Regulated Industries that Benefit the Most from OMS

Running a business comes with a host of challenges, and one of the biggest is navigating the maze of regulatory compliance. 

Every business, regardless of size, must follow strict rules and standards, especially when it comes to accounting. If these rules are not followed, your business could face serious problems, such as legal action or fines. 

Some industries face more stringent regulations than others. For example, healthcare, finance, and pharmaceuticals are under constant scrutiny. These sectors handle sensitive information and large sums of money, which means they must adhere to strict guidelines to protect both their customers and their business interests. Failing to comply can lead to severe consequences, such as hefty fines or loss of business licences.

In the high-stakes world of regulated industries, staying compliant can feel like a never-ending battle. This is why so many businesses in regulated industries turn to Order Management System (OMS) technology to simplify and automate many of the tasks required to meet regulatory standards.

In this article, we'll look at the regulated industries that can benefit the most from adopting OMS technology.  We'll also show how OMS can provide the accuracy, efficiency, and traceability these businesses need to navigate the complex world of compliance. 

The goal is to identify the industries with the toughest regulations and see why OMS is particularly useful for them. In this way, you'll learn how OMS can also help your business.

Industries that struggle the most with regulations

Navigating the regulatory landscape is a significant challenge for many industries, particularly those with the heaviest oversight like manufacturing, financial services, and transportation.

One such industry is manufacturing, where stringent regulations are particularly prevalent. Sectors such as petroleum and coal, motor vehicles (with the rising importance of self-driving technology), and pharmaceuticals find themselves under the watchful eyes of different regulatory bodies. 

Each nation has their own selection of government entities tasked with enforcing regulations on industries. For example, in the United States businesses have to operate under the watchful eyes of  the Environmental Protection Agency (EPA), Food and Drug Administration (FDA), Occupational Safety and Health Administration (OSHA), and the International Organization of Standards (ISO), to just name a few. 

Navigating through these regulatory frameworks demands a strategic approach to ensure compliance without hindering innovation.

Financial services is another landscape where regulations cast a long shadow. Within this sector, areas such as lending, insurance, and credit cards face a myriad of regulatory requirements.

Once again, in the U.S. You have the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision shaping the rules of engagement. For businesses in financial services, a comprehensive understanding of these regulations is essential to build a resilient and compliant foundation.

In the domain of transportation, especially air transportation, regulatory hurdles are sky-high. The U.S. Department of Transportation stands as a formidable regulatory authority, overseeing and shaping the rules that govern the skies. Navigating through these regulations requires a strategic approach to ensure smooth operations within the boundaries set by the authorities.

Why These Industries Need OMS

The complexity and volume of regulations in these industries mean that businesses must be extremely diligent in their operations. Order Management System (OMS) technology can simplify compliance by automating processes, ensuring accuracy, and providing clear documentation. 

By integrating OMS into your business operations, you can turn regulatory challenges into manageable tasks, freeing up your time and resources to focus on growth and innovation.

By integrating OMS into their business operations, they can turn regulatory challenges into manageable tasks, freeing up time and resources to focus on growth and innovation.

OMS technology can be a game-changer by providing tools that help these businesses stay compliant effortlessly. Here’s how:

• Manufacturing: In industries like pharmaceuticals, where precision is key, OMS can track every stage of production, ensuring that all regulatory standards are met and documented. This reduces the risk of costly compliance breaches.

• Financial Services: OMS can automate the tracking of financial transactions, making it easier to comply with the detailed reporting required by regulators. This not only saves time but also reduces the risk of human error.

• Transportation: For air transportation, OMS can manage logistics and scheduling, ensuring that all operations comply with safety and regulatory standards. This is crucial for maintaining licenses and avoiding penalties.

Top Regulated Industries that can benefit from OMS Technology

There are countless ways OMS technology can be applied across various sectors. 

OMS technology offers a transformative solution for businesses operating in highly regulated industries. By automating compliance processes, enhancing accuracy, and providing clear documentation, OMS helps companies navigate the complex regulatory landscape with ease.

Some regulated industries stand to gain the most from implementing this technology. We've compiled a shortlist of these industries, highlighting how OMS can be a game-changer for them. Let’s take a closer look.

1. Construction

Construction has unique challenges, often related to various worksite locations. These obstacles may include difficulty tracking resources, managing field productivity and accounting for last-minute budget increases.

Construction OMS and construction management solutions effectively manage your equipment, raw materials and labour in a coordinated effort to target common industry issues.

