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Complete Guide to NetSuite Order Management
Order fulfillment quality is crucial in the modern business climate. It makes your company stand out, attracts repeat business from customers, and improves branding. By using NetSuite Order Management, you gain the capability to enhance profitability and enable you to meet and surpass rising customer expectations for fulfillment successfully.
Your company's ability to make or lose money could depend on NetSuite inventory management. The process of recording, tracking, and fulfilling orders across numerous channels is arduous for many firms, especially large-scale ones.
Read on to learn more about the capabilities that NetSuite's Order Management module may provide, including the duties software should manage for order management, the benefits of a centralized dashboard, and many more.
What is Order Management?
The process of accepting, following, and completing consumer orders is referred to as order management. When an order is placed, the order management process starts, and it is completed when the consumer receives their package.
Automating and streamlining the revenue recognition processes is crucial while growing your firm. Otherwise, the volume of orders will eventually become too much for you to handle.
How Important is an Order Management System?
You can view and manage all customer orders in one location with the help of an order management system. To place an order for products and to follow the order's execution, order management software is employed. This order management procedure includes locating the cheapest prices available on the market, the delivery process, order acceptance, packaging, and shipping, among other things.
Such software streamlines the order management attainment process, reduces the order-to-cash process, and increases processing effectiveness for suppliers and distributors. This program is necessary to uphold fairness and transparency, to put it simply.
When you're building business processes from scratch with a small team, taking the effort to create order management processes and systems can feel like unnecessary work.
But as your company expands, you risk falling behind if you try to complete every order by yourself. Gone are the days when you have to wait while someone is processing shipping paperwork. You have to keep up with the times and employ technology for strengthening revenue recognition processes.
NetSuite Order Management
The NetSuite Order Management module offers your company a fulfillment execution that can be customized for any kind of warehouse. Tools for order allocation and sourcing decide how to fill orders based on global inventory visibility and corporate policies.
Additionally, this module gives your sales team the knowledge they require to address client inquiries about product availability, ordering, and order adjustments or issues after they have been placed.
Benefits of NetSuite Order Management
Let's go over the benefits your business can gain from utilizing the NetSuite Order Management module:
Efficient order fulfillment
You can integrate, maintain, and modify your order management processes more quickly and affordably with the help of NetSuite Order Management.
This module gives your team the order orchestration and inventory visibility capabilities they need to increase earnings through efficient inventory and order management. With the ability to fulfill orders from any location, your company can quickly deliver products to customers by using store inventories.
Automated flow of data
You may integrate the sales, finance, and operations teams with NetSuite OM to increase quotation accuracy, get rid of billing mistakes, strengthen revenue recognition procedures, and expedite and improve order fulfillment and cash flow.
The flow of accepting, inspecting, planning, following, complying with, and billing orders is the lifeblood of your organization. The vast array of order management tools that NetSuite provides gives you perfect insight into the process and enables you to automate a lot of the tasks along the way.
This enables you to fulfill and deliver the order from the most advantageous place in terms of cost or location, helping you to surpass your customers' expectations.
Optimized business processes
By automating time-consuming tasks, the NetSuite Order Management's subscription-related automated procedures help your team save time. The module also has capabilities for custom grid print templates that let you manage credits for all of your fulfillment channels and accept returns and exchanges for your company's products.
The multi-channel solutions offered by NetSuite Order Management enable your staff to offer customers excellent service at every point of contact. This enables your company to offer all of your clients seamless, reliable, cross-channel interactions. Billing management capabilities integrate all relevant processes into a single platform.
Additionally, the analysis of all registered returns is made possible by the NetSuite Business Intelligence module, allowing you to make strategic decisions about human handling and process optimization.
Less possibility of errors
When you are working with this many orders and at this level of complex order processing, mistakes are inevitable; especially billing errors. A developing eCommerce company's reputation might be harmed by incorrect products, lack of timely invoicing, incorrect addresses, and delayed shipping.
A streamlined order management system must be in place because of this. All of your order information is in one system with NetSuite. From the initial marketing contact to the order, invoicing, delivery, and support phases, you can keep tabs on your customers.
