Managing your inventory is crucial to a thriving e-commerce business. After all, you need to have items on hand to fulfill customer orders. Otherwise, you’d have to shut down your business. Plus, with customer expectations shifting towards faster fulfillment times, having readily available inventory to quickly get your orders into the customer’s hands is an absolute must. And don’t forget the necessity of extra inventory (and even buffer stock) for peak demand seasons.
Considering the critical role inventory plays in a business’s success, many companies realize that managing inventory can’t simply be done by hand—especially if they want to grow and scale in the future. As a result, more and more businesses are turning to a modern online inventory system to manage their inventory.
What is an Online Inventory System?
An online inventory system allows your business to say goodbye to the cumbersome paper-and-filing cabinet inventory management system of yesteryear. It replaces this clunky process with more efficient, streamlined inventory management in the form of a cloud-based, digital inventory software. Able to be utilized by multiple team members, an online inventory system allows a business to easily track and control inventory as it enters and leaves from one central online platform.
With an online inventory system in place, your business has room to grow. Because you don’t have the time-consuming demands of managing inventory manually, you can devote time to other important aspects of your business and still maintain the inventory you need. Online inventory systems also allow you to automate your inventory tracking, reducing labor costs while increasing profitability and efficiency—meaning more accuracy and more profits.
That being said, not all online inventory systems are the same. Selecting a system that works well for your unique needs is important. So what are the must-have features in today’s best online inventory systems, and what should you keep in mind as your business decides?
Top Online Inventory System Features to Consider
Stock Level Alerts
Readily available inventory status is critical to your business. So your online inventory system should provide the functionality to track the amount of stock you have in real-time for all your products. This includes a stock level alert system to notify you when your stock is getting low, allowing you to replenish in advance and avoid running out in the future.
Inventory Tracking
A top online inventory system will make it easier for you to track your inventory at every stage of the supply chain by using barcode scanning on product SKU numbers. These systems will also offer manual item entry and custom categorization based on product specifications, as well as serial number tracking.
Customizable Dashboards
When it comes to inventory management, you want the ability to customize the information you need to access and track. That means your online inventory system should offer the flexibility of a customizable dashboard, so your team can quickly get the information you need without having to sort through unnecessary data.
Multi-Location Functionality
If your business deploys multiple warehouses, you want an online inventory system with the capability to track inventory levels and stock transfers across all these locations. This especially helps when your business utilizes specific selling channels like websites and physical storefronts.
A Few Final Do’s and Don’ts
As you explore your online inventory system options, here are a few critical do’s and don’ts to remember so you can pick the right system for your business:
- DO select a system with flexible integrations: Quality systems will seamlessly integrate with your current tech stack and ordering processes.
- DO consider what other users the system supports: Factor in what kinds of customers already use this system and read customer reviews and case studies.
- DON’T choose a system without support: Your system should offer initial training and ongoing support so you (and your team!) can get the most out of your investment.
- DON’T utilize on-premise software: A cloud-based system with decentralized data backups will provide more security and reliability than traditional on-premise software, and will elevate visibility.
Choose Smart Warehousing for Your Online Inventory System Needs
When examining the top online inventory systems available, Smart Warehousing rises to the top. Its user-friendly, intuitive system SWIMS enables your team to have complete control and visibility of your inventory in today’s fast-paced consumer environment. As a cloud-based inventory system with over 10,000 users and counting, SWIMS gives companies like yours valuable insights such as:
- Live inventory levels
- Order statuses
- In-depth tracking information
- Transaction-level updates and activity summaries
- Transportation data
- Customized reporting
Plus, SWIMS offers flexible integration with today’s in-demand technology solutions, from Amazon to Quickbooks, Shopify, and more, keeping your current ordering processes intact. If you’re ready for an easier, more actionable online inventory system that helps your business meet the demands of the modern customer, contact us today to learn more.