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What to Look for in an Online Inventory Management Platform

Online Inventory Management Platform

In today’s hyper-competitive marketplace, it’s important to give your business every possible operational edge. When it comes to your precious inventory, there’s no time for outdated spreadsheets or software that requires you to be tied down to a specific location. You need multiple users to access inventory data anytime, anywhere with best of breed online inventory management.

Chances are, your competition already knows this. That’s why businesses of all sizes have steadily been migrating to cloud-based inventory management solutions from their outdated software. Online inventory management unlocks a new horizon of opportunity, an enormous additional value for anyone seeking a leaner, meaner organization.

But if you’re looking to get with the times and upgrade to an online inventory management system, it can be difficult to separate the wheat from the chaff. There’s no one-size-fits-all solution, so follow these guidelines to ensure you select the option that best fits your needs.

Look for a centralized management system. It’s vital that whatever software you choose operates as the central base of all inventory activity. It needs to be capable of integrating all your locations, users, and products into a single platform, otherwise you’ll be wasting time trying to gather disparate info into one cohesive whole.

Look for a solution tailored to your specific products. Are you dealing with bulk, quantity-based transactions? Or products with multiple different types of variations? This may seem simple, but it’s a key component to consider before you pull the trigger on any inventory software. It’s all too easy to end up with a hammer when what you needed was a screwdriver. And if you have any industry-specific regulations to adhere to (FDA or OSHA, for example) your system will need to accommodate them in a seamless way.

Look for a platform that can integrate with your current workflow. If you use programs like Shopify, ShipStation, or Paypal in your day-to-day operation, you’ll need software that can talk to these widgets and ensure nothing gets lost in translation. If you’re selling in multiple channels, you’ll need a system that can handle that complexity. It’s also a good idea to look for a software that can match up with your accounting tools so that the numbers stay completely without error and you can get all the info you need at a glance.

Look for a program that creates the reports you need. Not all cloud-based inventory management solutions are able to create the same types of reports. Before you commit to any single one, write out a list of the kinds of reports you’d like to have at your fingertips, and see which softwares match this shopping list. The best platforms will offer robust data analysis tools, creating a wide variety of easily-readable reports in just a few seconds.

There’s a lot to consider when thinking of moving your inventory to the cloud, but after the process is through, you’ll immediately begin realizing the massive benefits. Just keep your eye out for the key features you require to snag a platform that will empower you and your business to grow in brand new, exciting ways.

Ready to take your product-based clients to an online inventory management system that will grow with their needs? Schedule a demo of AccountingSuite – your clients will thank you!