Order management refers to the efficient organization, tracking, and administration of orders within a business. This encompasses the entire lifecycle of an order, from capture to fulfillment.
Typical functions of software in the field of order management may include:
Order Capture: Capturing order details such as customer information, products/services, quantities, and prices.
Order Tracking: Monitoring the progress of an order from acceptance to delivery.
Inventory Management: Managing inventory related to orders to ensure availability.
Schedule Planning: Setting dates and deadlines for order steps.
Documentation: Storing and managing order-related documents such as invoices, delivery notes, and contracts.
Communication: Communicating with customers and internal departments regarding order status and requirements.
Order Invoicing: Invoicing for services rendered or products delivered as part of the order.
Analysis and Reporting: Generating reports for performance evaluation, revenue analysis, and order statistics.