As B2B businesses strive to meet the demands of a digital-first world, they face many challenges, including streamlining complex supply chains and ensuring a seamless ordering experience for clients. That's where order management software comes into play, serving as the backbone of any successful B2B operation.
But what exactly should you look for in order management software? Whether you're a brand or a sales agency this article aims to give you insights into the key features and benefits of this B2B solution.
We've crafted this blog based on our extensive experience working with hundreds of satisfied customers, who leverage MarketTime to optimize their operations.
What is B2B Order Management Software?
B2B Order Management Software is a digital platform that automates and centralizes business-to-business ordering. It simplifies how orders are received for wholesale orders that are placed via an order writing app at a show, on the road, or through a virtual appointment with a retail buyer’s local rep, as well as for orders that are placed directly through a B2B e-commerce site.
This B2B ordering system is crucial for managing wholesale orders and setting tiered pricing structures. The order delivery aspect also plays a key role in coordinating with brand partners, ensuring that orders are fulfilled accurately and on time.
The platform minimizes errors and speeds up the sales cycle by automating these complex tasks. This efficiency leads to improved customer relationships and, ultimately, increased revenue.
Additionally, most wholesale order management software can integrate with other business systems like CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning). This integration provides a comprehensive view of sales and inventory data, making it an indispensable tool for any B2B operation.
How Do Order Management Systems Work?
An OMS is a multifaceted tool that simplifies and streamlines the entire order process. Here's a concise overview of how it works:
- Inventory Visibility: Initially, the OMS provides a clear view of your inventory, including what's available in your warehouses, stores, and through third-party suppliers like logistics firms and drop-ship locations. This visibility is crucial for effective inventory planning.
- Order Fulfillment: The system then takes over the fulfillment process. This includes capturing and validating orders and managing their release. The OMS also handles shipment confirmations and maintains communication with customers throughout this process.
- Post-Order Management: After placing an order, the OMS facilitates smooth payment processing and integrates this financial data with your existing systems. In cases where a customer needs to return an item, the OMS sets the rules for handling returns from all channels. This includes managing exchanges, processing credits to customer accounts, and overseeing the dispositioning process.
What Are The Benefits of Implementing an OMS?
Adopting an Order Management System can significantly enhance the efficiency and effectiveness of a company's operations. Here are some key benefits an OMS offers:
1. Improved Supply Chain Analysis
The initial step of implementing an OMS often involves thoroughly examining the supply chain and identifying and rectifying bottlenecks. This process alone can lead to faster fulfillment times and more efficient operations.
2. Optimized Fulfillment Across Channels
An OMS enables companies to streamline their fulfillment processes across various channels, leading to a more cohesive and efficient operation.
3. Decreased Labor Costs
By automating many aspects of the order process, an OMS reduces the need for manual data entry and other labor-intensive tasks, thereby cutting labor costs.
4. Tighter Inventory Management
With an OMS, businesses gain better visibility into their sales, allowing them to optimize inventory levels. This means meeting customer demand effectively while minimizing excess stock. A consolidated view of inventory across multiple locations also helps avoid missed sales opportunities, ultimately improving cash flow, customer loyalty, and satisfaction.
5. Reduced Data Entry and Errors
An OMS uses consistent information across all sales and fulfillment processes, significantly reducing the need for repetitive data entry and the potential for associated errors.
6. Enhanced Visibility for All Stakeholders
An OMS provides visibility into the order process for everyone in the organization, improving internal coordination and customer service. Customers also benefit from this transparency, as they can track their order status independently.
7. Informed Decision-Making through Analysis
OMS platforms often have dashboard features that offer valuable insights into sales patterns, track key performance indicators (KPIs), and help forecast future sales and inventory levels. This data-driven approach aids in making informed business decisions.
What Are the Benefits of Using Order Delivery Software vs. Traditional Methods?
When managing orders in a B2B setting, businesses often choose between traditional methods like manual tracking and spreadsheets, and modern solutions like the Order Delivery solution offered by MarketTime. Let's break down the differences:
|
Criteria |
Traditional Methods |
Order Delivery Software |
|
Time Savings |
Requires significant time for manual data entry and updates. |
Automates tasks, reducing administrative time. |
|
Cost Efficiency |
Labor hours add up, increasing operational costs. Prone to costly errors. |
Initial investment leads to long-term savings. Resources can be reallocated to more strategic tasks. |
|
Error Reduction |
Human data entry errors lead to issues like incorrect orders or payment errors. |
Minimizes errors through automation, allowing focus on more strategic tasks. |
|
Flexibility and Collaboration |
Limited to static documents, hindering real-time collaboration. |
Offers real-time collaboration features, enhancing customer service. |
Real-world Impact: CODARUS
Let's look at a real-world example to put the above comparison into perspective. CODARUS, a multi-line sales agency, experienced significant operational improvements after implementing MarketTime's order management software:
- Time Savings: CODARUS saw a 30% reduction in the time spent on accounts receivable and commission payments, allowing their team to focus on more important tasks.
- Error Reduction: The automation features led to fewer errors, allowing the team to concentrate on customer collaboration and product selection.
This underscores the tangible benefits of modern order management systems, reinforcing the advantages outlined in the comparison table, and shares how both sales agencies and their brand partners benefit from having an automated Order Management and Order Delivery platform in place.
Who Benefits from Wholesale Order Management and Order Delivery Software?