This OMS industry solution may also contain CRM aspects to encourage efficient communications between providers and buyers. Furthermore, this system may offer manufacturing management modules, such as building information modelling (BIM), inventory management, mobility and project management. You could also implement smooth manufacturing integrations.

Construction manufacturing systems may also include features that promote quality assurance and order tracking to produce quality and durable builds.

OMS software offers robust data analytics for several construction processes, including:

• Asset management

• Submittals

• Scheduling

• Customer Relationship Management (CRM)

• Bid Management

• Vendor Management 

• Project Management

• Human Capital Management

• Inventory or Equipment Management

• Contractor Management

• Financial Management

By integrating various systems into an all-inclusive solution, the OMS gives you all the essential tools to manage a project’s full lifecycle. This is vital because the use of improper document management, scheduling, and accounting software can delay construction projects and the company’s growth itself. The absence of integrated software solutions is potentially damaging to the construction project if unexpected circumstances arise.

Customised OMS functions allow companies to personalise their OMS as needed. Allowing full customisation between departments will allow your business to run smoothly and facilitate communication, all of which allow your business to grow efficiently.

2. Food and Beverage

Food and beverage OMS supports the creation, quality and compliance of food and beverage-based products. This industry must comply with health and safety regulations to ensure the safety of food products for consumers.

OMS can manage supply chains, track inventory, and ensure that all food safety standards are met. This helps in maintaining compliance with industry regulatory bodies. 

Think about cold chain storage, for example. New types of equipment and software ensure perishable products are kept at specific temperatures throughout their entire lifecycle from raw materials through production and distribution. Companies can establish different tags and markers with the right OMS industry software specialised for this sector.

You can also find vendors with OMS industries in alcoholic beverage production, meat and seafood processing, fresh produce handling, confectionery production and more.

This system also offers inventory management, recipe and formula management, reporting and analytics, lot and batch tracking and more. Many solutions may help your business target customer demand to develop new products and campaigns. You may also identify cost values in several business processes and detect bottlenecks.

3. Healthcare

The healthcare industry handles sensitive patient data and must comply with strict privacy and safety standards.

This OMS industry supervises multiple healthcare and medical tasks, including practice management, electronic health records (EHR), electronic medical records (EMR), medical billing and more. A healthcare OMS also supervises human resources and payroll.

Some systems may also integrate with accounting and BI tools for effective financial and KPI management.

Your practice may specialise in psychology. Maintaining ideal health records ensures you keep all of your client information in a safeguarded, centralised system. You can also invest in the best medical billing software to allocate and receive patient payments more effectively.

A healthcare OMS software system can help you handle daily activities in the sector, including the procurement and sourcing of essential items. Additionally, payroll, utilities, and waste management reports are able to be closely monitored. Data from the HIMSS Analytics Logic platform show that the adoption of Hospital OMS software has grown to 38.4% in 2018 from barely 18.8% a decade ago.

OMS’s accounting tools also enable you to manage finances across the healthcare system effectively. Together with business intelligence tools, an OMS software system can provide you with crucial metric analysis, such as quality of care versus costs of care. Additionally, by working with a PRM system, OMSs in healthcare are able to closely monitor relationships, clients, and researchers. 

4. Pharmaceuticals

The pharmaceutical industry is heavily regulated to ensure the safety and efficacy of drugs. Compliance with the FDA and other regulatory bodies is crucial.

OMS can manage the entire lifecycle of a drug, from production to distribution, ensuring traceability and compliance at every step. This helps in maintaining detailed records required for regulatory audits and inspections.

5. Manufacturing

Manufacturing OMS streamlines processes, manages productivity and assists with revenue tracking. It also maintains resources, such as machinery, employees, resources and more. You can also invest in disparate system types, such as machine and job shops, CAM, CAM-CAD, seed-to-sale CRM, process manufacturing and MRP.

For example, you may specialise in organic frozen waffles. You can utilise your process manufacturing system to manage successful recipes, replenish or track ingredients, manage batches to avoid contamination, adhere to FDA and other compliances and ensure you follow the proper steps in completing your waffle batches.

OMS software is increasingly beneficial to the manufacturing sector. By using a cloud-based OMS, finance, purchasing, production and operations departments are able to communicate with ease. A study by Aberdeen Group found that 48% of manufacturing leaders claim industry-specific software would aid them in doing business more efficiently.

Teams are able to set up custom alerts, dashboards and modules based on the task needed. Finance departments are able to set up custom reporting and projections, while operations and production teams are able to set up alerts for low inventory levels, broken machines, and recalls. If combined with a CRM, recall alerts are able to be sent to every affected customer and vendor. Additionally, sales teams are able to communicate directly with warehouse teams to ensure real-time inventory accuracy and realistic client expectations.

