The term Business Intelligence (BI) refers to technologies, applications, and practices which complete those tasks such as collection, integration, analysis, and presentations for Business Performance. Its purpose is making better Business Decisions based on historical, present and predictive data related to the business operation. Furthermore, BI can also support Business Performance Management by gathering most used information into a mutual data center, comparing to other companies in the same industry which is known as benchmarking.
Especially in terms of Omnichannel Retail, with the various numbers of selling channels, the demand of data control is now on the highest level. Thus, in the range of this blog post, we will together absorb Omnichannel ERP – one of the most effective kinds of BI and see how it can support as well as lever your Omnichannel business better.
For people who completely understand the term of Omnichannel ERP and want to go directly to the products, you can check our Magento ERP.
Omnichannel ERP Definition
Basically, it is the system of various selling channels which are connected each other. It ensures to bring customers seamless experience with high speed, convenience and the most satisfaction throughout shopping journey.
Due to a large number of channels, Omnichannel demands sophisticated data management which helps managers know that everything is always under control.
ERP stands for Enterprise Resource Planning. Literally, It is shared database for different departments to use. The ability of synchronizing data helps staffs centralize data in one system instead of maintaining them separately.
Here are the brief features answering the question why a large number of companies choose ERP software:
- Improve business compliance and reduce risk
- Enhance customer services
- Automate core business operation
- Global and real-time viewing
So what is Omnichannel ERP?
It is a kind of ERP system, which is specially integrated with Omnichannel in the backend, accomplishes those tasks below:
- Centralize and streamline data in an effective way that supports internal business in a workflow
- Synchronize and automatically real-time update the change of data in the backend and on all selling channels as well as devices which serves buying process.
How Omnichannel ERP benefits online-to-offline stores.
Data is a mutual resource. Each part of the business, during an operating process, needs to use the unified data source to complete specific missions or demands. For example, sales staffs use data from inventory staffs to know the exact quantity of products in the store. This unity will delight customers. Or managers have to take sales reports from sales staff to have the overview picture about Business Performance. They support managers when making short-term or long-term decisions for the business.
And by integrating omnichannel ERP with online-to-offline stores, the unity of data will be created. Even any change or adjustment appeared, omnichannel ERP would automatically synchronize it on other channels. So, the unity of data is maintained all the time.
And here are the list of how omnichannel ERP benefits online-to-offline stores:
The minimum need of data entry
The strong point of omnichannel ERP is its automation and synchronization through parts of the business. Whenever a transaction record, omnichannel ERP will manipulate other data concerning to this transaction and instantly adjust related information. Thus, the feature of real-time overview will create time-saving and cost-saving for business. Staffs don’t have to manually re-entry adjusted data based on real transaction every day anymore. Those steps, from now, are limited thanks to omnichannel ERP system.
Eliminate the chance of data loss
Due to its automated synchronization without human interactions, the issue of data loss will reduce or even is eliminated.
Reduce inventory cost
Real-time inventory overview helping staffs to hold in hand exact number in the warehouse. It supports them to control the quantity of product, avoid overselling and overstocking.
Increase internal productivity
Spending less time for the single task and the total tasks are done will increase. Omnichannel ERP, with its features, limits human’s involvement in those processes. Web sales orders, now, is integrated with ERP in real-time, back-office ERP users can easily keep track of delivery product on purchase order as well as online orders. Time-saving for each task and your company can create more value every day!
Increase Customer Satisfaction
Customer experience in both online store and physical store will be boosted thanks to a quickly responsive feature of omnichannel ERP. In addition, in the delivery process, omnichannel ERP also allows the shopper to keep track of their orders. omnichannel ERP creates transparency overview through many steps, helping staffs to sell the product with the highest level of convenience, so shoppers can enjoy shopping journey in delightful ways.
Generate reports based on the web transaction
Besides, it will be short-coming for us if we don’t mention to report system. Omnichannel ERP totally can extract reports thank to automation and real-time update per transaction every day. In case, manager requires a daily report, everything is obviously possible and always available with omnichannel ERP.
Better Business Control
Regardless the numerous SKUs your store might have and continuous transactions through various channels per day, huge time will be saved whether your staffs have a system support data management. Fast, smooth and simple, no more repeat resemble tasks for millions per day. Warehouse, products, customer information and everything now automate and synchronize. All real-time data is now available to show on your screen with just one click.
