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As customer expectations increase and profits grow leaner in the omni-channel retail world, your success in modern retail requires you to move over traditional ERP and choose companies that specifically specialize in inventory management or order management. Especially, for small business retailers who tend to grow drastically, scalability especially for order fulfillment is critical. However, most often than not, primarily due to significant overlaps between these both, business lack clear differentiation between inventory management and order management.
Why Modern Inventory Management Software Matters?
Often overlooked and underestimated for its value, inventory management is the key to increasing sales. When inventory is travelling in and out of your warehouse, the more accurate real-time knowledge you have about where it’s going and when it will be replaced, the more focused will be your sales efforts. Inventory automation helps you centralize your data and helps you make decisions faster. This in turn allows you to fine-tune your marketing strategies, better understand your customers, offer attractive product promotions, increase sales and even drive higher customer retentions. Today’s best inventory management software manage the entire order fulfillment process from the ‘BUY’ button to all the way to ‘DELIVERY’.
IoT, RFID revolution has further created 360˚ change on real-time visibility, now with more emphasis on the strategic role of inventory management, support modern assembly demands to speed processes, streamline activities and allow manufacturers to respond to customer expectations. Moreover, wearable devices, voice-activated systems and automatic sensors help increase speed and drive more accuracy which in turn yield accurate reporting, analytics, including predictive analytics.
However, making it happen is notoriously difficult and requires that you can forecast demand accurately and have better tracking efficiency in least time possible. Therefore, choosing an inventory management specialist partner helps eliminate inaccuracies that are rampant in manual process-centric inventory management and deliver accurate reflections of inventory levels always together with better visibility and control.
Why Order Management Software Matters?
Supply chain managers are often faced with challenge in delivering products to customers in an efficient and cost-effective manner. Moreover, the inability to adapt to current competitive environment further results in increased operation inefficiency resulting in higher cost to serve and even reduced profitability. Thus, re-evaluating how companies manage orders can help unlock value and drive improvements with minimalist investments.
Choosing an order management specialist enable you to automate every phase of order management process with intelligent features. Order management optimization improves cost base and service levels by facilitating communication between different departments, reduces risk of errors even as it consolidates and automates your entire order handling and fulfillment workflow, giving you faster deliveries, and more satisfied customers. It offers better transparency for a holistic view of entire business, boosts efficiency and order accuracy for greater understanding of what’s going on throughout the business for and quicker turnaround.
WHICH ONE DO YOU PICK?
While most inventory management solutions boast of integrating order management and vice versa, it’s advisable to seek a focused, reliable partner who understands your business model’s priority and has domain expertise.
Choose Inventory Management Software When… your focus is to enhance and promote efficiency and productivity in your daily operations. The two methods that do work with inventory management software are barcodes and radio-frequency identification (RFID). We recommend that you choose one of these methods for managing your inventory.
The mode of operations of each type of business is different therefore ensure that it is scalable, industry compatible, hardware compatible, balances features and simplicity facilitates easy data importing. Equally ensure that your software vendor has domain expertise, offers flexible contract terms and offers reliable post-sale support.
Choose Order Management Software When… your emphasis is to streamline the production and distribution process.
- Are there too many mistakes in data entry, shipping, purchasing, invoicing and accounting?
- Do you have trouble keeping up with customer demand?
- Do you often run out of stock or clueless about your stock levels?
- Do you witness rising payroll costs?
Then you need to invest in an order management software partner to ensure the growth and profitability of your company.
As with most things in business, focus is the gateway to success. Therefore, it pays to have a specialist inventory management software company or order management company as your partner.