by Sophia Riley | Aug 3, 2023 | AP Automation, Sales Order Processing
Companies, entrepreneurs, and managers are venturing into e-commerce for business growth. The strategy opens up opportunities for income generation and offers access to an extensive market.
Sales order automation is critical to achieving success through increased profits and should be at the forefront of an organization’s digital transformation.
An Overview of Sales Order Automation
It is the entire process of taking care of a customer’s order from order placement up to delivery, including taking requests, packaging, shipping, order tracking, and after-sales services like product returns.
We can simply say that it is the procedure of making sales and getting the items into the client’s hands or requested delivery point. Investing in sales order automation software will improve e-commerce by streamlining the processes and it is available for businesses across many industries.
Merchants will manage online orders more effectively and can use them on-premise to streamline sales while ensuring customer satisfaction.
E-commerce Sales Order Management
Automating sales orders for e-commerce is handling and completing online orders. It covers every aspect of the process, from customer ordering, order routing, packaging, labeling, shipping, and refunds.
Sales order automation aims to make the ordering process smooth and provide a product to a client promptly. It aids in tracking a customer’s item when purchasing online, from when shoppers add each item to the cart to when it reaches the customer, as well as any subsequent returns. Previously enterprises would rely on Excel sheets and enterprise resource planning applications, which could have been more effective.
Thanks to technology and innovation, businesses can invest in a flexible, scalable, and adaptive digital solution to be responsive to demand or market changes. Here is how an e-commerce sales order system should work;
- Placing an order
The order management lifecycle starts with the customer placing an order using an eCommerce platform. You will get the order details when someone purchases an item from your online shop. The personnel at the warehouse will need access to the information, which would help integrate the system with your warehouse management software.
- Item Picking
Sending order details to the warehouse should be automatic, particularly if your business processes many online orders as it will streamline and speed up order fulfillment.
Working with an established sales order automation service provider is critical for the project’s success. They can assist in identifying digital tools to integrate into the sales order management system depending on the business needs.
- Ordering
Packaging operations happen at the warehouse. With an integrated sales order automation solution, workers can quickly gather details about items from several orders and move them for packaging, where another team preps the item for shipping.
The stage includes labeling orders for shipping according to customer requests and preferences. An integrated system makes information easily accessible to all involved in prepping orders before delivery.
- Order delivery
Shipping is the final step in order processing which involves sending out the ordered products using a reliable courier service. Depending on the customer’s delivery address, online merchants can partner with shipping companies and identify suitable service providers.
Sales order automation will provide digital tools for order shipping management but you’ll need to work with the courier services to ensure that they arrive on time to pick up.
- Order tracking and Customer Updates
Online merchants must inform clients about their order status: A sales order automation system helps update shipments and the dates the items will likely reach customers. Some businesses have a shipping company communicate to customers about their shipment, passing up a chance to engage and impress the client.
- After-sale Service and Problem Resolution
Businesses seek to make an impression on customers through packaging but must provide after-sales service to guarantee customer satisfaction.
Clients should easily find return information in case of an error or if they don’t like what they bought. An integrated system enables buyers to get assistance from the customer service department with speedy resolutions to problems with their orders.
How automated is your process?
Many businesses find out later that their sales order management systems are not adequate to handle increased demand and changing consumer needs. Enterprises can determine inefficiencies in sales order management if several manually executed steps can be laborious, waste time, and increase expenses.
You probably have automated many business processes, but ensuring that it supports your e-commerce strategies is important.
Here are some things that can help you identify if you have a fully automated system for e-commerce:
Inadequate Functionality
Sales order automation software might not fulfill all requirements in your e-commerce business, requiring additional features if missing a crucial function. The inadequacy makes transitioning to a new system difficult later.
It is advisable to integrate digital tools that improve your business management system. Still, avoiding having numerous features might make the sales order processing platform hard to use. Only select the tools you need and specific to your industry.
