Different Ways to Manage Inventory
All businesses have some sort of method in place to manage inventory. Some are perfectly content continuing with their old pen and paper method. Others are using Excel spreadsheets. And many more have upgraded to using an OMS (order management system). Whatever method you are currently using, there may come a time when you realize it is no longer working for you. Simple processes are no longer simple, there are errors and delays in shipping, and your customers are no longer happy. It’s time for a change.
Not All Software is Created Equal
With so many software choices for an OMS, how do you determine which is the right one for you? Generally, the implementation and integration of an OMS can be costly and time consuming. You may decide to choose the one that is the cheapest to purchase and fastest to integrate. However, you could be making an expensive mistake. Not all OMSs are created equal. You need to first take a good look at what is working for you right now and what things you need to change. With a full understanding of all the processes in your business, you can make an educated decision about which software will work best for your company.
Top Level OMS
A top level OMS will allow you to monitor inventory from all locations (retail stores, warehouses, 3PLs) in real time. This ability to see everything in one place is an extremely important feature of an OMS. Where the orders were placed (online, in store), how they were placed (from a mobile app, by phone, etc.), how they were delivered (shipped to home, picked up in store, etc.) are all crucial details to track in order to help your company succeed. With the OMS tracking all this information, your customers will be able to shop across all channels (in store, online, etc.) and get the items they want the way they want. Whether this means buying online and shipping, buying online and picking up in store (BOPIS) or walking into a retail location and purchasing the item in person, your customer will always be happy. Whichever method the customer chooses, you can rest assured that the desired item will be available.
Off-The-Shelf vs Customizable
You have the choice of either ready made off-the-shelf software or customizable software. The differences between them may not seem so significant at first, but upon closer inspection, you will see that those differences can mean a lot for your business. The off-the-shelf software is meant to be used across all industries by many different businesses. As much as you think your business is typical for the industry you are in, there are always things that you do differently from your competitors. Those are the things that make your business stand out from everyone else. You need a robust platform that will enhance and improve upon your unique processes and make you even better at what you do.
Four Key Features in an OMS
There are 4 key features that you should look for in an OMS:
- Integrations - how will the OMS integrate with your eCommerce platform?
- Flexibility - is the OMS flexible enough to handle your unique processes?
- Scalability - is the OMS is able to meet your current needs and all future needs as your business grows?
- Cross channel - can the OMS handle multichannel and omnichannel requirements?
The Right OMS is a Necessity
From automating order processing to providing high quality customer service, and everything in between, the right OMS is an absolute necessity for your business. With the use of the proper OMS your company can see up to a 55% reduction in order processing costs with 99.6% accuracy on order entry! Don’t let the upfront financial commitment delay your decision. As you can see, the right OMS will enable you to focus more on marketing your product rather than working on the mundane tasks of monitoring inventory and maintaining stock levels. With those time consuming tasks being tracked by the proper OMS, there will be less inventory shortage, less inventory overages, and less opportunities for human error to get in the way of satisfying your customer the first time, on time, and everytime.
SkuNexus provides inventory/order/warehouse management software that is a cut above. Whether you need a basic OMS solution, or you need a lot of customization, SkuNexus will help your company run more efficiently and increase your profitability in the future!
Click here to see how we can help your bottom line!