5 Benefits of Cloud Based Inventory Management Systems
For majority of businesses, inventory management can be considered as the bread and butter of their corporate life. It may not be as flashy as PR or as popular as digital marketing, but it is the process that keeps the business ticking. Without closely monitoring stock, it is almost impossible to determine needs, what is to be sold, or how much revenue would be generated. Cloud Based Inventory Management is actually a recent development in the traditional inventory management, but for many it is swiftly becoming a preferred choice. It offers features like its ability to scale, real-time monitoring, and automated scheduling that add to its popularity. Cloud-based systems are also less expensive as there is little need for onsite servers, have low maintenance and are easy to install.
Here are the 5 biggest benefits offered by these cloud-based inventory management systems:
1. Real-time Monitoring and Visibility
Some of biggest advantages of cloud-based inventory management systems are the precision and control it offers. With these systems, one can monitor and access inventory stocks in real-time and there is no need for manually organizing or tracking reports as the central database has it all.
2. Hassle-free Installation
Cloud-based inventory management systems offer quick and simple set-up as these systems have no physical requirements. Generally, installing or upgrading a new system is quite easy as all the aspects of the solution software are administered from one place and there is no need to trouble your IT department to set up the system on each computer or install a specialized hardware.
3. Reliable Predictive Tools
Today, it’s not enough to understand which products are the biggest revenue generators. One also needs to understand in what factors will affect the sales and revenue such as any specific month, holidays, etc. With cloud-based systems, a business can generate updated reports that help take informed decisions in terms of future of the products. It also provides an ability to project accurate stock levels and identify the times best suited to launch or switch different products and revaluate marketing tactics.
4. Completely Scalable System
Cloud based software is altering the traditional process of buying software for its size and then waiting for the time to upgrade. As these are virtual systems they can be scaled up at any point of time with functions that can be added, expanded, combined, altered, or simply removed as per business requirements.
5. Safety and Security
With the help of cloud-based systems a business can enjoy maximum level of security. The data is considerably safer that the conventional systems as everything is automatically backed-up. Each piece of information that goes through the system gets stored in the cloud database.
Best-of-Breed Cloud Based Inventory Management Software
- Bindo POS
- Rapid Response
- 3PL Warehouse Manager