Slow or erratic Syncs
Inaccurate inventory and shipping information can arise from human errors or challenges in data synchronization. Also, users may find it challenging to send data from different applications without continuous synchronization, meaning there will be no accurate records at all times.
The existing System does not Support Multiple Packages
If your sales order platform does not support multiple order processing, upgrading is necessary. You do not want to send items clients had in the same cart during order placement in separate packages. The system may occasionally mistake multiple requests as a single order, taking more time to process client requests necessitating upgrading,
Scalability
Firms serving clients from different territories or are likely to expand in the future require a scalable digital solution to suit their needs.
Users cannot View Data in the system
After entering data and configuring digital tools integrations, you cannot view the information, generate reports or access the dashboard, your sales order management system is inadequate.
by Sophia Riley | Aug 1, 2023 | AP Automation
Automating accounts payable processes involves digitizing the workflow and eliminating manual tasks. Businesses integrate business management systems and tools to support employees in performing their duties, enabling businesses to process supplier invoices.
Thanks to an integrated system, enterprises can automate the processing of company payments from beginning to end. Software records billing information digitally, typically using a scanner or other type of technology like optical character recognition (OCR). After classifying, matching, and validating data, it moves to the integrated system for processing.
By reducing human operations, AP automation saves business costs, mitigate fraud risks, eliminate billing duplication, manage vendor portfolio, and get discounts for prompt account settlement.
Key Performance Indicators
Traditionally the accounting department would focus on offsetting company bills, but nowadays they have more tasks in their account payables. Businesses can realize several advantages by having key performance indicators.
Besides improving the cash flow, KPIs are essential for efficiency and productivity. Still, it enhances relationships with suppliers. Failure to implement key performance indicators leads to missed chances for profitability and business success. Here are some accounts payable KPIs businesses should be measuring;
- Payment Timelines
Late payments will attract fines and strained supplier relationships. AP automation will help in making early payments and observing the set timelines. Suppliers trust companies that make timely payments as it makes vendors glad to work with them, while a disruption in supply may result due to late payments.
- Days Payable Outstanding
It refers to the time it takes businesses to settle their accounts payable. The key performance indicator assists companies in finding a balance in payments and maintaining healthy cash flow for business operations.
If a company realizes it is paying suppliers late, it might lead to higher fees and bad financial standing, among other consequences. Having DPO among the KPIs aids companies in utilizing their credit terms and enables them to assess if they are handling their cash flow effectively.
- Discount Ratio from Suppliers
Vendors offer discounts to customers paying their invoices earlier, and businesses can take advantage of the conditions. However, a company’s financial position will determine its capability to pay before the agreed date and benefit from supplier discounts.
Utilizing vendor discounts is beneficial as it saves money, which increases profits. The KPI gives insight into how well the organization handles its suppliers’ responsibilities.
- Invoice Cost
Your company’s first indication of AP team effectiveness comes from analyzing the cost of handling each invoice. Manual account payables processing or using outdated technology will increase the cost of handling invoices. Companies must evaluate the cost per invoice through AP automation.
- Electronic Invoices Submission
Receiving electronic invoices expedites processing and simplifies tasks. Besides saving time and money in submitting financial documents, AP automation improves information sharing.
The key performance indicator cuts across a business and its suppliers. Integrating digital tools is not enough as you need to onboard the human resources on the technology to get the best outcome with digital transformation.
Third-party business management software providers assist enterprises with Implementation and provide continuous support to clients depending on their service delivery.
- Invoices the System Processes Independently
When there is no human intervention in processing invoices, it is much more affordable and quick than manual techniques. Monitoring the invoices the system processes independently is necessary to increase profits and efficiency.
Companies benefit from cost reduction, increased security, smooth workflow, and efficiency, and allows employees to handle other essential tasks. In addition, smooth invoice processing through accounts payables automation improves supplier relationships and satisfaction.
- Invoice exceptions
Invoice exceptions can be an AP officer’s worst nightmare. It takes a lot of time to analyze invoices with mismatched information in the company database and resolve them. AP departments must include it in their KPIs to ensure process effectiveness.
