Businesses that are part of supply chains rely on inventory visibility to make the right stock changes at the right time. A web-based inventory management system allows businesses to manage and control their stock in real-time using dedicated apps, foregoing expensive on-site hardware, and overcoming the margin of error inherent in paper methods.
Whether your business is in manufacturing, retail, wholesale, or any other part of a supply chain, your workflow relies on optimized inventory tracking. Web-based solutions provide numerous ways for these businesses to resolve the common challenges of manual inventory management, increasing productivity and reducing costly stock outs as a result.
What is web-based inventory management?
Inventory management involves tracking and reordering stock based on the flow of products, the consumer demand forecast, predicted seasonal market changes, and the business’s objectives. This differs somewhat from inventory control, which deals more directly with managing the stock that is already in the warehouses.
A web-based version of inventory management uses a browser or phone application to track and control inventory data. The data is stored on secure web-based inventory management systems, rather than on on-site hardware. Authorized users can access the system using their credentials and an internet connection, providing more real-time tracking options, collaboration potential, and strategic forecasting than traditional systems.
How web-based inventory management solves problems
Web-based inventory management systems provide businesses with a unified solution to the problems of low visibility, incorrectly ordered products, and unoptimized warehousing procedures. They do this in a number of ways:
#1 Consolidating workflow management
Web-based systems provide a centralized hub that managers can use to monitor and resolve employee tasks. What businesses save on manual labor by consolidating their workflow management they can devote to higher-level needs, such as strategic demand planning.
#2 Tracking inventory levels with real-time monitoring
Manual inventory management relies on using on-site hardware during work hours to make changes and is only accurate 63% of the time. Web-based management can be done on tablets, computers, and smartphones from anywhere, so long as the user has an internet connection and authorization. Being able to monitor inventory in real-time better prepares businesses to avoid stock outs and respond to changes in consumer demand.
#3 Protecting sensitive company data
Web-based management protects sensitive company data from cyber-attacks, by keeping security software up to date. Encryption and access control systems allow managers to monitor who accesses the company network and when. Since the servers are cloud-based, managers no longer have to worry about power outages either – important inventory data will be saved and stored on the network, even if on-site hardware goes out.
#4 Scaling the inventory management with the business
As a company grows, its need for larger inventories grows, which puts a strain on existing management systems. Web-based systems never fall behind, because they can be scaled to a company’s needs. Businesses only pay for what they need at the time of the service, so they can always upgrade their servers to match their business growth or downsize, so they aren’t paying for hardware and utilities they don’t need.
#5 Increasing customer satisfaction
Your industry competition are vying for the satisfaction of your potential customers. With 90% of businesses now increasing their investment in inventory management, automated systems are raising the bar on how businesses meet their customers’ demands.
The takeaway for businesses
Web-based inventory management gives businesses more control over how, where, and by whom their stock is managed. Real-time tracking updates help businesses stay current with their industry demand, while cloud-based servers allow them to monitor and manage their strategies from anywhere. Real-time demand tracking and inventory management are how businesses will stay ahead of their competition (in real-time) in 2023 and beyond.
If you are interested in learning how Fishbowl’s flexible inventory management solution can help your business now, you can book a demo.