Best Practices for Effective Returns Management
Returns management in essence is the supply chain management process through which activities connected with returns, gate-keeping, reverse logistics, etc., are managed. The main focus remains in recognizing ways and means to reduce surplus returns and yet manage reusable assets efficiently. So be it strategic or operational, the idea behind a returns management process is to cater to customers in the best possible way and yet manage back end operations properly. The physical and behavioral factors pertaining to inventory management, and the buying and selling involved, can make returns management quite a challenge.
It is only recently that returns management is being identified as an element that could provide a competitive edge and also be the crucial connection between marketing and logistics services. In that sense returns management can actually have quite an impact on an enterprise. Your enterprise therefore needs to have the knowledge of the best returns management practices that should be employed by your enterprise. There are a number of practices that could minimize the costs connected with returns management; here are a few of them: –
Opting for a returns management solution that deals with the returns process in a logical and efficient manner is an important step in perfecting your returns process. The service provider you opt for should have maximum experience in refurbishing a vast array of products in minimal time to be able to get the products back into the testing field. –
An optimized information intelligence tool to handle returns management can also be a great asset for an enterprise looking for the perfect way to deal with returns processes. An efficient and integrated system can easily eliminate costly hand-offs and can reduce the time required for process inventories; this can further enhance your value recovery immensely. –
Partnering with a returns and supply base management solutions provider who can offer positive returns experience for customers is an added bonus in your returns management process. The idea is to cater to issues of customer collections, swaps and advance replacements. Also, a returns management solution should offer easy ways and means to facilitate returns receipts and reporting. Additionally the solution should be capable of managing returns exceptions and also be able to link to financial transactions as and when needed. –
For best returns management, every enterprise must seek a solution that is scalable and web-enabled. Such a solution can easily offer self-service returns validation and can also streamline the multi-channel returns management authorization processes.
Compliance laws have become more stringent than ever, especially with increasing penalties and fines. Your enterprise requires a returns management solution that can keep you fully compliant. It should be able to support all legal disposition compliancy issues, including WEEE. So, be it remarketing complete systems or remarketing major components, the returns management service provider you eventually opt for should provide the highest economic and environmental returns management services.