What’s the Best Way to Ensure Efficient Order Management?
As your business grows, you may find that order management is becoming more cumbersome. You need to keep track of customer’s orders, fill those orders, and receive payments, and with a lot of open orders at any given time, it’s easy for things to fall through the cracks.
The best way to ensure efficient order management is to upgrade your processes. It may be time to start using a cloud-based ERP system to manage your orders. Here are some ways that an ERP system can help make your order management more efficient.
Track Orders in a Central Location
Are your orders, quotes, and invoices spread between multiple filing cabinets? Are they piled up on your desk in a disorganized mess? Those are inefficient ways to manage orders that can lead to orders getting misplaced. With an inefficient order management system, your business may fill orders late, or may not fill them at all.
With an ERP system, all your orders will be in the same place. When you need to locate one of your orders, you’ll know exactly where to find it. This can save a lot of time, and time is money. Tracking orders in a central location also prevents them from getting lost and not fulfilled in time.
Offer a Self-Serve Order Portal
As your business gets larger and you acquire more customers, your order volume will increase. Hiring more employees to handle the order processing increases your labour costs, and since the orders are being processed manually, your system won’t be very efficient. Offering a self-serve order portal for your customers is an excellent way to gain more efficiency in order management.
With a self-serve order portal, your customers can browse your catalog of products or services on their own. When they’re ready, they can place new orders. Through the portal, they can also view their past orders, send support tickets, or send inquiries to your team.
Manage Your Inventory
A key part of order management is making sure your company has enough product on hand to fulfill orders in a timely fashion. As your business gets larger, and you start storing your inventory between multiple offices and warehouses, tracking your inventory gets harder.
With your ERP system, you can track your inventory across all your business’s locations. You’ll be able to see how much of each product is in each location, and you can ship products from the warehouses that are closest to your customers. You can also transfer products between your multiple locations to fulfill orders more efficiently.
Integrate with Suppliers
Sometimes, issues with order management can come from your suppliers. They may not have enough product ready for you when you need it, and you may not be able to fulfill orders as quickly as you’d like. Integrating with your suppliers is a great way to resolve this problem.
When your ERP system is integrated with your suppliers, your suppliers can see when your inventory is getting low. This gives them a heads up that they need to get more product ready for you, and when you make an order, you’ll be able to get it more quickly. This integration also lets you check stock levels, prices, and other supplier information without having to call the supplier.
Stay on Top of Payments
Another challenging aspect of order management is making sure you get paid on time. Cash flow is important for small businesses, and if you don’t have enough money coming in, you won’t be able to buy more inventory to fulfill your next round of orders. To avoid this problem, you can use your ERP system to stay on top of payments.
With your ERP system, you can send email notifications to your customers to remind them to make payments, which helps you get paid faster. You can also track outstanding payments through the system, which makes it easier to follow up on past-due invoices.