Online Inventory Management Systems
What is an Online Inventory Management System and How Can It Help My Business?
From the most rudimentary to the most sophisticated inventory tracking, online inventory management systems are vital tools in tracking the optimum level of the in-and-out flow of goods within a company. Inventories are often the largest asset for a company and a precise inventory management system is often needed to take into account the sales, orders and the need for replenishments, ensure that goods are always stocked to an optimum level to meet customer demands.
Online inventory management systems offer your business the flexibility of managing your products in single or multiple locations, issue invoices, purchase or sales orders and share your business information with your partners, vendors, suppliers or clients on a fully web-based, multi-user environment.
Why Do I Need to Invest in an Online Inventory Management System?
Imagine when stocks in a supermarket dwindle and there is no way to keep track of the number of items sold, how many remain and how many are needed. Unless you have a crystal-ball that reminds you to replenish your stock, customers will inevitably be disappointed and sales will suffer. Business experts have often claimed that a refined inventory control can make or break a business; a seasonal surge in demand on Christmas that is not met can result in needless loss of sales.
In e-commerce, manually updating every single alteration in your inventory will make you want to pull your hair out and bite off your nails. An inventory software system ought to be a prerequisite for e-commerce since it eliminates all the unnecessary time spent on manually updating inventory and sales, allowing for a more efficient automation of the process. A rigorous system eliminates the dreary man-hours and extra costs.
A rudimentary inventory system will assist in keeping track of sales, available inventory and communicating to you when its time to reorder. Website design packages often are customized for different business types, taking in consideration the different needs of different industries. For example, seasonal and forecasting demand, lead time calculations, perishables, dead stock reporting, customer pricing etc.
From e-commerce custom jewellery retailers to online book-sellers, such software pulls in several technologies into one integrated program and allows for a hands-free approach when dealing with your inventory. Below are some of the more common e-commerce features available.
- Web browser accessibility
- Easy-to-use interface
- Automated inventory control
- Customer Pricing
- Product variations
- Product catalogue
- Inventory management reports