An order management system (OMS) is an electronic system developed to execute securities orders in an efficient and cost-effective manner. Brokers and dealers use order management systems when filling orders for various types of securities and are able to track the progress of each order throughout the system
Benefits:
- Saves Time in Processing Orders: As all the sales data of your business is centralized, it becomes easy to process orders from a single platform. After receiving the order, you get easy access to order details thereby processing it faster with minimal delay. This makes the entire order processing efficient ultimately helping you to ship the ordered items quickly.
- Eliminates Errors in Order Processing: With the orders coming from multiple channels, there is high margin for error when fulfilling orders manually. With an automated order management system, you have direct access to the centralized information relating to the inventory and warehouses. This reduces the errors, loss of data and eliminates data security breach as there is less manual intervention.
- Manage your Orders from Anywhere: As you can access your order management system online, you can process your orders remotely. You can now update the information from anywhere, control your data and provide best customer services consistently even if you are not present physically at your place of work.