Measuring and evaluating invoice exception rates is critical in determining the account payable department’s performance. It helps in reducing the resources it takes to resolve invoice issues.
Businesses can identify the reason for invoice exceptions to find appropriate solutions. AP automation utilizing an integrated system collects information from all departments and provides a centralized data access platform.
- Invoices linking to Purchase Orders
Knowing the invoices linked to a purchase order is essential for AP departments as it affects the processing duration and costs. Businesses can use the KPI to evaluate the process’s flawlessness and identify areas to improve on.
Invoices with conflicting information to the purchase order will cause delays in payments which should be a concern for the accounts payable team. Besides taking longer to process invoices, it increases the department’s operating costs which affect a business’s profits.
- Daily Employee Invoice processing
Assessing worker output in handling account payables will help enhance the billing process, and the information you gain from this metric applies to many different aspects of a business. It estimates how many invoices staff process daily, weekly, and monthly.
Businesses will know the number of workers they need to handle a certain workload and plan accordingly. The human resources department can utilize the information in its planning.
The number of invoices a company handles annually per full-time worker is a measure to determine productivity. It is a measure that provides a thorough perspective of production and enables the company to investigate the causes of gaps. However, the metric changes depending on the sector your business is in.
- Electronic payment options
Although switching suppliers to digital payment systems is advantageous, many companies still use cheques. AP automation can help companies integrate electronic payments to support AP processes. Tracking suppliers according to their preferred payment method helps improve the billing and payment process.
Conclusion
Monitoring key performance indicators in accounts payables might reveal flaws in business operations. The metrics show areas needing improvement by highlighting tasks and tools preventing effective operation. The appropriate KPIs also indicate the remedies that businesses can exploit.
Before adopting new digital solutions, AP teams must figure out the most important, applicable KPIs that will allow them to monitor efficiency, growth, and performance, which result in financial gains.
by Sophia Riley | Jul 27, 2023 | Oracle Forms
Oracle Forms is a client-server-based application built for developing applications in a database. It is best suitable for creating an application that needs to be on a database level and is a cornerstone of any organization’s ability to rapidly develop solutions that meet the ever-changing demands of its business environment. The Oracle Forms replacement process is a major undertaking, and you must estimate the project’s cost. Whether you choose to develop your custom solution or to use one of the many commercial products on the market, you need to know how much it will cost before you proceed.
The following steps will help you estimate the cost of replacing Oracle Forms;
Understand the oracle forms application
The first step in estimating your Oracle forms replacement is understanding the application running on it. You need to know the application’s features, how many users are accessing it, and what kind of queries are being run against it. This information will help you create a more accurate estimate for your Oracle forms replacement project.
Create a cost analysis spreadsheet
Once you understand your current system and its needs, it’s time to create a cost analysis spreadsheet outlining all your costs associated with running the system. This includes hardware, software licensing fees, support costs, etc., and any additional costs that may come up during the implementation or maintenance of your new system, new hardware required for scaling up or down, and additional training required for new systems.
Define replacement requirements
It is important to know what the new application will be used for and how your users will use it before beginning the project. Ideally, this information should come from a business sponsor or end user using the application regularly. This person should also provide insight into any unique characteristics the current system may have that require special attention during development.
Define business needs
You can do this by interviewing stakeholders and users of your current application. This will help you understand what features are most important to them so that you can make sure they are included in your new application. Then, based on their responses, you should create user stories that describe how they would use those features if they were available in a new system.
Estimate effort for each task
This step identifies all tasks required for the project completion. Then it estimates each task based on its complexity and other factors like resources required, duration and impact on business, etc. After identifying all tasks, you need to estimate each task based on its complexity and other factors like resources required, duration and impact on business, etc. You can use MS Project or any other task management software.
Account for data migration
Data migration is the process of moving data from one system to another. Data migration is often considered part of the project lifecycle and is usually performed before or after deployment. It can also be done in parallel with the development process. There are many reasons why you would want to migrate your data. For example, you may need to upgrade an old software version due to security issues or other bugs, or you may want to move your data into a new database platform with better performance or scalability.
