Inventory management is a vital part of any business, and if you don’t manage it properly, then the time is not so far as you will lose control over your profit. About 80% of business face problems of being out of stock in e-commerce businesses. It mostly happens with small businesses when they start growing, and the demand for the product increases. In this point, inventory management online helps small companies and startups to manage the warehouse and supply chain management. In this article, we have discussed the reasons to move your inventory management to an online method. But before that, let’s understand online inventory management.
What Is Inventory Management Online?
Online inventory management is a Software-as-a-service warehouse management system that allows users to manage the inventory management process online. It is a cloud-based service handled by the vendor or a service provider. There is no need to hire a professional or a team of professionals to manage the data while using a platform like SKUBIQ. As subscription-based software, users have the flexibility to pay and use the software whenever and wherever they want.
Why Do We Need Online Management Process?
Managing an inventory is a headache for every company, and many small businesses and startups get shut down due to poor inventory management systems. As e-commerce businesses are emerging in today’s world, they need sophisticated solutions to manage their warehouses and supply chain. Apart from that, e-commerce business has become more customer-centric, where customer value the service more.
The inventory management process needs to be faster and more effective to manage all these issues. The companies must keep in mind that the product should be delivered to the correct place without any delay for a better customer experience. Here the online inventory management software helps to keep track of all the inventory processes, from warehouse management to strategic supply chain management. It provides all the information about multiple warehouses, stocks, and order fulfilment channels in real-time.
With all these benefits many companies are switching themselves to web-based inventory management. Looking forward, we have mentioned the top 5 reasons you need to move your inventory management to online platforms in detail.
Top 5 Reasons To Move Your Inventory Management Online
There are multiple reasons why online inventory management software can help you upscale your business. But we have discussed the 5 best reasons that you need to know for the online inventory management system.
1. Cloud-Based Service Gives You The Flexibility To Access Anytime And Anywhere
The first reason that can push you to adopt inventory management online is the flexibility to access the inventory anytime and anywhere you want. As we have discussed earlier, it is a cloud-based software which makes it portable to use. You can track every asset instantly whenever the order is dispatched, get updates on each product in real time, and repair all the glitches on the spot.
2. Cost-Effective And Efficient Solution
The inventory management software is more cost-effective than traditional software as you don’t need to purchase the whole software. It is subscription-based software that allows you to use it when you pay and leave the service whenever you want.
Moreover, this software is compatible with smartphones, laptops, or any other devices that have an internet connection. So, companies do not need to keep professional technicians to handle the software, which is money saving decision.
Second, all the inventory management process is handled by the vendor; here, SKUBIQ is the best reference. So you don’t need to install the software or have an expensive infrastructure. Even common people can operate it with ease and can see their progress in real-time and make their process more efficient.
3. Reduces The Time For Inventory Management
The best inventory management software for eCommerce comes with a range of tools that helps in auto data capturing that can be handled by the mobile due to the compatibility of apps. This helps to deliver the data instantly in real-time in your devices, and the enterprise plans its ad campaign according to the given information. Now, there is no need for manual data entry, which makes the inventory easier.
4. Manage Foresting And Planning
Online inventory management system offers the foresting of data in real-time. Business persons can easily track the warehouse management process and supply chain process. This kind of inventory management process allows you to increase accuracy and make perfect planning for their supply chain. You are also able to provide a better customer experience and grow your business effectively and efficiently.
5. Online Tracking Of Multiple Warehouses
The biggest problem that comes with any growing business is the management of warehouses. As the eCommerce business grows, the requirement for warehouses also increases. And handle multiple storage places becomes a headache and customer loyalty tends to decline.
Online warehouse inventory management allows you to manage multiple warehouses under one platform. It gives the real-time location of the storage places located in various places. Automatic updates of stocks provide you with information about the most-selling products and the least-performing asset. You can use this data to analyze product performance and eliminate non-profitable products. With this, you can easily manage the space in the warehouses and provide seamless delivery service to the customers.
Furthermore, this software also provides third-party logistics to make the order fulfilment process faster and more efficient.
How To Move Your Business To Online Inventory Management Software
Now, if you have decided to move your business to an online inventory management process, there are some factors you need to keep in mind. Choose the inventory management software depending on the size and the requirement of your business. Consider the factors below to select the inventory managing service to fulfil the demand of your organization.
Easily Sync With Your Existing Application
If you are a new user, then the first thing to work is to move your old data to the new platforms, which can sometimes be hectic. So, choose the software that can easily sync with your existing software and provide easy accessibility of previous data.
Have A User-Friendly Interface
Providing training to your staff in new technology can be expensive for small businesses. So, online services should provide an easy-to-navigate interface that can be easily adopted by the organization.
Multiple Warehouses Integration
The organization may have multiple warehouses to manage the supply chain and provide a better customer experience. Sometimes, it becomes to manage all these warehouses using a single software. Look for inventory management software that has the facility to integrate third-party logistics to manage multiple warehouses under one platform.
Reliability And Security
The last and most important aspect is the reliability and security of the online inventory software. The best inventory management online software enables the administrator to manage the accessibility of each user. This helps to record their behaviour in real time and protect the inventory database from unauthorized access.
So these are the factors you need to look at in the inventory management software when you are planning to move your business to online inventory services. SKUBQ can be your ideal option for your business containing all the above features involved in the inventory management process.
Pros And Cons Online Warehouse And Inventory Management
Though inventory management online provides you with a sophisticated solution for your business, everything has some pros and cons. Any flaw doesn’t mean it is bad or can harm your business. This is your business skills and how you can tackle those issues and grow your business in this competitive world. This information will help you to identify the problems before purchasing any service and get ready in advance.
Pros of web-based inventory management
- Online inventory management like SKUBIQ is quick, efficient, and easily accessible as compared to traditional inventories.
- Provide a cloud-based system that can be accessed through laptops or smartphones with internet connectivity.
- Provides real-time reports of warehouse management processes and supply chain management.
- Provide accurate in-stock information and data on performing and non-performing assets.
- The integration of third-party logistics provides you with seamless and efficient order fulfilment.
- The best option for omnichannel fulfilment allows tracking the order fulfilment in various channels.
Cons Of The Inventory Management Online
- Malicious hacks are one of the biggest issues that come with the online inventory management process. Hackers look for various ways to get the company’s or the consumer’s information to harm their business. Choose the eCommerce inventory management system that has the mitigation of firewall and anti-virus software to tackle these problems.
- Automation of data capturing makes the inventory process fast and efficient for businesses. As a result, companies are not able to audit the account physically that skip much information. So, it is recommended that you must audit the records regularly to achieve accuracy in inventory management.
- Bureaucracy is another problem faced in inventory management online. Many companies allow complete access to inventories to their employees to provide ease of work. But some employees may misuse the data and provide them to your competitors. You must provide some barriers to your employees in terms of accessibility.
Bottom Line
Inventory management is the backbone of any business and the most important procedure to survive in the industry. Traditional inventory management is becoming an older system and companies need a more efficient solution for their business. Here, inventory management online helps you to track and manage all the necessary processes that are needed in order fulfilment. The companies like SKUBIQ provide all the above services that can help you to grow your business and generate the highest revenue. With this software, you can easily switch your inventory managing method to online mode just in a few steps.
