Online Inventory management software unlike any inventory management system is a cloud based inventory system
The term online inventory itself defines that it is a cloud based management software for inventory
So an online inventory management software should have all the basic features required for managing the inventory.
Let us assume how a small business keeps his inventory managed
The fundamental aspect of storage when it comes to keeping inventory maintained is setting up its order levels
And setting up the simple to complex racks and bins for physical inventory storage and tracing
Also look at the other side like excess storage, non moving inventory and expiry depending on the nature of the product
So whenever there is a fall of inventory or expiry for a specific item there is a reminder to it
Reminders can be as such as like firing an SMS or an Email to the authority or it can be a pop up in the system/apps
So whatever types of reminder it is, alerts are important at the first place
And it is the only strong backbone of knowing something which has gone critical inhouse
So it needs to be maintained timely under the hood as soon as it is informed by the system
Also either you are do a purchases or you make a stock movement it has to be entered on real time.
And if you manufacture inventory, than daily stock journal is a must
The difficulty in stock management only arises when there is a lack of real time pulling of information
And the bigger issue is skipping the entries on real time that has to be feed on the system
Most of all inventory management system works the same way
But you need to be aware of the functions in a system what are prerequisite for better inventory management
We cannot improve inventory management overnight
It requires setting up of the right parameters in the masters
So what are those parameters?
Define your different physical boundaries like warehouse, stores and plant in the system
And manage the sub-inventory and locations which includes the store, racks and bins
Proper numbering of racks and bins can help trace your inventory well when there are bulk number of items
The parameters also includes the reorder level management and in some cases the maximum and minimum level
You also need to manage the expiry level of the items if it is of perishable nature
So these are the basic function of an inventory management software which makes system better
Online is the not the best real time system but the only real time system in the world
Real time makes worth investing your time on reports and analyzing your data whenever you want
Because it provides the accurate information for the present and current happenings
For knowing any kind of activities which is based thousand of kilometers from you, yes real time is the only solution.
You ask a business who have several trading and manufacturing locations for his business, they knows the true value of being real time.
So until you have the complexities you won’t search for the related solutions to cover the gap
We only value something when it solves our complexities and improves our life and adds value to its existence
So real time system saves time from messing up with historical data and not knowing about the present
Thus online inventory management software and even online accounting come to exist for better business visibility
Making a strong foundation for your business visibility can enhance your business perception
And overall functioning of the inventory management can go high
Also being real time the total inventory of a particular item can be released in case of any urgency to cover a demand
Thus the online inventory management software bring multiple locations under one roof
And you are all done within a minute to keep yourself updated of any demand to fulfill
ZipERP is one of the best online Inventory Management software in India
Managing the inventory is crucial for every business
So business which has spread across multi location can increase their visibility as like bird’s eye view
And are more likely to get the benefits of using an online inventory management software
And even though if is a single location as like most of small business, its good to be a part of the real time system.
Online inventory management software will definitely bring more improvement over the offline system.
Because you don’t need to communicate every time to a store person to know the status of inventory
All you need is to open an app to get the stock movements and closing for all locations