Inventory management is a major problem faced by distributors. Recent studies show that two in five employees desire to leave their jobs due to inadequate corporate processes.
Manually inspecting inventory could cause you to lose valuable resources, prevent growth and keep you from leveraging new opportunities.
Maintaining a business requires monitoring, transferring, and renewing stock, but errors at any point may reduce your ROI and order margins. You can collect this data by investing in a distribution technology solution, but you must choose a genuinely comprehensive system for the best results.
What is Cloud-based Inventory Management?
Cloud-based inventory management is a SaaS – software as a service – that allows companies to track and manage their inventory online. In the past, businesses performed inventory management manually using Excel or ink and paper. While this arrangement can be effective for small organizations, it becomes challenging for more extensive operations to devote time to surveillance.
The way cloud inventory operates is by centrally recording each asset. Every stage of your order fulfillment, from order placement to shipment, will automatically be updated on your records without requiring any manual input.
Inventory management software offers the following features:
- Cost optimization
- Order management
- Inventory monitoring and tracking
- Supplier correspondence
- Loss and theft avoidance
- Automated service requests
Barcode scanners are essential for developing digital systems since they are simple to navigate and operate promptly. This makes up for the transition between a manual warehouse and a digital one.
An automated, cloud-based inventory management solution for your eCommerce firm will help you stay up to date with quick-changing customer demands and fiercely competitive markets.
Why Should You Use a Cloud-Based Inventory Management?
For a business to succeed, managing an accurate and precise inventory is crucial. Global merchants and supermarket stores reported $178.7 billion in overstock merchandise and $569.8 billion in out-of-stock merchandise in 2020.
Inaccurate inventory tracking can result in time-consuming operations, restocking anomalies, and shipment delays. These issues can affect your revenue and make your business improbable by portraying a negative impression on your clients.
Modern cloud computing delivers better performance and data security than manual processes. An efficient cloud-based inventory management system enables your company to expand quickly and operate more smoothly.
How to Choose the Best Cloud-Based Inventory Management Software?
Not every cloud-based management software is the same or provides the same functionalities. It is the reason why it is vital to search for a solution that will work best for your business. Consider factors like user-friendliness if you plan to shift your store to e-commerce. Other features you must pay attention to include;
- UI or User Interface
- Value for Money
There are many advantages of moving your company to the cloud. With cloud-based inventory management and its sophisticated functionality, you can reduce the time spent on laborious inventory management tasks. This will allow you to direct your efforts to the essential business operations and explore new opportunities.