Benefits of Cloud-Based Inventory Management Software for Ecommerce Businesses

The cloud is just a fancy way of saying computer hosts accessed through the internet. Having apps hosted online brings with it many benefits which will be discussed later. This is the reason why a lot of traditional systems are being converted to cloud based and among them is the inventory management software.

Benefits of Cloud-Based Inventory Management Software

Basically, having a cloud based inventory management system simply means that an online app is going to be used in place of the traditional executable application to check inventory levels. Apart from this, the business that employs it will be able to go away with the traditional way of measuring stock levels that has a tendency to get corrupted due to human errors. Using a cloud-based inventory management software, you can rest assured that all inventory going in and out of your business can be tracked with a single tap on your mobile.

Anyone that has run an eCommerce site knows the perils of handling inventory just to keep the business running. It is one of the most arduous, time-consuming tasks and, if you are working with a team, then you can be sure that no one wants that responsibility. While it is a necessary component for any retail business, it is painstakingly boring and menial. It also takes away valuable resources such as time from your staff which would have better used for something creative such as designing the brand or improving the company website.

On the other hand, having a fully functioning cloud-based inventory system allows the staff to take charge of more meaningful roles. It is also way more efficient and effective compared to manually measuring stock levels and updating spreadsheets or logbooks. And finally, it reduces the chances of committing silly mistakes that may have been brought upon by losing focus due to the boring nature of the tasks at hand. This article will talk about the benefits of having a cloud based inventory management software.

Why is Automation in Inventory Management Important?

In inventory management, precision is key and in any retail business, the flow of stocks defines how well the business is doing. Some say that stocks is the lifeblood of the business and the analogy could not have been more apt. This is the reason why ensuring that the stock levels are just right at any point in time is vital in having a healthy profit margin. The many reasons why it is important to switch to a cloud based inventory management system are as follows:

1. Real Time Stock Updates

Back in the day, to get a gist of the stock levels of all items in a warehouse means counting each one by hand and writing the result on paper. Today, you can accurately measure the stock on hand by simply opening an app on your phone. As mentioned earlier, it is vital to any business to ensure that the stock levels never go too high or too low. If stock levels are low, then that simply means that there would be no product to sell, hence, no profit, and with the operations expense, then you would incur a loss. And if the stocks are too high, then some may be lost to damage, spoilage, or simply losing the opportunity to fill up the space with a different kind of stock.

Another aspect of cloud-based inventory management that each business should take advantage of is the ability to forecast demand. Traditionally, demand forecast is done by hand using standard warehousing formula. Using an app, the same principles in warehousing can be applied with the extra twist of using AI and taking advantage of the wealth of data that can be stored in an inventory management software. For instance, the AI can learn that some products sell faster during specific periods of the year which means that the tool itself will suggest increasing the purchase to meet this demand during that time. All these is topped by the ability to perform accurate solutions that will not be sullied by human errors.

2. Automation

All the menial tasks involved in inventory management can be done without involving any of your staff. This means that the ordering of items for each of the stocks that you maintain for your business will automatically be taken care off. The reorder point will be calculated automatically and the orders will be placed to your preferred suppliers without you having to do anything. The team can then do tasks that need human creativity like improving the business model and processes and designing and improving the product that you sell.

3. Safety

In this instance, safety means making sure that you will always have access to all relevant information regarding your inventory. Using the cloud, the host will be the one responsible in making sure that a copy will always be available regardless of what happens to the client machines. They can implement this by replicating the data across many platforms as a backup copy. And as a customer, you would not have to worry about any of these and you can rest easy knowing that your data is safe with them.

4. Security

One of the many rising concerns in the age of information is the security of data. In inventory management, leaking stock information could give competitors an unfair advantage. That is why cloud-based inventory management software often times implement strict security measures to make sure that information your trade secrets are safe.

Conclusion

The reason why eCommerce is a difficult business to maintain is because reorder points vary wildly as compared to traditional retail. Because the customer need not go to the store to buy the products, the orders can come as soon as trends rise. This makes it tricky to get meaningful results from formulas used in warehousing. The solution is to add a dose of AI in inventory management to make sure that you every aspect that may influence the pace by which stocks will roll out can be factored in.

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TechGlobeX: Benefits of Cloud-Based Inventory Management Software for Ecommerce Businesses
Benefits of Cloud-Based Inventory Management Software for Ecommerce Businesses
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