Online exam software is used to take a test online. They also help in the assessing the skills and qualification of students by variety of questions. In an online exam, different type of questions are prepared in which multiple options and direct questions are prepared. The students are provided a link of portal and they are prepared for the examination. The result is acquired within a couple of days.
Advantages -
reduction of time and cost in institutes
less hazzles for both the students and teachers
reduction of printing and paper expenditures
tests can be taken from any remote distance
students are provided separate question banks
Disadvantages -
There is full time for students to find the answer on internet.
open ended questions are provided to students so there is no autogradation facility
online exam software is very easily approachable for fraud
No auto-checking facility is there, teachers have to check the question banks themselves.
students will be available on their own device, so there is nobody to check them

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reference link - 

online examination software - smartoas by lucid outsourcing