provide as many shipping integrations as possible since businesses now tend to extend the circle of delivery options for the sake of customer convenience and reduced shipping costs. If receiving payment upon delivery, this feature will allow tracking and processing payments collected by shipping companies.
• Customer management. An order management system should be able to automatically send corresponding emails using certain triggers to let customer service agents focus on dealing with individual requests. Integration to customer service systems would be a big advantage, enabling agents view, process and edit order information while communicating with customers.

Benefits of Order Management Software

• Automation of order-to-cash processes
• Prevention of errors in order fulfillment
• Enhanced customer satisfaction through improved delivery times
• Reductions in labor through intelligent order execution instructions that enable economies of scale with batch order processing
• Lower administrative costs related to order status monitoring