Factor in contingency
Accurately estimating any project is to understand the true complexity of the requirement. The most common mistake inexperienced project managers make is underestimating the complexity and overestimating their capabilities. This leads to poor-quality deliverables and unhappy customers at the end of the day. Thus, you must factor in contingency while estimating your project.
Review and refine the estimate
This involves comparing the project’s cost with similar projects performed by your organization or other organizations. A comparison will help you determine if the cost is reasonable and if additional work should be done on the project. If you have a current estimate, this is a good starting point. However, it may need to be more accurate to provide a solid foundation for future efforts. You should review the estimate and ensure it is up-to-date and reflects the most recent information. If you need an estimate, start with what you know about your project.
Identify key components of the project
Now it’s time to analyze each component of your project in detail and find out whether there are any hidden costs or risks associated with it. For example, if you create an application for tracking employee attendance, it could be hard to accurately estimate how long it will take because you still need to become familiar with this type of software. If so, ask other companies who use similar applications or read their reviews online for more information about this process.
Determine how much time it will take to develop each feature
Another step is to determine how much time it will take to develop each feature of your application. This can be done by looking at similar projects that have already been developed or by interviewing people who have built similar applications. The goal here is not necessarily accurate but rather an estimate within reason so that you only spend a little time and money on the project if it is impossible within budget constraints.
Estimate testing timeframes
Estimating the cost of a software project is to break down the project into smaller tasks, each with a specific deliverable and estimated duration. When estimating Oracle Forms Replacement, it’s important to include all of the steps in your timeline and not skip any steps. This will help ensure you complete all important tasks that might take longer than expected or require more resources than previously thought.
Conclusion
Most Oracle form replacement tools are available in the market, and choosing one will depend on whether you are starting from scratch or have some existing Oracle forms to convert. If you have an existing form, starting with a tool that supports conversion is much easier. With this information, it’s easy for an Oracle developer to confirm or refine the estimate and authorize progress on the project.
by Sophia Riley | Jul 25, 2023 | Automation
Employees waste a lot of time doing routine tasks in their everyday sales work. Sales order automation eliminates human mistakes, delayed delivery, customer unhappiness, and many issues. An ideal order fulfillment for businesses entails processing orders promptly, meeting customer expectations, minimizing invoice exclusions, and limiting item packages through packaging.
With an idea of what order management is about, we can identify some common problems businesses may face when using outdated systems or operating manually.
Challenges in sales order fulfillment
Delays in Order Fulfillment
The increase in the orders online merchants receive is a common reason for extended order fulfillment durations necessitating businesses to find ways of fulfilling orders fast while guaranteeing consumer satisfaction.
It is difficult to balance the buyer’s expectations for quick shipping and an excellent shopping experience. Sales order automation is a solution to making the process seamless.
Achieving fast, efficient, and transparent Processes
Besides the increased volume of orders, sales order automation seeks to achieve fast, efficient, and transparent processes. A manual order processing procedure will likely lead to errors that negatively affect delivery.
Managing inventory is essential for the effective execution of orders: Businesses risk losing consumers if they experience recurrent shortages of goods, especially for commodities with a high turnover rate. The trick is to monitor the stock levels to ensure adequate inventory to satisfy demand.
Communication
To fulfill customer requests effectively, there need to be constant updates to the buyer about the status of the orders. Any communication breakdown might result in delays and lost business.
Business Growth through Sales Order Automation
By automating sales order operations, your company will lower human interaction, which is a major cause of error-prone sales processes. It makes it easy for customers to order without relying on human interaction.
It involves investing in a system to automate order collection, processing, support sales, and provide customer support. Modern software offers more than previous automation solutions and companies must invest in the right technologies.
A sales order automation program helps with:
- Taking orders from various channels.
- Quick data input.
- Accurate data to process and validate client requests.
- Correct order fulfillment.
- Providing customers with order updates.
