The Order Management System is a software that allows integration between the company's sales channels and facilitates order management. Learn more!
Imagine the following situation: you have a company that receives dozens, hundreds – or even thousands – of orders every day, whether in your physical store or through your e-commerce. An experienced manager like you knows that every consumer is anxious and wants to receive their products in perfect condition, as soon as possible. That's why here you will learn about the Order Management System (OMS).
The big question is: how to manage all this without losing control of the processes or ending up with a huge headache? This is what OMS is for, another technological solution developed to make day-to-day life easier in the company where you work or own.
In this article, we explain everything you need to know about how this software works and how it can be useful for managing the orders your business receives.
Happy reading!
What is Order Management System?
The Order Management System (OMS) is a software widely used in companies to manage incoming orders. It is most commonly used for large quantities, in order to facilitate organization.
In addition, the system also allows for connections between financial market participants. This is especially true when using the FIX protocol, to exchange messages related to the execution of stock, derivative and even foreign exchange orders. Ideal if your company is an exporter and, consequently, involved in international trade practices.
In summary, the OMS system is fundamental as an ally for the company to provide quality service to its customers. It is quite common in medium and large retailers, but is also found in smaller companies. Although the amount spent investing in such software varies, the average cost for a simple model ranges from $10 to $500 per month.
How does the Order Management System work?
Once installed, the OMS works by tracking sales and orders made for your company across one or more sales channels, making it an omnichannel tool as well. OMS software is very useful for physical store sales, but even more so for e-commerce transactions.
However, for everything to go smoothly and for the investment in this technology to pay off, the professionals working in your company must first understand what it means to provide omnichannel service (with both service channels integrated, generating data for the same database). Only then will it be possible to have a broad view of the sales process.
The best alternative is to hire professionals specialized in this type of strategy or offer the necessary training to the current members of your team. In this way, the tendency is for there to be a productivity gain and assertiveness, reducing time and, consequently, improving customer experiences with your company.
What are the benefits of OMS software?
There are a number of benefits and differences that make OMS popular among companies and have a good satisfaction rate. Below, we have listed the main reasons that contribute to a optimization of order management using this system. Check it out:
1- Increase in customer conversion
Let’s face it, no customer wants to have the experience of selecting an order and then receiving a message saying it’s out of stock. And how does OMS help prevent this, especially within the ecommerce?
It's simple: the software can tell system operators which products are out of stock and, therefore, avoid the risk of displaying products that are not currently available. In an omnichannel strategy, the results are even better, since, for example, if the purchase is made on the website, the software's assistance helps determine when the product will be available for collection and at which branch or head office.
2- Increased profits with order automation
This benefit is the one that precedes the previous item. The Order Management System allows for an increase in management efficiency, reducing manual work and reducing human errors.
Problems that used to take hours to detect can now be resolved in a matter of minutes. This also helps your team focus on other tasks, such as developing new strategies to meet consumer habits and make your company thrive.
3- Greater connection with the consumer when integrating with other software
The OMS can be integrated with other software programs widely used for business management, such as WMS and ERP. This way, it is possible to have a complete overview of the processes and other aspects related to each order.
Therefore, it also becomes a powerful system for analyzing customer behavior, becoming an ally of the visibility offered across all of the company's sales channels.
4- Getting sales pitches right with the unified database
All information collected from your customers is stored securely in the same database, in compliance with the requirements of the General Data Protection Law (LGPD). Any activity carried out by the consumer since becoming one of your leads is saved.
This type of metric is essential for producing assertive marketing strategies within the company. Knowing the audience you want to talk to well makes it easier to achieve your goals.
5- Ease for the financial sector
Having an Order Management System software is also beneficial when it comes to closing the monthly accounts. Its features allow the financial sector to know first-hand, without having to rely on responses from numerous other sectors, what amounts are payable and receivable.
Another interesting point is that in the case of returns, the WHO establishes the rules for all sectors on how to proceed, starting with customer service and ending with the last stage, reimbursement.
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