You get complete visibility into every pre-sale activity thanks to the integrated NetSuite CRM. The system gathers order data from all sales channels, prompting your warehouse personnel to choose, pack, and send the item.
Due to the automatic information flow, there is no chance for manual error in fulfillment or billing, which results in more productive personnel and contented clients regardless of business type.
Reliable data integrity
Since the entire process can be seen from above rather than in discrete steps, using the NetSuite Order Management system makes it simpler for NetSuite customers to spot problems as they arise in real-time.
Making decisions based on data can help you save money over time. Fixing even the tiniest inefficiency can spur supply chain optimizations and significantly affect your bottom line when order volume is high.
The NetSuite Order Management Cycle
The order management process that NetSuite provides is much like a conventional process that other software employ. The difference is that NetSuite also employs its built-in CRM application to further optimize the order management cycle.
Let's go over how orders actually get fulfilled in an order management setting, from start to end.
Order placement
Customers place orders through every accessible channel from various locations and at various times.
NetSuite functions as a multichannel order management or omnichannel fulfillment technology that can automatically upload the pertinent data from your e-commerce business into its own records to simplify this procedure on the backend.
Order is acquired
After the order is placed, the fulfillment center receives the information and starts processing the order.
If you are operating on Amazon, then it gets processed in one of their numerous FBA warehouses where your item is available. Or if you own a fulfillment center, the order gets processed there. Whichever way it is, NetSuite will record it and process it for you.
Order is selected
Selection generally refers to taking an item from the available inventory according to a picking list and bringing it to a packing station. The time it takes to complete each order depends on how the inventory is organized, which is where warehouse management comes into play.
Packaging
The order is packaged once it has arrived at the packaging area in a way that reduces the dimensional weight while also offering enough protection. Some companies, like Amazon, have very strict packing requirements that all vendors must follow.
If you input the required dimensions, NetSuite will include this and take note of it before sending the item off to packaging.
Shipping
The item is shipped to the purchaser after it has been packaged. Each order is given a tracking number, which is instantly provided to the customer so they may monitor the progress of their order at every stage.
Arrival
This is when customers receive their ordered item. Thanks to NetSuite's robust order management module, there will have been virtually no errors made throughout the entire process.
NetSuite Advanced Order Management
AOM is a feature set or module that makes location allocations and order fulfillment easier and more convenient. With AOM capabilities activated, you no longer need to constantly monitor your inventory inventories at each warehouse/store location to prevent backorders.
Once installed, the module will select the most suitable or nearby location to your customer and set it on your order lines, guaranteeing that every order can be promptly filled. Along with detaching NetSuite's standard shipping transaction, the module also offers new transactions like "Fulfillment Request" and "Store Pickup Fulfillments" that offer further insight into the purchase process.
Modules that complement NetSuite Order Management
NetSuite OM would not be as successful as it is without other modules and functions working in tandem to deliver the best results possible.
NetSuite CRM
Only the cloud-based NetSuite Customer Relationship Management (CRM) software offers a 360-degree picture of your customers in real-time. Through the full customer lifecycle, from lead to opportunity, sales order, fulfillment, renewal, upsell, cross-sell, and support, NetSuite CRM offers a smooth flow of information.
NetSuite CRM offers quotations, order management, commissions, sales forecasting, and integrated eCommerce capabilities, in addition to standard CRM features like SFA, customer care, and marketing automation.
NetSuite Inventory Management
Businesses may reduce inventory on hand to free up cash while preventing errors thanks to NetSuite Inventory Management, which offers a single, real-time view of assembly and inventory items across all locations and sales channels.
NetSuite Inventory Management assists firms in maintaining low inventory costs while surpassing consumer expectations by optimizing inventory levels and assuring product availability across numerous channels.
It provides goods visibility in real-time across all locations where you manage or stock inventory, including warehouses, retail stores, pop-up shops, drop shippers, and 3PLs. It can streamline your business by eliminating manual bottlenecks and ensuring fulfilment accuracy and processing sales orders in a timely manner.
Conclusion
We hope that you found this article helpful. If you are interested to learn more about NetSuite, feel free to check out this article about NetSuite integration tools you'll need for your business.
