How an OMS can open the door to higher Media revenues
4 ways an OMS can boost revenue for Media leaders
January 29, 2020
In the past, an Order Management System (OMS) was seen purely as an expense saver for Media businesses.
Don’t get us wrong, if you’re constantly using terms like swivels, work-arounds and manual processes, an OMS is just what you need to kick-start efficiencies and save money.
But, your OMS can also give you more.
It can not only increase efficiency, but boost your revenues too.
An effective OMS treats the complete supply chain as an interconnected ecosystem. It improves workflow efficiencies, lays the foundations for increased agility and opens up new opportunities.
This is particularly true when combined with a CRM to give you a single Media platform.
So, without further ado, let’s dive into 4 ways that an Order Management System can boost your revenues.
1. Streamline your products and sales
A streamlined Product Catalog, managed from your OMS, gives your sales teams rapid access to the product lines your customers actually need.
Combine the ease of managing products in a single catalog, with automated back end processes and your sales process is suddenly a lot quicker.
Cutting the time your people spend on manual work minimizes errors, drives efficiencies and reduces costs – all helping you to provide a better customer experience and increase your revenues.
Your sales team will not only sell more, faster, but have more time to provide the kind of guidance your customers can’t get anywhere else.
With 73% of people citing experience as an important factor in their purchasing decisions, this value-added experience will only increase revenues for your business.
2. Accurate forecasting
An OMS also has the capability to provide visibility and insight, helping sales teams to focus on long-term deals.
It will help you better predict what will drive business right now. This week. This month. Instead of wasting time on deals that don’t provide much value to your business.
This strategic decision-making tool reduces uncertainty and ensures that management is active and alert to any external threats or changes.
With a smart OMS, your organization would have the insight to be proactive, eliminating threats and creating opportunities.
It’s a GPS for success!
3. Automated Document Generation
If you integrate your OMS with a Document Generation system, you can quickly automate consistent documents. This lets your customer approve with a click – saving time and improving accuracy.
Generating consistent documents significantly improves the way you communicate with your customer.
It’s clear what they are securing – from the price and terms to the contract length. This clarity has a positive impact on your bottom line through improved customer retention.
So this easy-to-implement system offers a lot of bang for your buck.
Today, Newsday use their OMS to send consistent contracts to customers and digitally approve them in minutes.
4. Sell cross-media products in one quote
When integrated with CPQ, an OMS offers you invaluable flexibility in the sales process.
Namely, the ability to Configure, Price and Quote multiple cross-media products in the same proposal.
Rather than adding 4 or 5 single products, bundling products in a single order saves your sales teams minutes on every order. It also gives your people the ability to cross-sell your products with ease – a simple step to increasing revenue.
With an intelligent OMS also empowering you with real-time in-flight changes, suddenly your sales are sharper, your delivery more accurate and your customers happier.
If you want to find out more on how the right OMS could help you open the door to higher revenues, listen to our joint webinar with Admonsters on injecting agility into your revenue operations.
Or, check out our complete Order Management checklist for ad sales here.