Cloud-Based Inventory Management — Everything to Know

Read this guide on how inventory management software can help you cut your costs, attain operational efficiencies, and boost workplace productivity.
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Managing inventory is one of the biggest challenges a business faces when it comes to
growing its business.
Inventory management is an indispensable part of almost all businesses. It’s downright impossible to manually manage your inventory and operations as you grow your business and explore untapped markets.

Cloud-based inventory management software is a relatively new development, but it has quickly become a necessity for businesses worldwide. Without cloud-based inventory management, you can’t track all information in real-time while running a company with inventory across various locations.

Poor inventory management can result in a waste of resources such as time, labor, and money. But what is cloud-based inventory management? Here’s all that you need to know.

Cloud-Based Inventory Management Explained

To cut right to the chase, a cloud-based inventory management system is an inventory management software that monitors and maintains a businesses’ inventory. It’s hosted on an offsite data center, and business executives can access this data online from anywhere in the world.

This system has been a game-changer for businesses by enabling them to steer clear of errors and issues commonly found with traditional methods of storage and stock levels. It has made inventory tracking a breeze compared to the traditional methods that were incredibly time-consuming and daunting. Traditional methods of inventory management were painstakingly boring tasks that businesses had to carry out. They diverted important resources from other crucial aspects of business, such as operational efficiencies and growing your brand.

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What Are the Basic Features of Inventory Management Software?

An inventory management software has features that depend on your business requirements, but there are some basic needs that all businesses have. These include:

1.      Tracking inventory and locating it

2.      Managing orders

3.      Optimizing costs

4.     Communications with suppliers

5.      Preventing theft and loss

6.     Automated repair requests

With inventory software, your business has more control than just tracking and reordering stock. This means that your business can indulge in better demand forecasting, production quality, and substantial growth. 

The Many Benefits of Cloud Inventory Management Software

It's Incredibly Simple

One of the many reasons a cloud-based inventory control system has made it easier for businesses to function is how it makes the inventory management process simpler and easier. Unlike traditional methods, your company saves a lot of time, money, and effort when your inventory levels are managed automatically.

Reduces Risk of Error

When it comes to errors, algorithms can easily make complex calculations and transform data into insights. Algorithms are also less likely to make errors, unlike humans. Your cloud-based control system can keep you informed about your stock without any room for errors.

With inventory checkout, your data is updated every single time an item is scanned. If any error does occur by chance, you can identify where it happened by looking at the logs. This completely cuts down on common mistakes like misplaced items or duplicate entries and ensures customer satisfaction.

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It's Very Safe and Secure

Your business can enjoy maximum security with inventory control software. Unlike a
traditional inventory system, your data is significantly safer thanks to data backup and storage devices. All data is kept on the cloud remotely, and every single piece of information is instantly saved in the cloud database.

So, now you won’t have to worry about your work computer breaking down or worry about backup. Unlike other methods, your data is immediately being saved, so you won’t have to worry about losing anything. This makes cloud-based inventory management software reliable for data security.

If you encounter hardware malfunction or delete a file, you can easily access it through the cloud. Recovering your data can help reduce hassle, losses, and any other troubles. Downtimes become rare, and you won’t even need to hire a security team to protect sensitive data. The cloud has it all covered, and you won’t have to worry about servers hackers hacking into your system and stealing data.

It Increases Your Profits by Minimizing Inventory Costs

Inventory management software helps minimize any risks by streamlining your costs. Your inventory control system can pick out the most cost-efficient methods for ordering by comparing your cash flow with the stock level of your product. It immediately tells you to reduce your warehouse fees which can be a lifesaver as products that don’t sell are practically losses because you can’t retrieve the capital spent on them.

It Provides Real-Time Insight

The best thing about cloud-based inventory systems is that you can access them and track every asset in real-time, whether it’s being moved or updated. You can minimize overselling or curtail chances of understocking by getting a real-time view of your stock. What makes it better is that you won’t have to deal with analog reporting techniques because your data is already stored in the cloud.

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Forecast demand and predict maintenance-based tools help you act on time based on
historical data. Without historical data, you have no idea what your business sells best, what needs work, and how you can improve and grow your business.  This reduces idle time and ensures your operations remain efficient without any hiccups while growing your brand.

For one of the best inventory management software, check out AltheaSuite. We pride
ourselves on providing inventory system software for small businesses, distribution businesses, software for furniture retailers, restaurants, and much more. 

Our top-notch cloud-based inventory management system is easily accessible from anywhere, helps you optimize your business, makes processes efficient, and secures
your inventory data.

You can also book a demo and get a free trial of our software for your
business today.

You can also visit our website to see our range of services.  

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