Cloud-based inventory management software is the monitoring and maintenance of a business’s inventory levels using online software. It enables businesses to avoid errors and issues that arise with the traditional methods of measuring stock levels.
The cloud-based inventory management system keeps a track of the inventory that comes and goes out of the business.
The process of inventory management is very time-consuming, and the least popular tasks are carried out by the eCommerce business to keep the business running. The entire process is very boring and diverts resources from important facets of business, from growing the brand, improving efficiencies, and adding new product lines.
Cloud inventory management performs the same function but with faster efficiency and effectiveness. It also gives businesses back their time and resources, reducing the mistakes that can take place due to human errors.
Let’s get clarity on why a cloud inventory management system necessary?
When it is about inventory management systems, the stock is the backbone of the business. Hence, there always has to be a fair number of inventories in their warehouse, always. There are several reasons, why a shift from manual inventory handling to cloud inventory is necessary, and how it helps to makes the function smooth:
1. Instant stock level update:
A cloud-based inventory management system accurately gives an update about the inventory level present in the stock; and also the amount of stock you have in hand. This is an essential metric of the customers so that there is no shortage of inventory or stocks.
2. Error Reduction:
Cloud-based inventory management is an automated process that reduces the chances of errors and chances of stock walking. This automated nature of the software means that the errors which take place naturally, are eliminated automatically.
Having a cloud-based approach regulates the supply chain so that the process from placing the order to sending it to the suppliers can be done without any kind of human errors and even if there is an error that happens, it is decreased.
4. Safety and security
The safety of valuable information is guaranteed with the usage of cloud-based inventory management; this includes the elimination of physical backup on storage devices, as all the data is safely kept in the cloud inventory repository.
5. In-built reporting and analytics
Demand Forecasting happens to be the other tricker aspect of running an eCommerce business. It includes knowing how much stock to order in the future based on how much inventory is sell has been made.
The cloud-based inventory management system analyzes your data and creates reports that are automated.
6. The historical data in hand:Finally, inventory management tells you a story about your business. Unless you have records of the amounts of products you’ve bought, amounts you’ve sold and amounts you hold, you won’t know what sells well and what doesn’t. Also, how you can adapt to the condition for the growth of your business. Cloud-based inventory management allows you to link stock levels with your eCommerce store, accounting software, 3PL provider, and more so that you’re always aware of how you’re doing.
How can Cloud-based inventory management software help your business grow?
Cloud-based inventory management software is efficient and effective, allowing you to manage inventory on the go and eliminate stock errors. When it comes to efficiency, Cloud-based inventory management software understands the demands of today’s fast-paced business world and puts all your inventory information right at your fingertips. With one-click you can log into the system on your mobile device or tablet to generate stock reports, complete audits, perform stock takes and access stock movement history, all while in the back of a taxi en route to your next sales meeting!
Saving your time, Cloud-based inventory management software effectively manages your inventory to reduce errors and prevent the stock from going missing. Moving away from spreadsheets and the errors that come with manual data entry, stock management software measures how inventory moves through your overall business. All products and variants have an audit trail activity feed, so you know exactly what products went where, and when.
It’s a win-win, as effective management of inventory reduces the amount of stock you’ll need to perform, reduces warehouse costs, and gets you back to the core business tasks that really deserve your time and focus.
Start with Cloud-Based Inventory Management today
Your business must be efficient in today’s competitive markets or you risk losing out to more proactive rivals. Cloud-based inventory management helps you achieve this goal as it improves performance and reduces operational costs, at a fraction of the price of manual accounting.
With cloud-based inventory management, you can automate tasks and diversify your workforce to other aspects of your business. You can also work on any device no matter where you are since data is hosted on the cloud, further improving your company’s productivity.
The subscription-based model of inventory management tools enables every business to deploy one.
Even if you are a one-man show, you can greatly streamline your work by choosing a SaaS inventory management solution without burning a hole in your pocket.
If you are looking to take your inventory management to the next level, now is the perfect time to start.