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Call us for a free FastStart Consultation: +61 3 8899 7476


 

by Forrest Burnson,
Market Research Associate
Last Updated: September 22, 2016


Online inventory management software is a must-have tool for any business tasked with overseeing and tracking large amounts of physical inventory. This software provides transparency into quantities, locations and other aspects that are key for successful inventory management.

With so many options available, choosing the best online inventory management software for your business can be an overwhelming endeavor. But fear not, because we are here to help. Get pricing information, or read on to learn about:

What Is Online Inventory Management Software?
Common Functionality of Online Inventory Management Software
Benefits of Online Inventory Management Software

What Is Online Inventory Management Software?

Online inventory management systems offer the same benefits and functionality as on-premise inventory management software—but with the added convenience of cloud-based deployment. Key capabilities of this software include:

  • Categorizing products
  • Automatic ordering
  • Sales and purchase order tracking

Online inventory management software is accessed through the Internet, rather than through a program installed on your physical computers and servers. This greatly reduces your company’s hardware requirements. What’s more, the subscription-based pricing plans these systems typically offer tend to be less expensive than traditional, desktop-based systems. This makes online inventory management software a highly affordable option for your business.

Common Functionality of Online Inventory Management Software

Most online inventory management systems offer a robust combination of tools and capabilities. This table lists some common functionalities of this software, all of which can have a positive impact on your business.

Real-time inventory management Allows you to see your stock levels, incoming and outgoing orders, shipping information and a whole host of other measures in real time. This enables you to improve tracking and make informed decisions using up-to-date knowledge of your inventory.
Item variations This categorization capability is an essential function of most online inventory management systems. It allows you to store key product variations and differentiations in order to quickly and conveniently organize your inventory based on specific details, such as product color.
Scanning To more easily identify and input products in the system, many solutions use barcode or radio frequency identification (RFID) tags. Scanning these tags with barcode scanners or other devices provides information on the product, as well as actions that can be taken to manage it (e.g., mark it as received, sold or shipped).
Reporting and analytics Provides access to user-friendly, data-driven dashboards articulating inventory levels, sales reports and other information you need. With this information in hand, you can make smarter decisions and optimize key components of your business, including pricing, shipping, purchasing and reordering.

Benefits of Online Inventory Management Software

The insights gathered from inventory management software can be hugely impactful to your business. Choosing software that integrates with other systems your business uses, such as customer relationship management (CRM) and accounting software, can provide you with even more detailed, accurate insights. This can help you better set goals and analyze business metrics.

Some of the key benefits of online inventory management software include:

Improved inventory ordering and control. Rather than toiling over an enormous spreadsheet to monitor inventory, this software enables you to easily manage it all. The system provides detailed, real-time stock levels as well as projections of future inventory requirements.

Reduced inventory costs. With more accurate inventory monitoring and ordering capabilities, you can prioritize stocking items that generate the most revenue, and delay restocking underperforming items.

Accurate forecasting. Reporting and analytics capabilities enable you to spot monthly, weekly and yearly trends. These trends can inform you of future inventory projections, so you can make sure you’re properly stocked on important items.

Mobile access. Using cloud-based inventory management, you can access your back-end software on any compatible device with an Internet connection. That means you can place and/or confirm orders, monitor inventory levels and complete a whole host of other tasks from wherever you are.

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