- Record keeping for compliance and audits.
Manual and routine tasks can drive up operating expenses. The automation system handles incoming purchase requests from an end-user portal or other channel. It retrieves and verifies the information before completing the requests. Investing in an integrated system allows companies to streamline the workflow and order handling.
Below are five ways automation can help your business grow;
Costs Reduction
Automating data collection increases productivity and reduces the time workers spend typing information into the system database freeing up employees to engage in other value-adding tasks. Still, it enhances the accuracy of order processing and saves money.
Human errors have significant repercussions. Removing costly mistakes from the order fulfillment operations and optimizing the company’s processes enables staff to perform jobs more quickly. Enterprises save money due to the automatic completion of tedious, recurring tasks.
Sales order automation supports company growth through cost reduction, which increases profits and shareholder wealth. It should be a significant motivation for a digital transformation project.
Better Cash Flow
Businesses can handle orders more rapidly and increase productivity through extensive sales order automation. Processing requests and billing customers is faster when using technology, translating to better cash flow.
When customers submit their requests electronically, staff will handle them more quickly thanks to the shortened queue resulting from quicker order processing. The system invoices customers as soon they finish with order input which aids in maintaining a steady and precise cash flow.
Strategic Planning and Adapting to Market Needs
Unlike outdated methods like spreadsheets for order management, automation gives enterprises more control over their data. Executives can use key performance indicators to evaluate achievements against the company objectives ensuring businesses attains their set targets which is a critical factor for company growth.
Sales order automation aids in forecasting future business needs and consumer demands. It is a strategy to help organizations adapt to an ever-changing business environment and market. They can make more informed decisions due to enhanced information access.
Customer satisfaction
The client experience is a major benefit of sales order automation, as staff can process and complete client orders more quickly and precisely while keeping them updated. Quick turnaround times are possible through digitization and data-driven service. It enhances the client experience and assists businesses in standing out in a crowded marketplace.
In today’s world, consumers value the shopping experience and will be loyal where they feel satisfied, meaning continued business. In addition, happy clients will refer others with similar needs to the company, which grows their clientele and increases revenue.
Established brands understand the value of customer relationships and take advantage of each opportunity to strengthen them through personalized communications. Still, a vendor can market their products and brands through messages updating customers about their order delivery.
It makes Companies more Agile
Thanks to smart technologies, managing order cycle times, expediting delivery, knowing the best-selling items, and identifying high-priority orders is now possible. RPA will speed up orders, reduce mistakes, and increase employee happiness. By overcoming the limitations of traditional sales order processing, cognitive automation enables companies to guarantee an exceptional client experience while generating more revenue.
Businesses have a feasible option thanks to robotic process automation (RPA), which combines artificial intelligence (AI) and removes the laborious, monotonous procedures that drive up operating expenses. This innovative technology can instantly process incoming sales orders from a company’s email inbox or client site. It can also extract and validate data from customer requests.
Final Word
Automation is a critical part of digital transformation initiatives as it reduces the amount of unnecessary labor and directs your resources toward essential goals.
With the appropriate automation solutions, you can improve staff performance, improve collaboration among teams, and boost overall customer happiness. Ensure to hire experts to help with business processes automation to get the best outcome.
by Sophia Riley | Jul 20, 2023 | Sales Order Processing
Prioritizing sales order processing is critical for companies to ensure customer satisfaction. This process can also help with inventory management as well as revenue generation. But what many people need to be made aware of is that sales order processing can be equally stressful and overwhelming. That’s because you have to deal with demanding customers, crazy deadlines, high orders, complicated procedures, and so much more.
The process can take a toll on the sales order processing team if not handled properly. That’s why organizations should put in place measures to help sales order processing teams cope with the stress and pressure of sales order processing.
If you don’t have measures in place in your organization to cope with stress and pressure in sales order processing, worry not, as we have got you covered. This article discusses various ways to cope with the stress and pressure associated with sales order processing. Let’s delve into them.
