"Order management" refers to the process of managing orders for products or services within a company. This process involves capturing, reviewing, approving, and processing orders to ensure that the required items are procured in a timely and efficient manner.
Typical functions of software in the area of "order management" could include:
Order capture: Capturing orders from internal or external customers through various channels such as online shops, email, or phone.
Order verification: Reviewing order details such as items, quantities, prices, and delivery terms for accuracy and completeness.
Approval workflow: Setting up approval workflows for orders where authorized individuals can review and approve orders before further processing.
Supplier management: Managing supplier relationships and contracts, including supplier evaluation, selection, and communication.
Order processing: Processing orders including order confirmation, shipping preparation, and invoicing.
Order tracking: Tracking the status of orders from capture to delivery to keep customers informed about the current status of their order.
Inventory management: Updating inventory levels based on orders and deliveries to ensure adequate stock is available to fulfill orders.
Reporting and analysis: Generating reports and analyses on order volume, supplier performance, and order cycles to identify trends and optimization opportunities.