Managing orders and accounts payable process
The world of purchasing, whether physical or online, is a highly promising field that has been constantly evolving for years. It is important for the seller, the buyer, the supplier and/or the manufacturer. There is a major mechanism behind all this, which needs to be analysed and understood in order to get the most out of it. Upstream and downstream, there are a number of optimisation techniques and systems that can be used to optimise the world of purchasing. But what are they, and how can you ensure that everything is done without risk?
Sommaire
The impact of supply and demand
For thousands of years, the law of supply and demand has been an inescapable necessity in any society, whatever its nature and/or location. It was difficult to define the first laws concerning this system, but now there has been a great evolution. Whereas it used to be based mainly on bartering, now we talk about payments in cash, whether virtual or physical. The law of supply and demand has thus generated the market system and the system of buying and selling.
Nowadays, you could say that almost anything can be put up for sale. Whatever your needs and necessities, be they objects, types of food or non-physical things like services, you can easily find them on the various markets. Today, it’s even possible to make something for yourself that exists only in your mind. Creativity is therefore a very useful and practical tool in this world of shopping. As well as having to rush off to markets or different shops, it’s also possible to shop online to make life easier. To do this, it’s important to have the ultimate guide to digitisation.
Online shopping
Online shopping came into being just over a decade ago. It is a new sales player that has aroused phenomenal interest among the world’s population, with a steady growth in online shopping sales. Online purchases are made possible by a number of different players, including customers, sellers, suppliers, carriers and financial services and institutions. In the world of the stock market, some of the players involved in online shopping have even achieved enormous ratings and are among the biggest in the world. If the world of business was developing, the world of online shopping has surpassed all expectations and made a significant impact on the whole world.
Online shopping is considered to be an innovation that has made a number of things possible.
- The development of the finances of many businesses (large and small)
- A new source of turnover
- Improved targeting of customer needs
- The development of customer relationship management
- The development of certain sectors with innovative new jobs
This new sales and purchasing system has facilitated thecultural, social and monetary expansion of a large number of countries, professionals and individuals. However, it is important to point out that this method of buying and selling is still in its infancy, even now, and that its future remains extremely promising. Until now, it has been driven and acquired by B-to-C, but today it is B-to-B that represents the greatest source of opportunities.
Online payment methods
There are several payment methods available online. With the different desires and lack of time of everyone, there is no longer any need to travel to pay and collect purchases. Innovative payment systems have been introduced over the last few years, and neo-banks in particular have facilitated the whole process. Neo-banks focus mainly on online, remote payments, and even offer virtual accounts where you don’t have to go anywhere to make a deposit. You might be wary of these online banks and payment systems, but they are more secure and make it easier to manage your purchases and spending.
Online payments also make it easier to manage your budget. Whatever type of payment you use, you’ll be able to complete a purchase or sale in no time. These systems have been created to meet the different needs of everyday life and to make it easier to take care of a number of matters. If you were used to having account managers in front of you, now you have applications and virtual assistants that can take care of any request.
The advantages of buying online
The first advantage of buying online is that you don’t have to go anywhere. If you can’t travel very far or for very long, or if you have an urgent need, this is a very effective option. It also allows you to have a product delivered that may not be available in your country. It is possible to order a product in a different locality, state or country from your own, but have it delivered within a reasonable time, within 15 working days, depending on the type of product you are buying.
As well as ordering for yourself, you can send things for other people without having to go anywhere. You order a product, pay for it and send it to the address of your choice. You can even personalise it to suit your needs and desires. All the recipient has to do is receive it. Using online payments and purchases also helps to protect the environment. By reducing the number of journeys you make, you also considerably reduce carbon dioxide emissions into the air.
Customer accounts
When you register on an online sales site, you are given a customer account. This is necessary in order to process all your requests and to have all the information about you. Of course, all this remains within the framework of general data protection regulations. The data you transmit will be secure and will only be used to serve you and help you make better use of the site you visit. This is where you enter your personal details, such as your full name, your address or additional addresses for delivery, your various orders and the various bonuses, such as gift vouchers, that are awarded to you.
As the customer is king, everything has been done to ensure that he or she is comfortable using the various tools available. In addition to the many indications and notifications on the sites, you also have, and always will have, a customer service to support and help you. Customer services have become strategic tools for selling and building customer loyalty. They are available by phone, email and chat (depending on the site) to answer your queries at any time.
Optimising order management on your sites
While some sites use various sales promotions such as discounts on a product or combos, you should be aware that at this point they have visibility over their stock. They display the number of products available in stock so that you know whether you need to order immediately or whether you will have to wait for a restock. Stock management is essential to the smooth running of online sales. You cannot indicate that items are available when they are not. To optimise stock and order management, it is advisable to use appropriate tools.
A website is not enough. You need a specific system and an online platform to help you manage your stock, your orders and your different types of payment. Innovative digital tools will enable you to digitise your accounts and stocks more effectively. You’ll be amazed by their prowess and ease of use. The more high-performance tools you equip yourself with, the greater the visibility of your site and the more customers you’ll attract. In addition to customer accounts and stock visibility, it is also important tooptimise and digitise the supplier side ofyour business.
Optimising supplier accounts
Without suppliers, no product could be presented and no sale could be made. Long neglected, it’s time to take care of your suppliers and help, guide, advise and support them in the various steps that will enable them to better supply your website. While customer accounts and areas are designed to give customers better visibility of their actions, supplier accounts are also useful. This enables them, for example, toidentify the different products they send you, their original prices, the tariffs applied and the stock allocated to you. They need to be able toact quickly so that you can keep a close eye on the state of your stock or find out about the various new products that are being offered for sale.
An accounts payable management tool is therefore important and must be put in place. If you’re not sure how to go about this, there are a number of digitisation specialists who can give you tips, tools and very reasonable prices to help you with the process. A digital supplier management tool will also enable you to carry out a supplier audit. They will be able to tell you whether they are comfortable with your approach and whether they have any needs. Although the customer is king, this does not mean that he is the only one who should be respected and whose demands should be taken into consideration.
Increase productivity with management software
Online sales are not just about reducing travel and payment times. For sellers, it’s also aboutensuring multiple deliveries at the same time, while ensuring the quality of the services used and the products delivered. As far as transport is concerned, there are a number of large specialist companies whose turnover is based on billions of deliveries a year. They offer different delivery services and methods depending on the destination country, the needs of the person or entity to be delivered and the type of product ordered. To ensure fast delivery, tools also need to be put in place, particularly on the seller’s side, and more specifically on their online sales site.
While quality is essential, productivity is also needed to showcase your skills, but also to compete with the various brands that are already present and flourishing on this market. Management software will be a considerable asset, enabling you to gain in productivity and reputation. The more orders you send out, the more your services develop and the happier your customers will be. There’s nothing better than a satisfied customer who talks about you and your services to their friends and family.
To optimise your company’s supplier relations and order and accounts payable management, choose Weproc. This purchasing platform will provide you with innovative and outstanding tools so that you can place orders with ease, analyse your purchasing flows and strategy with ease, and manage your supplier relationships efficiently.
Want to learn more about our procurement management software Weproc? Contact us or request your free 15-minutes demo below!
Weproc is a SaaS software specialized in digitizing the procurement process of companies. From purchase requests to supplier invoicing, through the validation process, Weproc is designed to simplify the purchase management of SMEs and mid-sized companies by centralizing all purchase-related activities.