B2B, business to business, is a form of transaction that happens between businesses, like between a manufacturer and a wholesaler, or a wholesaler and a retailer. In layman’s terms, it is a category of business that happens between companies, rather than between a company and consumers.
B2B is a part of the supply chain, where a company purchases raw materials from another company that will be used for the manufacture of a finished good/s. this type of business module is common in industries like the automobile, property management, and as well industrial cleanup companies.
B2B Order Management
B2B Order Management is the process that helps keep track of orders that are placed by clients and customers and fulfilling the requirements of the entire process by keeping track of it. The B2B order management is a part of B2B eCommerce, which as we know is a short of business to business electronic commerce (businesses selling services or products to other businesses over the internet). The business that buys the services or products will use them in the manufacturing process and resell it to the consumers.
The B2B order management system solves and takes care of all the challenges of planning, configuration, pricing, orchestration, and fulfillment of orders. Using the B2B order management system, wholesalers and retailers can seamlessly:
- Manage inventory visibility
- Meet necessary order response
- Handle multi-tiered prices and contracts
- Track inventory allocations
- Meet order response SLA’s
- Deliver supplies in time
- Configure and price complex orders
- Make spare part deliveries and schedule services
Benefits of Order Management System for your B2B Business
A small flaw like one misplaced item or delay in packaging and delivery could create a big dent in the customer’s experience. But with B2B order management system, the entire process is all different.
Get total control over inventory
One of the top advantages of the order management system is improved inventory oversight. With the order management system in place, the team is assured that orders are compiled accurately, packed, and shipped as per the predetermined time frame.
Reduction in costs
Order accuracy could be one of the prime reasons for savings on costs. Costs are reduced on both aspects – inventory and labor. Reduction in costs has many advantages, including more profits and success.
More customer satisfaction with accurate order tracking
With accurate order tracking and on-time information to customers, customers are happier than ever. Whether the business needs real-time order tracking or not, and the customer is eager to know or not, the system will keep updating you from time to time. Customers today are happy and delighted to know the exact location of their shipment and appreciate being updated about its movement.
The B2B business sector is ever-growing and holds immense potentials for business growth for all businesses. If B2B remains one of the vital parts of a business, the next is to you to identify that the best B2B order management system will work best for you and your business growth. It is the ideal management plan for your business
