With the rapid rise in supply chain issues and ecommerce sales, the need for inventory software is increasing worldwide. Its global market size crossed 3 billion dollars in 2022 and is to double by 2032 at a CAGR growth rate of 5%. Though there are many inventory management software types, cloud-based is quickly becoming popular among many sectors because of its many benefits. Cloud inventory management software uses advancing technology developments to provide perfect solutions to many supply chain issues. The significant benefits include reduced time, cost, and effort for all stakeholders with easy accessibility to know the stock movements from any device at anytime and anywhere.

This article will discuss cloud inventory management software and its features to make it better than the manually managed and on-premise system to have more benefits.

What is cloud inventory management software?

Increasing online, renting, and other businesses in this digitalized and globalized world have increased the need for inventory management software. It is because of the challenging task of managing inventory to handle one product in demand and a surplus of another that is not in need. Hence inventory management software is a technological tool gaining traction worldwide to automate inventory management. Also, it ensures accurate tracking of current inventory levels throughout the supply chain.

Many inventory managing software like manual management, barcode, RFID, and cloud-based systems exist.

Cloud inventory management software is now the most popular software to manage all inventory with an internet connection. It is better than all the traditional software systems, including the on-premise, as it saves cost, effort, and time. Apart from reducing the need for hardware, resources to maintain, and others, it is easy to use by paying monthly, quarterly, or annually. Since all vital data is safe in the cloud, it is easy for all the permitted stakeholders to view and change them from any device like a laptop, system, tablet, or smartphone. It has many benefits like improving customer service, and better reporting, among others, for many sectors.

What are the essential features of the best cloud inventory management software?

For manufacturers, distributors, retailers, shops, ecommerce sites, and others to have all the benefits of the cloud inventory management software, it must have the following among other features.

  • Should consolidate all orders across all sales channels to provide the best order and shipping management solutions in one centralized location through phone, email, online page, etc., to track and manage products from one place
  • Enable automatic synching of orders through the system from receiving to delivery with automatic updating of the inventory with no need for any data input many times for providing customers updated information about the inventory
  • Enhances customization of all integrations with several warehouse technologies like RFID and barcode, for making an accurate and seamless system
  • Enables access to all inventory levels from all devices like laptops, smartphones, etc., from anywhere, anytime to create custom workflows from order to delivery
  • Provides the ability to create automatic sales orders across many online sales channels and to have real-time information on all the sales data

The best cloud inventory management software also provides mobile apps to download on the smartphone for fulfilling orders, and managing materials and finished goods inventory in real-time, among many other fantastic features.