Why you should switch to online inventory management software
Any business that needs to track stock should be using inventory management software. Such software keeps your business informed about the value and quantity of stock moving in and out, and provides a view of current stockholding. This movement can be tracked automatically as items are received and sold, greatly streamlining the stock management process.
As many systems are being moved to the cloud, what are the benefits of moving your inventory management system online?
1. Instant updates
One of the main benefits is having access to current stock levels in real-time. This reduces the chance of over-selling items because you won’t be selling products based on outdated stock quantities. Your point of sale system could mark these items as being sold out, saving customers from frustration.
An online inventory management system can automate many processes that were once very time-consuming. Orders can be automatically generated based on stock levels, with lead times built-in so you don’t run out of stock before it’s replenished. Stock takes can be streamlined by using scanners that sync wirelessly.
By streamlining your inventory management, you can reduce the amount of excess stock that’s just sitting in the warehouse. This could potentially save you money if the stock has an expiry date, and ensure that you are using your storage space efficiently.
Having an online inventory management system means being able to track movement from anywhere, whether it’s sales reps out in the field or warehouse administrators counting stock.
Your service provider will be able to update the security of your software as new threats are discovered, keeping your data safe.
6. Reporting and analytics
Reports could be easily linked to your online database, allowing you to generate meaningful data at any time. These reports can assist greatly with forecasting, as well as providing historical data, helping you increase profitability and grow your business.
The next step if you are looking to take your business to the next level with online inventory management software, talk to the experts at Netgen. Our skilled team will be able to provide you with a custom solution that integrates with your current setup.