Business to business operations is the most difficult for entrepreneurs. As a B2B (business to business) company, you have to deal with various problems regarding ordering and supplying clients. This is because of the complex nature of the transactions and vendors that usually accompany these operations.
The problem becomes more extraordinary when you have to manage orders on a daily basis in an efficient manner, especially if you are not tech-savvy enough or do not have enough time to do it yourself.
That’s why there is a global trend toward the implementation of B2B order management platforms. However, while it might be that the choice of technology for this purpose has always been pretty straightforward, many different factors govern deciding which system to choose.
So what exactly is an order management system?
What is a B2B Order Management System?
Well, it’s software that allows you to manage every aspect of your sales and customer service processes in one place. It’s like having a virtual assistant that knows all about your business and the products you sell.
The method of handling orders in B2B transactions has been undergoing some drastic changes. With the advent of the internet and mobile phones, customers are now more demanding than ever before.
Some things to be considered while choosing from advanced order management systems include:
- The number of orders placed through a single channel,
- The need for integration with other business applications such as ERP or CRM systems, and
- Advanced features like customer service automation, pick & pack facility, and more.
An effective order management system should also offer multiple options, and they must work together efficiently with minimum errors.
An Overview Of A Typical Order Management System:
A good order management system is an effective way of streamlining the business process. In other words, it makes your business more efficient while saving you time and money. So how does it do that?
Order Importance: Automatically Receive Orders or even manually import them
One of the most important aspects of eCommerce is the ability to receive orders automatically for a business. This is especially true for businesses that operate around the clock or those that have warehouses located in different geographical locations. If your company operates 24/7, you need an order management system to help you automate order processing and fulfillment.
Order Confirmation: Automatically Notify Customers Of Their Order Status
Certain aspects of online shopping are just as important to the average consumer as they are to the business owner. The order confirmation is one such aspect. Providing assurance that an order has been received and processed is critical for many reasons.
B2b order management system helps to manage orders and make sure that the order confirmation communications in the form of SMS or email get sent to customers after placing an order. In addition, it will help track the order status and send custom messages if needed. Moreover, order confirmation communications can be customized according to customers’ requirements in terms of design, logo, color schemes, and more.
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Thus, it can help your customers feel more secure about making a purchase, establish trust with them, and help you track down any problems that might come up in the future.
Order Management List: System automatically saves the order to the management list
A good B2B order management software will allow you to enter orders into your system with minimal errors quickly.
After receiving the confirmation, the system saves the order to the management list. The order submission process is then complete, and all of the information about it gets sent to a new order notification email address.
Once the information is input into the system, it automatically saves it to the management list. This will ensure that any staff member can take care of this order later if necessary.
Order Production/Packaging: B2B Solution For Order Processing And Management
Order management is a vital part of any business. It is the process of tracking, monitoring, and controlling the orders placed by various customers. Every order generated by a customer usually has different requirements and specifications that need to be met before processing it further.
B2b Order management System helps to drastically cut down on time required for tracking, packaging, and shipping orders. The system also allows for greater control over inventory management as it allows tracking of each processed purchase order. With our B2B Order Management System, you can ensure that your business will continue running smoothly.
Shipment Notification: Automatically Send Customers Notification Of Shipment
Shipment notification is an integral part of order management. It provides a professional and timely delivery process, which can be very important in several industries.
60 percent of consumers prefer free shipping rather than fast shipping.
The Order Management System (OMS) allows tracking of orders, shipping, and receiving. It maintains records of all the information related to a particular order placed by the customer and keeps all the necessary details about the shipment and delivery of goods to customers. As a result, the OMS simplifies shipment notification communication between the supplier and customer and makes tracking shipments on the online platform easier.
In addition, the OMS also manages all technical aspects regarding order processing, such as creating and maintaining sales orders, calculating taxes and duties, processing refunds, and applying discounts.
Order Fulfillment: Ensures Orders Are Delivered Timely & Safely
The order management system is a multi-faceted process that includes multiple people and departments. It is fast, accurate, efficient, and cost-effective to ensure customer satisfaction. It allows the customer service team to monitor what’s going on in real-time and keep track of all the necessary information related to each order.
An order management system is a vital part of the B2B eCommerce business. This software allows orders to be sent via couriers so that they reach the recipient on time and in good condition. Thus, OMS is the backbone for this process and simplifies the entire cycle to move an order from creation to delivery.
