If you’re reading this, chances are you’re not happy with your order tracking system.
Is your inventory management software missing an order fulfillment component? Do you find yourself running out of inventory before you expected? Maybe you wish that your current order tracking software could help you prioritize restock orders by demand?
Order tracking software options can feel so fragmented.
You need a streamlined solution for order management that handles the entire process, from the first sales order through fulfillment and delivery.
That same tracking system needs to keep an eye on inventory, assigning team members to order processing, and allowing management to oversee task completion.
It’s not impossible to create an order management process that’s customized to the exact needs of your business. You just have to find the software that anticipates your demands.
In this article we’ll take a look at the features you need to cover every step in the order management process and introduce you to a platform that we’re confident will exceed your order management needs.
What is order tracking software and why do you need it?
Order tracking software checks your customer orders from incoming purchases through processing, inventory management, and fulfillment.
Order tracking software is essential to proper management of orders, personnel assignments, inventory, and delivery.
Research shows that successful businesses prefer cloud-based solutions for order tracking and management. A recent survey shows that 46.1% of businesses list cloud logistics as their number 1 technology to invest in, ahead of warehouse automation, analytics, and AI.
Cloud-based order tracking logistics are today’s most heavily financed business technology. If you aren’t all in on perfecting — and personalizing — your order tracking software, you are falling behind.
A 2020 survey of retail executives found that 43% would increase their budgets for order tracking software personalization in the 2021 fiscal year.
From processing to re-stocking to order delivery, you must customize every component of the order management system you choose to your specific business.
“Order tracking software” has become a catch-all term for cloud-based software that fulfills each facet of order tracking and management — so why is it so hard to find one software solution that covers them all?
If you are going to invest in a “road map” to successful order management, that map should cover every stop along the way.
The road to order management requires a customized map
Superior order management requires a coordinated supply chain. The road to establishing that supply chain has 5 landmarks:
- Track and assign incoming orders: enter incoming orders into your order management software. Save time with automated work order assignments.
- Set up automatic updates: apply cloud-based automation tools to instantly update any order status.
- Analyze your inventory: don’t fall behind on stock orders and inventory management.
- Monitor order processing: keep an eye on processing times and order fulfillment.
- Set action dates for delivery: nothing ruins the customer experience like poor delivery. Get that order out the door and keep fulfillment times down.
26.8% of the global population are digital buyers. On top of that, over 230 million US consumers consider themselves digital buyers.
Setting up your order management system with customized, cloud-based automation keeps your business on schedule with the demands of today’s digital market.
Your order processing software cannot be fragmented with so many potential sales at stake. You need one order management system that serves all your needs.
The software you select becomes your road map for order management. And that road map must be customizable to meet your personal needs at each of the 5 landmarks in order tracking.
The order tracking software that solves all your problems
58% of retailers are increasing spending on order management systems. 48% are spending more on order fulfillment software, while 64% plan to increase their inventory management software budget.
Do you see the problem with that?
One platform for inventory management.
Another platform for purchase orders…
Yet another to track fulfillment…
There is a better way to handle your orders.Your order management software must handle every aspect of every order. There isn’t time to scramble around on 5 platforms for 5 different tools.
Instead, you can integrate and customize your order tracking software with monday.com. The monday.com fleet of templates, automation tools, and personalization options create the perfect road map for your order tracking needs.
monday.com creates every template in its order tracking software to interact seamlessly with one another. Record incoming orders, assign them to team members, watch your inventory, keep tabs on order processing, and schedule delivery in the same place, using the same software.
With monday.com, you’ve got a single platform with custom fields for order entry and tracking that you can personalize to the specific needs of your business. That’s a road map you can trust.
Let’s revisit the 5 landmarks of great order management and apply monday.com’s solutions to each.
1. How do I track and assign incoming orders effectively?
That means you need a platform that can handle incoming orders for your biggest sales year to date, and make assigning those orders simple.
The order management process begins with a form-powered board, specific to your business. Customizable options include color coding for products and services, date and status groupings, and formula columns.
You will easily assign incoming orders to team members here as well.
Personalize the board with name and date fields to let your team know who’s responsible for each order as well as its delivery deadline.
Your order entry process is covered — now let’s automate the process.
2. How do I establish automatic order updates?
Automation is crucial in your order tracking software, specifically when it comes to creating order updates.
Why waste time with manual updates on incoming orders, assigning tasks, and processing updates when you can automate all of it with monday.com?
Order tracking software from monday.com provides automations for calculations, dates, and order status updates.
Creating a positive order processing experience for employees and customers is an added benefit of automation.
Automated order updates through monday.com benefit your team and your customers — a real win-win!
3. How can I stay a step ahead of my inventory?
Nothing derails your order management process faster than 3 words: “out of stock.”
You must stay a step ahead of your inventory needs at all times.
Every time a customer visits a store — whether online or in person — a shocking 1 out of every 13 products listed is out of stock.
And yet, a 2020 retail technology report states 64% of retail managers invest heavily in inventory tracking software.
How is it possible to spend so much money on inventory tracking and still fall short?
Fixing this problem begins with integrating your inventory software with the rest of your order management system.
Customizable inventory management forms are contained within monday.com’s order tracking software. Using this fully optimized Work OS for your order tracking needs, you’ll be able to track inventory status and stock quantities on the same form where you process your orders.
Talk about convenient!
That means no more switching from your order management system to your inventory management system. Now, get on with order processing.
4. Why is order processing so important?
48% of retail executives allocate budget to order fulfillment software. If less than half of the retail sector is spending money on order fulfillment, why should you?
Well, Pitney Bowes — a giant US tech company for those of you who may be unfamiliar — reports 60% of consumers said inaccurate order tracking and processing would dissuade them from ordering from that retailer again.
If so many consumers are turned off by one bad processing experience, why are so many businesses ignoring this step of the order management process? Do you really want to be in the 50% that doesn’t know who’s fulfilling your orders — or when they’ll be completed?
Thankfully, you can organize your monday.com order tracking board based on order preparedness.
This one of a kind service gives you the ability to set up automated alerts for pending and processing orders that trigger as your team completes each phase of order fulfillment.
5. Order delivery is crucial to customer satisfaction
Ultimately, order management is about customers getting orders fulfilled properly in a timely fashion.
Poor performance in order delivery can have negative effects on your business.
ShipStation reports that 83% of consumers say they will not shop with a company again after one negative delivery experience.
And customers are harder than ever to please — customer satisfaction with shipping and delivery has declined for each of the last 4 years.
Getting your orders through the 5 landmarks of excellent order management and out for shipment is vital to customer retention. Automated alerts on monday.com order management boards allow you to navigate the road to order fulfillment quickly and efficiently, ensuring that your customers are getting their deliveries when expected.
The end result is a better customer experience and a boost to customer retention, the backbone of profitability.
Get all your customized order tracking software here
There are lots of individual options for work order software, inventory management software, and purchase order templates.
But your business needs a single platform where your order management system can function as one customized, integrated machine.
That platform is monday.com. Using this Work OS, you can follow the road map for great order management.
Manage orders and sales with monday.com and get access to awesome automations, order processing, inventory management and delivery.