If your business is still using inventory management software that doesn’t utilise cloud technology, then it’s likely you’re missing out on some of the considerable benefits that an online inventory system has to offer. By implementing a cloud-based inventory management system, businesses are able to track all aspects of their production line in real time while reducing costs and increasing overall efficiency, customer satisfaction levels and company profits.
One of the biggest benefits of a cloud-based system is that it allows users to track sales data and inventory levels in real time. This means that a business can get an updated count of stockroom inventory levels at any time, whether at work, home or abroad. An online inventory system is accessible from anywhere with an Internet connection, which not only makes it faster and easier to manage stock levels but also means all the data is backed up and online, mitigating the effect of any computer failures. Using a cloud-based system means that a single change or update is replicated across the entire system instantaneously, allowing staff to have greater confidence in the accuracy of their stock levels and permitting management to track the flow of goods through the supply chain with ease.
Another benefit to using a cloud-based inventory system is that it can significantly reduce some of the costs associated with holding inventory. By being able to accurately monitor and forecast stock levels in real time, a business may be able to reduce the amount of safety stock held and in turn reduce the associated maintenance, storage and insurance costs that come with keeping excess inventory.
Conversely, if sales are higher than expected, real-time inventory management means that businesses can track this and order more stock before they run out, preventing a business from not only losing sales but also losing customers who can purchase what they need from a competing business that hasn’t underestimated their sales numbers. By using real-time information, efficiency is improved through accurate reporting of current inventory levels and real-time tracking of customer orders, shipping and returns.
Traditional inventory management uses software that needs to be licenced and installed on each computer or device – a relatively time-consuming exercise that often comes with a heavy price tag. In this regard, cloud-based inventory management is a much more efficient endeavour; a business pays a monthly subscription fee, software is upgraded frequently and due to the online nature of the system, new users can be up and running on the software in minimal time.
Efficient inventory control has the ability to define a company and can be the difference between the failure and success of a business operation. Cloud-based inventory management software offers increased flexibility and real-time stock updates. In competitive industries, the ability to have accurate and reliable real-time sales data and forecasts can be invaluable when it comes to providing a high degree of customer satisfaction and optimising inventory levels.