B2B Order Management And Its Top Challenges
Clearly, the trend of B2B commerce is accelerating. So why not equip your organization with the tools needed to manage orders and inventory with ease? But, Let’s not avoid the top common challenges of B2B order management:
State of EDI Standards And High-Value B2B Customers
EDI is an electronic data interchange that facilitates the transfer of data between a company and a trading partner. It is an integral part of data synchronization between companies or organizations because it is a system for exchanging business documents electronically, such as purchase orders, invoices, and delivery confirmations.
EDI is meant to send, retrieve, and exchange documents information in standard electronic format. And the EDI requirements from high-value B2B customers are mostly for transactional purposes.
While this has been the standard for decades, many companies continue to use outdated legacy systems in place of newer and more efficient technologies. They rely on EDI because it’s proven over the years, but as a result, they miss out on cost savings and greater efficiency that could come with a newer solution.
Problem Of Inconsistent Multi-Channel Marketing
When it comes to B2B companies, there are always two sides of the coin: one customer side and the other is a business-to-business side. The main goal of a B2B company is to deliver services or products that meet the requirement of both customers and their suppliers. That’s quite a challenge.
B2B marketers know the struggle of diverse customer personas and inconsistent engagement methods. It can be challenging to reach customers through multiple channels in today’s business world. However, you’ll want to be sure that every channel is in place so you can stay connected with your audience. Without this consistent engagement, B2B companies are missing out on leads.
The Issue With In-House Teams
Some companies have an in-house team to solve problems with their customers’ orders which means they need qualified people who can manage multiple channels.
Rigorous requirements of B2B customers
Within the business-to-business (B2B) market, small businesses that sell to other businesses face a unique set of challenges.
First, you must meet strict requirements for your products and services. Second, many B2B customers are highly knowledgeable about their industries, which means they are well aware of what they want and how to get it. Third, you often have only one shot at making an excellent first impression with your customer – if you don’t get it right the first time, you might be at a loss.
Visibility Of Inventory Stocks
Managing an effective B2B supply chain is no easy task. Visibility into inventory levels across all third-party warehouses is a top concern for buyers as they seek to meet delivery schedules without sacrificing quality or risk of late deliveries.
The fact that most B2B sellers do not have a view into their inventory levels in the same system as their business-to-business (B2B) buyers makes it difficult to compare and match offers, which results in lost sales opportunities. This is due to the fact that there are three distinct systems involved: the seller’s inventory system, the seller’s end eCommerce site, and the buyer’s end eCommerce site.
What are the benefits of a B2B Order Management System?
Businesses of all sizes can benefit from the use of B2B Order Management Systems. They are highly customizable, automated systems that provide a streamlined workflow from order flow to customer service. Here are some of the major benefits of B2B Order Management System:
Improves visibility into inventory
Businesses of all types and sizes rely on inventory control to ensure they do not run out of any essential products. Therefore, the inventory data is a crucial part of their supply chain management for the B2B businesses. In fact, for companies with supply chain complexity, a comprehensive B2B order management system is a crucial tool to help them manage the entire process from purchase order to delivery in terms of inventory management.
In an era of cloud computing, it’s not surprising that technology has significantly improved business operations. But one area that has seen a transformation is how companies manage their inventory.
Today’s B2B order management software provides businesses with unprecedented levels of oversight and control over their inventory, resulting in more streamlined processes, greater visibility into orders, and ultimately better customer service.
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Multi-platform Order Control Management
B2B Order Management System is a comprehensive tool that helps you to create, process, and track orders made by business customers. The system enables you to operate a cross-channel order management process and offers integration with multiple sales channels as well as inventory, accounting, and warehouse management systems.
Moreover, B2b Order Manager provides an opportunity to collect detailed information about your clients, which you can use for lead generation in the future.
Reduces Costs and Ensures Order Accuracy
In today’s business world, time is money. Therefore, one of the most important aspects of a business is its ability to be efficient with its time and resources. A B2B Order Management System can play an important role in accomplishing this mission.
Order management can be complex, with multiple departments and third-party vendors involved. Order management platforms are the answer as these are the software used for managing orders, which is essential for B2B companies. The main reason behind the importance of an order management system is that it manages orders and shipments. Furthermore, it provides accurate information on where shipments are at every point in time.