6. Distribution

Leverage this OMS industry to manage order processing, simplify warehouse procedures, communicate and collaborate with business leaders and supervise transportation. Distribution OMS tools include procurement management, eCommerce, supply chain management (SCM) and other modules.

Whether you’re a business similar to Amazon or specialise in manufacturing and shipping body lotions, this system ensures you keep up with your inventory. You can also manage productivity and bottlenecks in real time.

7. Professional Services

Whether you work in accounting, a law firm, marketing, engineering or other professional services, professional service automation (PSA) software streamlines repetitive tasks and boosts efficiency. Time and expense tracking, resource management, billing, invoicing and project accounting.

For example, a marketing firm specialising in environmentally friendly organisations can manage campaign projects more efficiently. You can also determine whether projects are worth your time and budget. This system can help you utilise the right employees and other resources to execute and complete projects on time without sacrificing quality.

Financial institutions must adhere to stringent regulations to protect consumers and ensure the stability of the financial system. Regulations come from bodies like the Federal Reserve and the FDIC.

 OMS can automate transaction tracking, simplify reporting, and ensure accurate data management. This is vital for meeting the detailed reporting requirements and reducing the risk of compliance breaches.

8. Hospitality

OMS software helps hotels monitor staff, cleaning schedules, waste collection, scheduled and cancelled appointments, and keep track of vacancies. OMS software enables hotel managers to keep all vital information in a single place to minimise duplicates and conflicting data like double-booked rooms. Additionally, OMSs can be used to help monitor the restaurants and activities within a hotel.

9. Waste Management

Waste Management can greatly benefit from the use of an OMS. The industry’s dynamics usually react instantly to new legislations and regulations being implemented to toughen waste regulation and reporting duties, which make it the ideal candidate for an OMS system. When working alongside a CRM, OMSs are able to send instant alerts and contract updates throughout the cloud channel.

Applications For OMS In Waste Management:

• Classifying, recycling and production recording processes

• Managing hazardous substances  

• Quality assessment

• Short-term and long-term transport planning 

• Managing and monitoring container

• Order processing 

• Contract management

• Expanded mapping of business partnerships

10. Education

An OMS software system can be a valuable tool for academic and research facilities in managing their logistical needs. Schools are able to ensure the stock levels of essential items, track the best vendors to use, and manage initiatives with ease. Financial teams are able to ensure grants and funding are properly allocated and modules can be designed to track enrollment and government grant spending.

Applications of OMS in Education: 

• Implement OMS software to reduce training costs

• monitor learning progress

• analytics

• course management

• scheduling

• and other features to streamline the learning process.

11. Retail

OMS software use in retail is extremely valuable to help keep up with increasing customer demands. By combining OMS software with a CRM, sales associates and account managers are able to access their cross-channel with ease. By being able to view warehouse levels in real-time, your team can ensure accurate stock levels.

Customised Modules For Retail:

• Product discount offers

• Individual product financials, such as FIFO or LIFO breakdowns

• Allocation of stock between locations

• Stock transfer

• Robust replacement for AS400

Retail OMS software offers a reliable, simple, and quick management solution necessary for a more efficient business operation. 

12. Transportation

The transportation industry, particularly air transportation, is subject to strict safety and operational regulations.

OMS can manage logistics, scheduling, and compliance with safety standards. This ensures that all operations run smoothly and meet regulatory requirements.u

13. Honourable Mentions

As aforementioned, there are so many OMS industries to browse and review. Here are some honourable mentions:

• Metalworking: Work with various alloys and metals safely while monitoring chemical components.

• Aerospace and Defence: Supervise part generation for planes, aircraft, defence machinery and more.

• Paper and Packaging: Reduce waste by leveraging the right amount of materials for paper, cardboard, boxes and other materials.

• Automotive: Craft car parts with the right tools via ideal discrete manufacturing components.

Conclusion

Running a business in a heavily regulated industry can feel like you're constantly jumping through hoops. The rules and regulations are strict, and the stakes are high. Order Management System (OMS) technology is a must-have tool that can make this much easier.

For businesses in regulated industries, OMS technology is more than just a tool for following the rules. It changes how you operate, making your business more efficient and less prone to mistakes. Investing in OMS is a smart move that ensures your business can handle the demands of regulation while also thriving and growing.

Don't let regulations slow you down—let OMS propel your business to new heights.  Embrace OMS technology today and experience the benefits of smoother operations, fewer mistakes, and complete peace of mind. Don’t wait for the next compliance headache—act now and take your business to the next level.