Inventory management was always one of the most time and energy-sapping tasks in a business. This was also one of the reasons why it was boring, repetitive, and very unpopular. However, with the introduction of cloud-based inventory management software, the task has become one of the most interesting business functions. This kind of software has made the process time-efficient and effective while also reducing the chances of human error.
The system allows businesses to record real-time inventory levels even when they are being sold, bought, or transferred to different warehouses. The modern business world is continuously looking to improve the software to make it as efficient as possible because they are one of the keys to rapid business growth in the future. Here are some other reasons why software will keep changing the business ecosystem.
Real-Time Stock Level Updates
Perhaps one of the most important benefits of a cloud-based inventory management system is that it helps you keep track of your inventory levels and also keeps updating it in real-time, allowing you to know how much you have. This process is usually simple as its barcode-based, so it will automatically update your system whenever a product is scanned.
With the updated inventory levels, you always know when you’re about to run out of stock and can order more without actually having to count the stock manually. Furthermore, you can even set safety levels of stock and will always be alerted when the stock reaches that point. This is a great tool to help with customer relationship management (CRM) as you will not face stock-outs.
Another advantage of the system is that it shows which inventory is continuously moving (sold) and which is not. This allows you to create strategies and promotions to attract customers to buy the products incurring additional inventory costs.
Reduction In Errors
Any process that involves human effort has a chance of human error; workers may enter the wrong data, order the wrong material, or even reorder something that didn’t need to be. However, cloud-based software allows you to reduce the margin of error on almost all inventory management functions.
Most software even has an automation feature for reorders. The system will reorder a product or raw material as it reaches a certain stock level without any involvement from you. Due to this, you will not be spending time and money solving those issues and get to spend it on other things that can improve business growth
Safe And Secure
One thing that makes this the perfect system for the future is that it’s safe and secure. Also, it’s always being updated to protect all your information from cyber attacks. Furthermore, all the data that’s being scanned stored is also backed up, so if you ever do end up dealing with a cyber-attack or there is an unfortunate event of you losing all your data, you will have an up-to-date backup to fall back to.
Analytical And Reporting Assistance
If you link your inventory management software with your accounting software, then you allow your business to do all sorts of functions, for example, one of the major ones being forecasting. The software analyses your inventory levels your sales and considers factors to compile reports that help assist in major decision-making processes.
These reports give you valuable insights on products benefiting your business or incurring unnecessary costs. This knowledge is useful for you to increase the profitability of your businesses.
For any business to grow, efficiency is key, whether time, money or energy. All these things can improve your supply chain with the cloud-based inventory system. However, if you’re looking to improve efficiency in your business as a whole, there are also ERP systems that combine all the functions in your business to make an ecosystem. This automated system improves efficiency significantly, enabling better growth and performance.
If you’re looking for a cloud-based inventory management system, you should look at the software being offered by AltheaSuite. They are providing a barcode inventory system for small businesses so you can have it for your wholesale business or even manufacturing business. They also have ERP for inventory management to integrate all your business functions. You can get a free trial or request a demo if you contact them.