Sales Order Management Software: The ROI Impact
Encompassing mobile order writing, web order management, a B2B eCommerce platform, and back office integration, sales order management software can make a huge impact on your wholesale business’s bottom line. Indeed, many wholesalers are now investing in new technology to streamline their sales processes and provide the modern experience their customers have come to expect. Often, however, it can be difficult to wrap one’s head around the value of any technology without seeing the numbers. The first questions on everyone’s mind are the same: Is it worth it? What’s the return on my investment? If you’re thinking about whether sales order management software is right for your wholesale business, check out our findings below.
Sales Order Management Software’s ROI Impact
1. INCREASED SALES
Sales order management software empowers reps to become more effective salespeople, get more upsells, and maintain great long-term relationships with customers. Not only will you see increased profits through higher customer retention rates, sales reps will also be able to use tools like a digital product catalog, up-to-date inventory information, and customer intelligence to sell more strategically and maximize each and every meeting with retailers. To find out more about how sales order management software can help you increase sales, download our eBook on just this subject, “Sell More with Order Management Software.”
2. DECREASED OPERATIONAL COSTS
What do you think it costs right now to process an order? If you’re paying for paper order forms, printed catalogs, fax machine lines, and/or the time it takes for reps to re-enter orders into your back office system, it’s probably pretty expensive. The longer the order takes to submit, the longer the delay will be to get the order shipped out, and as you well know, time is money. Those are just the obvious costs. Consider also the opportunity costs. Your staff is spending time on needless busy work, when that time could be spent doing much more important things--like having more meetings with customers and making more sales. By making order processing as simple as a few taps and swipes on an iPad, sales order management software drastically reduces your overhead costs.
3. INCREASED ORDER VOLUME
This has a lot to do with the speed at which your reps are able to work. With the aforementioned efficiencies gained, sales reps are able to see more customers on the road and at trade shows, allowing them to write more orders. They are also able to write and process orders of any size, even smaller orders that they may not have previously thought were worth their time.
4. IMPROVED ORDER ACCURACY
No longer will you have to deal with the costs associated with backorders, order cancellations, and returns due to errors. Wholesalers have reported sending the wrong items to customers, sending items to the incorrect address, and even--in a particularly devastating double whammy--sending the wrong items to the wrong address. Wholesalers come up against these problems due to poor handwriting, smudged faxes, and other instances of human error in the order reentry process. Because sales order management software digitizes this entire process and eliminates any need for order re-entry, orders are shipped error-free.
5. FASTER ORDER FULFILLMENT
With an instantaneous submission of orders, wholesale businesses that use order management software can have items picked and packed within minutes of a sales rep’s meeting with the retailer. Faster order fulfillment means faster overall turnaround time, higher sell-through rates, more frequent reorders, and increased customer retention rates. This should give you a general--though no less powerful--idea of sales order management software’s ROI impact, but if you’d like a look at Handshake’s specific results, click here.