by Shan Muthuvelu, CEO at ITOrizon
Every year, millions of people celebrate holidays all over the world. One of the most significant rituals during holidays is buying and sharing gifts. Unfortunately, numerous consumers initiate purchases at the last minute. Having a strong supply chain ecosystem with a functionally savvy Enterprise Order Management system is critical to managing and fulfilling orders.
Halloween is no exception. An image transpires in customers’ minds, and they receive a strong urge to transform into their favorite character two days before the Halloween costume party they wish to attend, or their children beg to go Trick-Or-Treating. This is the perfect opportunity for businesses to meet customer experience and grow businesses.
Businesses should embrace the outside-in view across all sales channels.
Preeminent supply chain solutions, specifically Enterprise Order Management (EOM) Solution, aid customers to execute their outside-in view with utmost efficiency if implemented correctly.
EOM allows retailers to maximize order fulfillment while balancing two constraints:
Accurate order fulfillment and order processing
- The customer expects their order to be fulfilled on time and in full.
Efficient order fulfillment and order processing
- The company wishes to meet these customer expectations but at the lowest possible cost of order fulfillment.
Companies should enable below Enterprise Order Management features to implement outside-in view yet maintain inside-out view.
Key Features of Enterprise Order Management - Order Processing and Inventory Management
- Visibility of Orders & Inventory across all channels and business lines
- Visibility to fulfill across all Channels per Threshold Settings
- Visibility of Drop-Shipments, Backorders, & Preorders across their network and capability to use them in fulfillment
- Visibility of product returns across any channels and capability to fulfill against any channel
- Visibility and access to Nearshore Inventory
- Visibility of Total Cost to Serve a Single Order in fulfillment
- Capability of splitting multi-product order fulfillment and fulfill from Multiple Locations
- Capability of store pick-up and ship-to-store fulfillment rules
- Capability of tracking order life cycle and cancelling orders between receipt and dispatch
- Capability of managing end to end financial components including credit card & payment authorization, payment refunds, tax, and export duty calculations
- Capability of executing drop-ship fulfillment from 3rd party locations
- Capability of calculating lead time estimates for the delivery of consumer orders
- Capability of order routing optimization of fulfillment and shipping / collection locations
Once a business realizes the need for this system, it must be implemented through phases.
Three Phases of Implementation
- With a pilot phase, businesses must test the operations of the primary features of the system with simple order patterns and volumes.
- After creating the foundation of this system, anomalies known as process exceptions are introduced as well as the insertion of intricate order patterns to verify that all functions and processes are in working order known as the Fully Functional Scope.
- A Rapid Enterprise Roll-Out commences throughout the organization as the order volumes increase. The system supervises performance and assists challenges while problem-solving pain points.
In short, Orchestrating and Optimizing the order fulfillment process will benefit businesses and improve customer experience without having to trade off between unwanted inventory and profit margins.
Team up with ITOrizon to learn more about streamlined solutions that can help your business to reach its full potential.