- Plan and prioritize
If you want to cope with stress and pressure in sales order processing, one of the best things you can do is to set goals and prioritize your tasks. Review your orders, deadlines, and objectives first thing in the morning, then make a realistic calendar that will let you prioritize the most urgent and crucial work first. Use calendars, reminders, and checklists to keep track of your work and ensure you don’t forget any important information or deadlines. Additionally, be responsive to changing circumstances and consumer needs and modify your plan as necessary.
- Avoid multitasking
Research has repeatedly shown that humans are not excellent multitaskers, even though we multitask daily. According to Bryan College, multitasking causes productivity losses, costing businesses nearly $450 million annually. Sales order processing teams may be more pressured to close the gap when businesses suffer from severe productivity losses.
Multitasking may negatively impact IQ and cognitive function on an individual basis. Long periods of task switching may cause your routine chores to feel harder in the future, which doesn’t do much to lessen feelings of stress. One task at a time concentration can increase productivity and quality of work, which is beneficial for you.
- Communicate clearly and collaborate.
Working collaboratively with coworkers, bosses, and customers is another technique to manage the pressure and stress of completing sales orders. Provide your clients with accurate and timely information about their orders, statuses, and problems clearly and respectfully. Respond to their comments, inquiries, and worries, then address them professionally and empathetically. Work together with your coworkers to share workload, concepts, and solutions. Ask your top management for assistance when you run into issues or challenges. You should also report any mistakes or delays as soon as you can.
- Never stop learning and strive to improve.
Utilizing your experiences to improve allows you to deal with pressure and stress in the sales order processing process. Make the most of any chance to pick up new skills, information, and best practices to enable you to carry out your duties more successfully and efficiently. Utilize the opinions of your bosses, coworkers, and clients to determine your strengths and places for development. Celebrate your wins and accomplishments while taking responsibility for your blunders and failings. Use them as learning opportunities to improve and advance as a sales order processor.
- Learn how to resolve conflicts effectively.
You may occasionally encounter circumstances when you must settle disputes with your clients, suppliers, or coworkers. For instance, you could have to handle client grievances, order cancellations, delivery holdups, or inventory shortages. You need to be skilled at negotiating and resolving conflicts if you want to handle the pressure and stress of processing sales orders. To develop a solution that satisfies your and their needs, try to comprehend the other party’s viewpoint, interests, and needs. Focus on establishing common ground and developing rapport and trust rather than transferring blame, disputing, or intensifying the issue.
- Automate as much as you can
You need to free up staff time for more important activities. Automation involves giving repetitive and boring tasks to computers so they may complete them more quickly and precisely. In addition to that, this will reduce the pressure and stress that comes with handling boring and annoying tasks.
- You might consider automating the following processes while processing sales orders:
- Receiving order confirmations and monitoring inventory levels
- Increasing sales orders after confirming inventory
- Whenever fresh stock is necessary, suppliers are sent purchase orders.
- Raising a sales invoice for the consumer to be printed or emailed
- Contacting the relevant warehouse manager with picking requests
- Updating stock levels based on the products that are scanned and removed from shelves
- Setting up pick-ups and calculating shipping expenses
- Contacting the client when there is a delay or at crucial stages of the process
Taking these tasks off the team’s plate will help ease stress and pressure in sales order processing.
- Take time to relax and recharge.
Finally, taking time to unwind and refuel your body and mind is one of the most crucial things you can do to deal with the pressure and stress of processing sales orders. You must learn good coping mechanisms for stress because it can harm your performance, health, and well-being. To relieve stress and clear your mind, take regular daily breaks to stretch, breathe, or practice meditation. After work, participate in activities like your hobbies, favorite sports, or socializing. You keep your health and vigor, get enough sleep, eat well, and exercise frequently.
Wrapping it up
When you reflect on the pressure sales order processors face due to the complex procedure, it is no mystery where the stress and pressure come from. A stressed sales order processing team isn’t good for business. Ease the stress and pressure on sales order processing employees by implementing the above measures. The result will be happy employees and satisfied customers.
