Cloud-based inventory management is the monitoring and maintenance of a businesses’ inventory levels using online software. With a cloud-based inventory management solution, it helps businesses avoid many of the errors and issues that plague traditional methods of measuring stock levels. With this type of inventory management software, you get a system that seamlessly tracks inventory coming in and going out of your business.
Traditionally, inventory management is often one of the most time-consuming and least popular tasks carried out by ecommerce businesses to keep their business running. Counting inventory can be daunting, especially when you don’t have the right tools for the job. Also, inventory is usually a businesses’ top investment, so it takes away from other areas of your business that may need financial resources.
On the other hand, Cloud-based inventory management makes everything easier, more effective and more efficient. It allows a business to gain back resources and times, Cloud-based stock management systems also reduces human errors.
Why Is Cloud-Based Inventory Management Important?
When it comes to inventory management, it pays off to be accurate, efficient and timely. Stock is the lifeblood of your business so maintaining the right stock levels is vital to your operations. Making the shift to a Cloud-based inventory management system is important for several reasons:
(1) Reducing Errors
One of the biggest benefits of using Cloud-based inventory management is the reduction of errors and mistakes. Thanks to the automation and accuracy of the software, it means that inevitable human errors are going to be eliminated from the equation. Furthermore, thanks to the Cloud-based apps, you can get immediate real-time updates on all of your stock levels. In short, it saves you time, money and effort.
(2) Instant Stock Level Updates
These cloud-based systems can accurately tell you just how much stock you have on hand. While that’s super important, Cloud-based inventory management software can also knows if you have enough stock for your demand forecast or whether you need to order more. You always want to avoid stockouts as they cost your company money and reduces customer satisfaction.
(3) Automated Processes
A Cloud-based solution allows you to automate the supply chain so that the execution of an order, from stock reaching its reorder point to creating an order and sending it to the supplier, many components can be done without involving humans. These automated processes allow you to focus your time, effort and energy elsewhere.
(4) Safety And Security
Safety and security are always 2 priorities for every business, which is another added benefit for using the Cloud. You don’t want your data in the wrong hands, you also want to make sure that data is never lost. With the Cloud, all of your data is kept remotely. When you make changes, they’re saved instantly. You do want to make sure you choose the right provider as they’ll be responsible for the security of your software. Even so, cloud technology is always evolving and protecting you from cyber attacks.
(5) Reporting And Analytics
Demand forecasting is a tricky part of business and something all ecommerce businesses need to be familiar with. Having the ability to know how much stock you need to order or figuring out what stock you’ll need for the holidays are essential skills that are priceless. Cloud-based inventory management systems analyze your data and create automated reports so you can make data-informed business decisions.
Here at Accelerated Analytics, our clients leverage the Cloud too, we have POS reporting and EDI 852 software. These integrate with your point of sales systems so you can get real-time data on sales. With cloud inventory management and POS data, you’re going to have essential data that will allow you to grow your business.
(6) Collecting Historical Data
We know first hand how important data is for your business. As long as you’re collecting the right data, it’s going to give you all the insights you need to make meaningful decisions in your business. Furthermore, Cloud-based inventory management allows you to link stock levels with your eCommerce store, accounting software, 3PL providers and much more.
How Cloud-Based Inventory Management Software Grows Business
Cloud-based inventory management software is efficient and effective, allowing you to manage inventory on the go and eliminate costly stock errors and mistakes.
The right Cloud-based inventory management software knows the demands of today’s fast-paced business world and puts the data you need right at your fingertips. In a few short seconds, you can log in with your mobile device or tablet to;
- Complete Audits
- Create Stock Reports
- Perform Stock Takes
- Review Stock Movement
As well as saving you time, Cloud-based inventory management software effectively manages your inventory to reduce errors and prevent stock from going missing. It allows you to move away from manual spreadsheets and the errors that come with manual data entry.
When you accompany a powerful Cloud-based inventory management and POS data solution together, you’re going to have the right data in your hands to make the right decisions for your business.
*Accelerated Analytics publishes resources like this to provide insights to different analytical metrics, data points and formulas. POS Analytics. Please be aware, this doesn’t mean that our product will this metric, data point or formula. To learn exactly what our reporting covers, please feel free to schedule a demo or give us a call. Thanks for understanding.