Moreover, every single action and movement of the product, as well as the response from the customer, recorded on ERP will be used as a foundation to lever short-term and long-term strategies of the business. With integration between stores and ERP software, all essential data required for business analysis is always available. It makes retailers feel confident to think that they own precious weapons for better business control.
What is an effective Omnichannel ERP?
In this part, we will know how to recognize an effective Omnichannel ERP due to the benchmark of features. However, before coming to details, readers need to comprehend the difference between Inventory Management and Warehouse Management.
Stock coming from suppliers, delivered to your business and then placed in Inventory. The process of controlling those stocks is called Inventory Management.
After stock placed successfully in specific zones of your company, they will be contributed to stores or directly to customers. Controlling those processes is called Warehouse Management.
And here is the list of useful features which an effective Omnichannel ERP must have:
Stock movements will affect to Inventory and they are recorded manually. Inventory Management displays Inventory based on Placed Orders and Available Quantity.
One store can combine more than one warehouse. The number of them will be controlled and managed by Warehouse Management. It adds the ability to add multiple warehouses and the function of Stock Count to show the available items in each of warehouse.
Besides, users can also set rules to choose warehouse for an order and afterwards, in the next time using, any orders can be assigned automatically to the indicated warehouse based on rule priority.
When an item are going to be out of stock soon, your staffs need to refill it by creating Purchase Orders to request buying more products. This kind of order is sent to Supplier to inform details you want to purchase.
Purchase Orders function of ERP, now, allows users to choose any Supplier from a list which is managed smartly. Then, they can supply tax, calculate profit based on cost, add provided discount provided by each supplier or plus in any details from the transaction with Supplier to keep track of this process for the next time. Purchase Orders may support business a lot to figure out who is the best and the most suitable Supplier.
Stock Inter Transfer
This function will support you most if internal stock transferring happens. It means a product from Inventory can be moved from one warehouse to another. Then, don’t worry about the potential of product loss. Stock Inter Transfer can help you keep track of this process well.
This function allows users to adjust the number of product which is distributed to each warehouse by Inventory. It completes those task by scanning Inventory or compare it with data in the backend.
Your staffs need to create and process packing slip and packing slip invoices for specific orders. And this function will support them well.
When your staffs received an order successfully, then they need to process it. This step is called Order Fulfillment. It helps staffs plan activities to complete orders. For details, it’s optional and can be set from Magento Backend. With Retail ERP provided by Magestore, your staffs now easily prepare the shipment for sales orders.
Point of Sale
Better keeping track of stock and Inventory Transparent supports staffs a lot when serving shopper even in physical stores or online store. Quicker server process with more accurate actions, all of them will stop long queuing lines at checkout and make your customers happy. Thanks to the Point-of-sale feature in Magestore ERP guarantees 10x faster checkout speed.
Maybe you should know, Embedded ERP system can manage thousands of products as easy as possible. It’s such a sidekick for stock control to eliminate possible mistakes. With Barcode Management function, generating and import barcode will be an ease. Barcode of SKU, now, so easy to create. Print them in a mess so quickly and other tasks related to Barcode can be solved in a simple way with ERP system with minimum actions but more precise and time-saving.
When shoppers using Loyalty Program in both online and offline such as reward point or redeem, customer’s ID and the total points they use will be automatically synchronized in backend and others channels. In other words, everything is real-time updated and staffs don’t have to re-enter data in any devices or channels while shoppers can check adjustment right after.
Automatically Synchronized data update will support ERP well to create reports helping managers making the right decision all the time. Omnichannel ERP provides insightful inventory and sales reports without taking over your time. Let’s ERP automatically complete them for you!
In brief, with Omni-channel integrated with ERP which involving all functions above, your business can achieve successfully this approach:
- Each stage of Supply Chain is now under control
- Manage Inventory excellently
- Control and Support each of sales channels
- Customer-centric experience
- Insight to all areas of business operation
- Improve Business Intelligence and inform decision making
Let ERP accompany with your business in the process of using Omnichannel. It’s time managed all sides of your supply chain in a comprehensive but simple way! Get Magento ERP for a full supply chain management now!
If you have any question about Omnichannel ERP, Just comment!