3PL WMS Software
With continuous technological advancements, the logistics industry is evolving rapidly. Online reports suggest that the global 3PL market size was valued at $1.2 billion in 2021, and is anticipated to rise to $2.3 billion by 2032, at a CAGR of 6.4%, thus making it an important reason to consider investing in a 3PL Warehouse Management Software.
In the competitive landscape where third-party logistics (3PL) providers come across distinctive challenges and opportunities, the 3PL software is the key that helps deliver exceptional services to clients.
In this blog, we will fill you up with the essential 3PL software features designed to meet the demands of modern logistics and transform your logistics operations for the better.
So, let’s start with the basics first, i.e. what is 3PL software?
What is a 3PL Software?
Third-party logistics or 3PL software is a solution designed and developed to help logistics companies manage and streamline their supply chain operations with ease.
The automates different business operations, which include warehousing, logistics and transportation, inventory management, order fulfillment, and more that help in efficiently handling these complex tasks using various features for improved accuracy and reduced costs.
Fulfillor’s 3PL Management Software is one such solution that helps efficiently manage all the logistics requirements with ease.
3PL Features to Consider in 2024
Third-Party Logistics (3PL Software) is an important tool that helps logistics providers enhance and streamline their operations. To serve the unique business requirements, some of the must-have features that you can consider integrating into the software are as follows –
- Automation and Robotics
- Data and Analytics
- Inventory Management
- Order Management
- Returns Management
- Seamless Integrations
- Security and Compliance
Automation and Robotics
Automation and robotics are the key features to integrate into 3PL software. It helps revolutionize the logistics industry with the integration of advanced automation features, which further helps streamline and ease repetitive tasks like picking, packing, sorting, shipping, and more. Integrating this feature also helps enhance operational efficiency alongside reduced manual labor and minimized errors, thus facilitating an accurate and quicker order fulfillment process.
Data and Analytics
In the modern digital landscape, where data is termed as the fuel for business growth, data and analytics play a vital role in leveraging your business potential while helping you make informed decisions. Integrating this into your 3PL software enables you to analyze market trends, identify consumer usage trends and patterns, monitor your business performance, alongside predict future demands.
It further helps businesses to optimize their operations with improved demand forecasting and stay ahead of the competition in the market.
Inventory Management
It is one of the most important features to consider integrating into 3PL software. It helps in effective 3PL operations with real-time visibility of the stock levels. This feature also facilitates businesses with insights and visibility into the warehouse receiving process, automated restocking, improved order fulfillment, and more. It further helps reduce errors, eliminates the losses caused by overstocking and understocking, and identifies and eliminates the inventory carrying costs.
Order Management
The order management feature is an integral part of 3PL software, which helps streamline the order processing workflow with accuracy. This feature helps filter, search, and view order status easily and get access to related information as per your needs.
Integrating this feature also helps enhance overall customer satisfaction with reduced errors in order processing, fosters real-time order tracking, reduced costs, and more while ensuring transparency and flexibility to adapt to the changing business needs.
Returns Management
Returns management is another essential feature of 3PL software which helps in ensuring enhanced customer satisfaction and optimized operational performance. It automates the returns process with automated label generation, reconciles returned goods with stock, and updates inventory levels accordingly.
In addition, it also helps the customer easily track the status of their returns, thus simplifying the returns process, alongside reducing costs associated with return handling, storage, and more.
Seamless Integrations
This feature helps enhance the efficiency, accuracy, and overall performance of logistics operations. Considering seamless integrations with popular platforms like Shopify, BigCommerce, and more not only helps in smooth order processing and shipping but also helps in real-time inventory updates, thus catering to providing enhanced customer service.
It also helps reduce associated costs alongside optimized resource utilization, which also helps streamline processes across the supply chain efficiently.
Security and Compliance
Security and compliance is another important feature to consider implementing in 3PL Management software, as it helps safeguard sensitive data and adherence to industry regulations.
It offers robust security features like encryption, role-based access controls, security audits, and more that help protect data from cyberattacks and breaches.
Summing It Up
To sum it up, managing a logistics business is a tedious task, and implementing 3PL software into your business will not only help enhance the supply chain capabilities but will also help you gain a competitive edge in the market.
So, whether you are a seasoned logistics professional or a business owner looking to enhance your business services, now is the time to start working on it.
