Managing inventory is a time consuming and often under-appreciated aspect of any business. It can be cumbersome to manage large inventories manually with pen and paper, but software has made the job much easier for many small businesses. However, not all inventory management software offers the same functions, so it’s important to weigh the benefits provided by each solution before settling on a single option.
Industry giants and startups across the globe have started adopting cutting-edge solutions like inventory management tools to meet growing demand. And with good reason, since reliable sources are citing that the worldwide known Inventory Management Software market is expected to surpass 3.82 Billion USD by 2028! And along with this awareness, there are developments in this area that cannot be ignored. Let’s take a look at some of the trends that are here to stay for the coming years.
Five Trends In Order Management That Are Here To Stay
Making Data-Backed Decisions
Insights and data, when they're compiled and understood, can help us shape the future of our processes. Because when we know more about what causes certain kinds of behaviour in people, or about why people tend to do different things in different situations, we can better predict what people will do in the future.
There are two ways to look at using data about customers:
Understanding customer behaviour by considering factors like consumer sentiments, economic and political stability;
Taking historical data to predict future trends, based on buying behaviour, degree of responsiveness to a given product, payment choices, input channel preferences and satisfaction index.
Tracking and analyzing data is like looking through a telescope: It makes objects easier to view and understand. The telescope reveals many things we wouldn't otherwise see with our naked eyes;
Similarly, analytics make big businesses easy to understand, which in turn helps companies plan their future effectively (and in the fashion of NASA's space program) by laying out budgets for research and development (R&D) in terms in measurable terms, rather than in the vague belief that the impossible is possible.
Automating Your Order Management Process
With increasing pressure for maximizing sales cost efficiency within your business, it can be difficult to determine the use of software to transform many business practices. As today's small businesses usually lack the necessary resources, one of the first processes to embrace automation is OM (Order Management).
OM is not only one of the first but also one of the most advanced processes available, especially since it enhances its approach by generating solutions that reduce costs and allow employees to be more efficient when dealing with orders.
Increased Adoption Of Self-Service Solution
Self-service sounds like something you would do at the gym, but is actually one of the most important features that an [order management solution(https://fieldproxy.com/) can have. A self-serving option for your customers is very popular with them because they are able to obtain information on their orders online whenever needed. They are able to check out, track their orders, pay for orders, and raise discrepancies if necessary without needing to call or email your company so many times.
This way your human resources are used more efficiently, customer satisfaction increases through increased order value, and store managers can have more time to focus on sales instead of having to field countless calls from unsatisfied customers!
Use Of Complex Technology
Sensors attached to a pallet containing hardware components or consumer goods will trigger the creation of orders when the inventory reaches a certain threshold level. Imagine how great it would be if your business were to have a seamless purchase requisition system set up in the cloud.
Whenever the inventory falls below a given threshold, you can rest assured that PO’s will be created automatically and sent to suppliers via structures platforms ensuring fast and efficient communication while simplifying multi-level coordination between buyers and sellers.
This is just one example of how seemingly small details affect seemingly big and established businesses and allow them to easily scale while maintaining their competitiveness by using ANAT solutions!
A Lot More Reliance On Location Services
Location tracking has become increasingly essential in fleet management, with businesses able to monitor time spent at job sites or at loading bays and work to ensure drivers are more productive. Also, by ensuring the nearest vehicle is routed to a job site, businesses can eliminate waste. By digitizing important workflows - like monitoring real-time delivery deliveries - businesses can also increase productivity.
A Little Bit About Fieldproxy
An order management and tracking software that fulfils all your needs is Fieldproxy - a one-stop solution to all your field service and order tracking needs. With Fieldproxy, you can easily
- Create unique dashboards
- Identify areas of improvement
- Track inventories with greater efficiency
- Create tasks for different employees and manage them seamlessly.
And that's not all. With Fieldproxy, you can do so much more. Book a demo and improve your field teams with just a few clicks today.
Know more about the product!