Margin recovery can become inexplicably complicated. At a time when the economy is certainly volatile and there is more unpredictability in the foreseeable future, a company cannot afford to lose out on promising scenarios due to ill planned margin recovery. Companies should hire experts and not any random margin recovery service.
The whole process of margin recovery service can be broken down into a few extremely significant and quite complex phases. Only expertise and deftness at simplifying challenging scenarios will help all parties involved.
- The typical first phase of margin recovery service is an audit. The audit of the entire scenario includes the first analysis of all existing and latent situations where two or more parties are embroiled in conflicts. The initial assessment is subsequently followed up with a stringent determination of the primary clauses that have facilitated the development of the crisis or the conflicts. The strengths and weaknesses of the parties are then deciphered to pave the way for leverage.
- The auditing is followed up with defining the targets and henceforth the recovery strategies. The outcome of the audit will shed light on the scope of recovery and that will influence the choice of strategies which would recover the margins as defined in the targets.
- Then, one must deal with the claims and analyses. There would be offensive and defensive files, events or different incidents leading to the conflicts and the exact causes would have to be detected and analyzed. With all data and historical information at disposal, an extensive assessment would be conducted to further strategize the margin recovery clauses.
- At the crux of margin recovery service lays the need to resolve the disputes. All the assessments and analyses, strategizing and having leverage would eventually lead to a course of legal proceedings or arbitration that would include everything from the technicalities of the association to faults of different parties, every documented record of the association to discrepancies and failure to adhere to the terms of the agreement.
In a nutshell, an expert in margin recovery service would identify the exact causes of delay, understand and define whatever responsibilities are accorded upon in the agreement, the effects of all the relevant events that have contributed to the eventual consequence and an overall assessment to define the scope of recovery. Margin recovery service would be heavily depended on the contracts, contractual duties of all parties, the resources that have been put into the project by all parties and technical, legal or contractual and logical links of the various parties.
Returns management can become a hassle if you don’t have an effective strategy. It takes a lot of planning and substantial resources to attend to the challenges of returns management. Fortunately, returns management has evolved phenomenally in recent years and it doesn’t have to be daunting any more. All you need to do is ensure the basics are in place and that you have a seamless, organized approach to handling all returns.
Here is a brief guide to help you improve your returns management strategy.
- One of the key components of returns management is time. How quickly you can respond to returns, how you manage them and whether you can ensure that the value of the goods is not affected would depend largely on how well you have automated the whole process. Automation is imperative if you want to speed up your returns management. You cannot take hours to approve or reject the eligibility of a particular return, you cannot take days to have the returned item to be shipped back and then accounted for in your warehouse. You cannot allow returned goods to linger in your inventory and be delayed in getting re-circulated or resold due to labels, logistics, inventory management issues or other problems. From automating the eligibility to speedy returns, efficient inventory management to protecting the value of the goods, everything will be correlated with time. Improve time management or the efficiency and you would get better with returns management.
- Returns management is heavily dependent on the data you have. You must have all the necessary customer data. You should have shipping details and the information pertaining to every personnel that has worked on the particular order. This will allow you to track complaints, manage the returns and you wouldn’t have to go back and forth to collect the necessary data in crunch situations. You can also hold those who have erred responsible. Tracking the returned goods would become simpler if you have all recorded data integrated with the status of the goods.
- Returns management should be synchronized with other aspects of supply chain management. You cannot have goods returned lying in the inventory and not being accounted for or factored in when you have new orders. You cannot allow devaluation of the product. You cannot facilitate a scenario when the goods have to be disposed off when they could have been capitalized on. These can only be ensured when every step or phase of returns management is under stringent control.
Many stores are opting for cross channel order fulfilment. Some of the largest retail chains in the country have endorsed the concept and as many as half of the chief executive officers of retail giants are reportedly supervising the executions personally. There are obvious benefits of cross channel order fulfilment which is why it is becoming so commonplace. Having an app or a mobile site to facilitate cross channel order fulfilment is not only beneficial for customers but also for retailers. Let us explore some of the advantages.
- It offers a convenient shopping experience. People are continuously looking for more convenient ways. Some shopping sprees are fun but some are chores. Both can be made fun, simple and quick with cross channel order fulfillment. Several market research agencies have conducted studies to understand the impact of the concept. Customers have reported being more satisfied with options. They like to purchase stuff online and then pick up the stuff from the store. Customers also report that they like to make online purchases even from nearby stores and get the stuff delivered at their doorstep. Several such cross channel order fulfillment concepts which eventually contribute to an omnichannel fulfillment strategy are leading to greater customer satiation, which is anyway the ultimate objective of any retailer.
