In general, inventory management can be defined as knowing what products to have in stock and when to have them in stock. It also involves knowing what is stocked in your warehouse and its location. With the right amount of stock, you will be able to ensure that you can always meet demand while avoiding unnecessary capital spending.
As more and more consumers choose online shopping, instead of visiting stores, businesses are being forced to adopt advanced technological solutions, such as cloud inventory management, meant to reduce cost and enhance efficiency in their operations.
Read on below to find out more about cloud inventory management.
What Is Cloud Inventory Management?
In simple terms, the tracking and maintenance of the stock or inventory of a business using online or cloud-based solutions are referred to as cloud inventory management. By seamlessly and accurately monitoring the flow of inventory, cloud-based inventory management systems help businesses steer clear of the many issues associated with traditional stock measurement methods.
For eCommerce businesses, stock management is considered to be one of the most time-consuming and least interesting of operations. More importantly, stock management takes up a huge chunk of time and resources that would otherwise be devoted to other essential activities, such as marketing.
Cloud-based stock management helps businesses achieve the same goals in a more efficient and effective way. It also minimises the risk of human error, while freeing up time and resources for other essential business functions.
How Does Cloud Inventory Management Work?
Cloud-based inventory control is a great alternative for onsite ERP (Enterprise Resource Planning) and manual stock management. Such a cloud system facilitates real-time stock monitoring and also makes it possible for users/businesses to access information at any time, and from any place. By seamlessly integrating with logistics, financials and demand planning, this system can function at the core of ERP.
Furthermore, through automation, a cloud-based stock management system eliminates the need for manual input; thus, enhancing accuracy and efficiency.
Integrated inventory management in the cloud is comprised of three key elements, visibility, scalability and flexibility.
Benefits Of Inventory Management In The Cloud
- Automation: Cloud inventory management automates the process of tracking stock levels, making orders when the re-order point is reached and sending the orders to suppliers. This frees up any human resources that would have otherwise been devoted to such activities in a manual system.
- Accuracy: This automated approach also goes a long way towards helping minimise/eliminate errors in the stock management process. The risk of incorrect orders, erroneous duplicates and even missed orders is minimised, as every stakeholder along the supply chain gets instant and up-to-date information.
- In-Built Reporting And Analytics Functions: This stock management approach is also designed to help businesses make informed decisions by providing them with accurate information. To help eCommerce businesses know what and how much to order, cloud inventory management systems analyse past demand, before generating accurate reports on expected trends.
- Instant Updates On Stock Levels: To help businesses avoid running out of stock, and with it, achieve enhanced customer satisfaction, cloud-based inventory management systems provide users with instant stock level updates.
- Enhanced Security And Safety: Cloud-based inventory management also guarantees data safety and security. Since data is secured through cloud storage, there is no need to maintain backups on other storage devices. Cloud inventory management software is also updated constantly by the service provider to prevent any cyber-attacks.
How Can Cloud-Based Inventory Management Software Help Your Business Grow
Cloud inventory management enhances the efficiency and effectiveness with which a business can manage its stock. Thanks to the enhanced effectiveness, stocking mistakes and errors are minimised. Furthermore, with improved stock management, businesses get instant access to up-to-date information regarding the status of their inventory, including quantity, location and timing.
All in all, you can free up more time for other core business activities, conduct less stock takes and minimise warehousing costs with proper stock management – something that effective cloud-based inventory management can help you achieve with ease.
From the above, it is clear to see just how important cloud-based inventory management is in helping businesses keep up with today’s fast-paced business environment. In addition to allowing you to configure the inventory management system for your business, the cloud also makes it possible for you to enjoy full visibility of your inventory from any location, at any time. This ultimately helps you grow your business.
At ASP Microcomputers, we can offer you cloud-based inventory management solutions. We have experience working with multiple clients and guarantee to help improve inventory management and order fulfilment. We offer different solutions to businesses across various industries including Inventory Management, Portable Barcode Readers, Supply Chain Management, Time and Attendance and Asset Tracking to name but a few.