In short, the B2B Order Management System helps create more transparency in your supply chain and business processes.
How To Choose The Right OMS For Your Business?
Order Management Systems (OMS) are used to automate business processes and improve the timeliness of goods and services delivered. Marketers who have implemented OMS software report that their ability to deliver accurate orders has increased while errors get decreased. But, how do you choose one?
Set system objectives and priorities
In order to choose the right Order Management System, it is essential to know what objectives you want your system to meet.
Some of these objectives may not be as obvious as others, so it’s best to start with a list of all the functions and features that you and your internal stakeholders think are important in an OMS. Then, once you have a list of your expectations and requirements, you can prioritize them accordingly.
A Detailed RFP For Choosing The Right OMS
When choosing an Order Management System for your business, it is crucial to consider the factors that will help your business. The saying “the devil is in the details” holds true when making this critical decision.
In this step, outline your request for proposal (RFP) considering these main questions addressing crucial factors that need to be answered:
- What kind of functionality do you want?
- What is your budget?
- How long will it take to develop and implement your new OMS?
It would help if you then came up with the proposal for an OMS based on the answers to these questions.
Scan for system options
Order Management Systems (OMS) are the pulse of a successful business. They help you effectively manage your orders and inventory to ship and receive products efficiently.
There are different types of OMS available in the market, each one offering different features and functionalities. However, choosing the right one can be a daunting task as there are several factors to consider, such as the number of orders processed daily, product range and services offered, and more.
So, which platform is best for you, and how can you be sure?
Before deciding on your OMS, carefully consider all of your options to ensure that you choose the right system for your business needs.
3 Order Management Solutions For B2B Sales
Today, businesses are more than ever looking to streamline their sales process. Whether you’re in the B2B or B2C market, the goal is to find a solution that takes a lot of the grunt work out of selling. The top order management solutions for B2B sales are designed to make life easier as an entrepreneur.
1. B2B Order Management System(OMS)
Order management software helps streamline a business’s order management processes, including sales forecasting, invoice processing, and purchase orders. A standalone Order Management software allows businesses to integrate their entire sales and purchasing process into one system. It helps them improve the accuracy of stock levels, forecast future demand, and plan purchasing strategies.
A company can have the best customer service reps globally, but if they fail to move products from point A to B, there’s a good chance that business won’t be around for long. Therefore, it’s no surprise that businesses want to ensure their order management system is top-notch.
2. Enterprise Resource Planning (ERP) Solution
An Enterprise Resource Planning (ERP) software solution is a set of integrated software applications that deliver an organization a holistic view of its resources from an operational management, financial management, and customer point of view. This makes it easier for companies to manage their operations, employees, customers, and vendors.
But before you can do so effectively, you need to determine which ERP application will be the most effective fit for your business needs.
The ERP market continues to expand rapidly and the total market size is expected to exceed $49.5 billion by 2025.
3. B2C & B2B Operations Platforms
The best B2C and B2B platforms use artificial intelligence to help their customers run their businesses. Such platforms provide an integrated solution for order management, eCommerce, and CRM.
B2C and B2B operations platforms let businesses integrate, automate, and manage their core business operations easily. Besides this, they have numerous features that help the business to manage orders, inventory, customers, and other aspects like vendor information.
Employing a perfect operations platform or automation platform would allow you to manage everything about your business from one place, from marketing and selling to shipping and tracking products. With Aritic PinPoint, you can easily automate your daily operations, giving you the time and space needed to focus on what matters most – your customers.
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- Easy onboarding and friendly UI
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- Advanced lead management features including lead source analysis, anonymous lead nurturing, 360-degree lead profiling, predictive lead scoring, and lead tracking
- Multichannel drip automation campaigns
- Automated workflows
- Detailed analytics and A/B testing
- Advanced social media marketing with social bots
- Deals and Pipeline features for sales team exclusively
- Account-based marketing for enterprise clients; and more
To learn more about how Aritic PinPoint can assist you in boosting your business, schedule a quick demo!
Ready for the Trend: B2B Order Management Systems?
Now we know that order management is a framework used to determine how well an organization can fulfill demand and manage the order flow process. But, we should also be aware of the trend to come, probably in 2022, is the B2B order management system.
With so many companies now offering this product or service, it’s essential to choose one that will be reliable and beneficial for you and your company.