- Retailers get benefited in myriad ways as well. Cross channel order fulfillment helps with inventory management. It is common for retailers to have multiple locations and many have warehouses that are not necessarily adjacent or a sort of back office for the store. It is near impossible to showcase the entire inventory with limited shelf space and floor area. The virtual interfaces have no such challenge. Shoppers can access the entire inventory and can place their orders. Stores that don’t have a particular stuff or several at one of their stores or have it in their warehouse can easily attend to the sale and then have the stuff by the time the customer has to pick it up.
- Cross channel order fulfillment helps in management of footfall or store traffic. From aisle management to controlling the queues
at the billing counters, there are many amazing rewards of cross channel order fulfillment. It also helps in offering an integrated solution to customers. For shoppers and for retailers, the virtual and real interfaces combine to offer a seamless process.
Cross channel order fulfillment provides impetus to sales as well.
Amidst phenomenal growth of ecommerce and consistently evolving retail logistics, the significance of warehouse management service cannot be overstated. The very definition of warehouse management service has changed in recent years. While storage and inventory management still remain at the crux of the service along with an efficient warehouse management system, there are other associated services which have now become imperative.
There is no dearth of companies offering warehouse management service but you need to find the right one. Here is a brief guide that can help you in your quest.
- The first attribute many business owners focus on is the infrastructure. While infrastructure is indeed an important factor, the most significant attribute is the expertise. The company offering warehouse management service must have experience in dealing with the specific type of goods that you have. You cannot expect a company specializing in handling textiles to be as adept at handling valuables such as luxury watches. Likewise, food items need a different approach compared to consumer electronics. Even food needs to be classified into perishable and nonperishable. Choose a warehouse management service that is particularly specialized in dealing with the kind of goods you have.
- Technology is another important factor. Technology is not confined to a warehouse management system or software that would automate inventory management, database management and other essential operations. Technology pertaining to security, logistics, returns management, order fulfillment and other aspects of the niche must also be ensured. In a nutshell, you need a state of the art warehouse management service that automates everything that can be automated, thus doing away with the possibilities of human error.
- Cost is obviously one of the most important elements that would influence your choice of warehouse management service. Don’t compromise on technology or expertise to save money. That wouldn’t work out well for your goods or for your customers.
- Focus on convenience when you choose a warehouse management service. Consult with the reps, check out their locations, factor in where they are based and how they cater to the service because the easier it is for you to coordinate with the company or the assigned personnel of the company, the more efficient the whole arrangement would be.
- You may need additional services at times, which could be returns management, packaging, storage for specific periods of time which may vary for different products, shipping or order fulfillment service as a whole. Check out if a company offering warehouse management service can cater to all other needs of yours.
Whether you have an ecommerce business or intend to ship your products far and wide across the country from your retail location, you will need order fulfilment service. The phenomenal saving is the primary reason why people don’t opt for conventional shipping options. Also, order fulfilment service would make your life simpler and easier so you can focus on the core aspects of your business.
Finding the best order fulfilment service is not challenging but you have to make a few smart calls. You need to find the right company, one that understands your needs and can deliver. Here are a few tips that can help you to find the best order fulfilment service.
- Determine the scope of the service you need. It is possible that you would need a complete solution. That may involve packaging, shipping, doorstep delivery, returns and warehousing. You may not need all of those services and may be fine with just shipping. Your need will determine the type of companies you must consider. It is futile to consider a company that doesn’t offer all the services when that is what you need. However, hiring a company that does offer all the services even when you don’t need them is better. You wouldn’t pay unnecessarily more and you would have the scope of expanding the order fulfilment service if and when you need to do so. That wouldn’t be possible with a company that doesn’t offer all the services.
- You must know for sure if the company offering order fulfilment service specializes in the type of product you have to deliver. Your product can be small, medium or large in size and weight. Your product may have some specific packaging requirements. The handling, depending on fragility and value, is a quintessential factor. You should not hire a company that doesn’t specialize in the type of product you are dealing in. This checkpoint should be enough to discard many companies and to consider a few. Using the reductionist approach, you can easily zero in on the few companies that are relevant for your needs.
- Finally, you should only consider credible companies that have a proven track record and a substantial presence. A very small company offering order fulfilment service, which doesn’t have much of a clientele, will not be an ideal choice. It may not have the infrastructure, trained manpower and the outreach that you need.