Wholesale Order Management Software isn't a one-size-fits-all solution; it's designed to cater to specific needs within the B2B landscape. So, who gains the most from implementing this kind of B2B wholesale software?
- Brands: Brands can manage wholesale orders and complex pricing more efficiently, freeing up time for other tasks.
- Sales Agencies: Agencies representing multiple brands find value in territory management and commission tracking, ensuring coordinated sales efforts and accurate compensation.
- Retailers: Retailers sourcing from various suppliers can centralize order tracking, reducing the risk of inventory mishaps like stockouts or overstocking.
- Supply Chain Partners: Those in logistics benefit from real-time order status tracking, enabling better planning and timely deliveries.
- Collaborative Business Models: Brands partnering with agencies gain from features like real-time data sharing and ERP integration, enhancing overall efficiency and reducing errors.
What Makes a Good Order Management Software?
When evaluating Order Management Software, certain fundamentals like scalability, price, integration, and ease of use are given. Any platform worth considering must excel in these basic areas. However, the real differentiators lie in the extra features—the added value that addresses specific challenges in B2B transactions. Here are some key features to consider:
Streamlined Order Writing
Good software should simplify the creation and management of orders, especially for complex, multi-line transactions. For example, if you're at a trade show and need to quickly generate orders and reorders for multiple product lines, a B2B order writing app like MarketTime allows you to do this seamlessly from any device, whether PC, Android, iPhone, or iPad.
Customer and Manufacturer Management
A robust platform centralizes information on customers and manufacturers, making it easier to manage relationships and expectations. This solves the challenge of keeping track of customer preferences and manufacturer lead times, which can otherwise be overwhelming.
Territory Management
For businesses operating in multiple regions, effective territory management is crucial. Assigning specific territories to sales reps avoids overlap and ensures each rep knows their area of responsibility, streamlining your sales efforts.
Commission Tracking
Automated commission tracking is essential for ensuring accurate and timely payments. This feature eliminates the problem of manual calculations, which can lead to errors and disputes.
Back-Office Management
A well-rounded platform provides robust back-office management capabilities. For instance, if you need to generate monthly sales reports and handle data imports, features like sales reporting and import/export integrations are invaluable.
Real-Time Order Status
The ability to track order status in real-time enhances the customer experience. MarketTime's complete wholesale order management software provides real-time updates, improving customer satisfaction and reducing inquiry calls.
Electronic Order Delivery
When evaluating order management software, look for electronic order delivery. This feature allows for efficient management of brand profiles, including uploading product information and images, and centralizes wholesale orders for streamlined fulfillment. A crucial aspect is the inclusion of versatile payment solutions, accommodating both in-house options and third-party gateways, ensuring seamless financial transactions.
Integrating MarketTime’s Order Management Software Into Your Company
A strong order management system is not just a tool for operational efficiency; it is a strategic investment that can drive business growth and customer satisfaction. As B2B businesses continue to evolve, order management software will remain an essential component of their success.
If a new order management software is in your company’s upcoming plans, we encourage you to explore MarketTime's comprehensive solutions. MarketTime's software is designed specifically for B2B companies, offering a suite of features tailored to meet the unique needs of manufacturers, brands, and sales agencies.
With MarketTime, you can streamline your order management processes, enhance customer collaboration, and achieve operational excellence. Contact us today to schedule a personalized demo and discover how MarketTime can transform your B2B sales operations.
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Are you curious to see how MarketTime can specifically address your B2B challenges? Schedule a personalized demo and explore the most important features of your business. |
Frequently Asked Questions
Navigating the world of order management and order delivery software can be complex, especially with various acronyms and terms floating around. Here are some frequently asked questions to help clarify key points:
What software is used for order management?
Order management software is a specialized platform designed to automate and centralize a business's order processing and tracking functions. This is particularly important in wholesale eCommerce, where MarketTime and other platforms excel.
What is the difference between Order Management Software (OMS) and Customer Relationship Management (CRM) tools?
OMS (Order Management System) focuses on the entire lifecycle of an order, from creation to fulfillment. CRM tools (Customer Relationship Management) concentrate on managing customer interactions and relationships. While both can integrate, they serve different primary functions.
Is Order Management Software an ERP system?
No, Order Management Software is not an ERP (Enterprise Resource Planning) system but it can integrate with one. ERP systems offer a broader range of functionalities, including finance, HR, and supply chain management, whereas OMS specializes in order management.
Is Order Management Software a CRM tool?
Order Management Software is not a CRM tool, although some features, like customer data management, may overlap. Order Management Software specializes in handling orders, while CRM focuses on customer relationships.
What are the key steps involved in an Order Management System?
Order Management Software automates the order processing workflow. It starts with order creation, moves to inventory checking, processes the order, handles shipping, and ends with customer notification and feedback collection.
Is B2B Order Management Software scalable to accommodate business growth?
Yes, most modern B2B order management software is designed to be scalable. As your business grows, the software can adapt to handle increased order volumes, complex pricing structures, and additional sales channels.
How Do I Choose the Right B2B Order Management Software for My Needs?
There are a few things to keep in mind when choosing the best B2B order management software for your organization, including:
- Integration with existing systems
- Ease of use
- Customization
- Scalability
- Efficient order processing
- Diverse payment options
- Strong customer support
Also, evaluate the software's cost-effectiveness and check user reviews for insights. For a practical option, explore MarketTime, which offers comprehensive features tailored to manufacturers and brands in the B2B sector.
