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THE IMPORTANCE OF COLLECTING INBOUND ORDER DATA

By Frank Reilly

Nov 1, 2023 12:28:04 PM


Leveraging digital, automated systems for collecting inbound order data is
critical to the success of a business. From production to risk mitigation,
putting the right controls in place can lead to significant advantages and
should not be overlooked. 

What does that mean, exactly? Inbound order data refers to the necessary
activities to acquire and transport materials into a company, from sourcing and
procurement to purchasing to tracking details about upcoming orders. The process
can vary widely depending on the incoming goods and materials, the
buyer-supplier relationship, and the wider industry. Optimizing these processes
means a faster and more cost-efficient operation. 

Here’s a breakdown of the benefits of inbound order data collection and
management:

 * Fully Automated, Reliable Workflows: By automating the process of collecting
   inbound order data, you reduce the need for manual data entry and processes.
   This not only saves time but also minimizes the risk of human error, which
   can be costly and time-consuming to rectify.
   
 * Real-time Order Status Data: Having up-to-date order status data readily
   available in your systems of record is invaluable. This real-time information
   allows for quicker decision-making and more responsive customer service. It
   also provides better visibility into the supply chain, helping you respond
   rapidly to changes or disruptions.
   
 * Risk Mitigation: Removing human error risk is a crucial advantage. Inaccurate
   or missing data can lead to costly mistakes, such as over-ordering or
   under-ordering, which can impact customer satisfaction and the bottom line.
   Accurate data helps in avoiding these issues.
   
 * Operational Efficiency: Access to accurate, real-time data enables downstream
   teams to make more informed decisions. This includes managing customer
   expectations effectively, knowing what and when to order, planning production
   more efficiently, and optimizing inventory management. All of these
   contribute to operational efficiency.
   
 * Monetization of Data: Data is a valuable asset. Businesses can monetize data
   by selling it, using it to identify trends and opportunities, or making
   data-driven decisions. By collecting and maintaining accurate inbound order
   data, your business can explore opportunities to monetize this information.
   

Leverage is considered best-in-class at collecting inbound order data, allowing
for better decision-making, reduced operational risks, and even the potential
for new revenue streams through data monetization. To see the platform in
action, contact us today.

Tags: Supply Chain, Leverage, Purchase Orders, Automation, digitalization, data,
inbound data

FRANK REILLY

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Helping Supply Chains easily find out "Where is my Stuff"
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HELLO, I'M FRANK REILLY

Helping Supply Chains easily find out "Where is my Stuff"

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