For almost all businesses, inventory management is the “meat and potatoes” of corporate life. Generally, inventory management may not be as glamorous as PR or digital marketing, but it’s the process that keeps everything moving. It helps you know what you need, what are you selling and the amount of money you’re likely to receive from your sales. It also helps to know when you should order new stock and how to avoid dead stock.
If your company is still managing software in-house, it’s time to consider the benefits of using cloud inventory management software. It is a relatively new development, but it’s quickly becoming the optimal choice for businesses.
Here’s a brief explanation of the features of a cloud-based inventory management system and the benefits it will offer to your organization.
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 the stock errors.
When it comes to efficiency, cloud-based inventory management software understands the demands of today’s 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.
Also cloud-based inventory management software effectively manages your inventory to reduce errors and prevent stock from going missing. 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 takes you’ll need to perform, reduces warehouse costs and gets you back to the core business tasks that really deserve your time and focus.
Dare we say it… with cloud-based inventory management software you might even enjoy managing your stock!
- About a third of companies’ IT budget goes to cloud services.
- Providing data access from anywhere is the top reason for cloud adoption.
- The global public cloud computing market is set to exceed $330 billion in 2020.
Benefits of Cloud Inventory Management
Moving your business operations into the cloud offers some terrific benefits to all sorts of business types. Here are a few reasons why an increasing number of businesses are choosing to move into the cloud year after year:
- Automated updates: You don’t need to hire IT experts to handle this. Your system provider will take care of all the details concerning system updates.
- Convenient access from any location: The first and most obvious benefit for any cloud-based solution is the ability to access your inventory software wherever you need it.
- No more backups: If your inventory management software is on the cloud, you won’t have to worry about losing your data. If your computer dies, you simply buy a new one, download the Internet browser of your choice, log in to your account, and all of your data will be right where you left it.
- Lower costs: You can sign up for the type of plan that suits your size of business and save the cost of buying hardware and other special IT services.
- Data redundancy: Data is stored on multiple servers. Your business is able to retrieve information at any given time, regardless of any planned or unplanned issues that may arise.
A good inventory management system should make it easy to manage your stock flawlessly. No matter what else is going on, your products always need to be able to move in and out of your warehouses — and you need to be able to see it happening. That’s the main principle behind the best cloud-based inventory systems on the market. Switching to a cloud-based system gives you the latest tools and the best security, so you can keep your focus on the sales and customer satisfaction that got your business off the ground in the first place.