Inventory management systems are a crucial part of every business, whether large or small. In the past, people used inventory management systems to manage their stocks, improve business negotiations, and save costs. However, inventory management systems have evolved, and many businesses have now moved to cloud-based inventory
What are Cloud-Based Inventory Management Systems?
Unlike desktop inventory management, cloud-based inventory management backups your inventory in physical or virtual servers called cloud, which you can access from anywhere. This means that you can view and update your inventory through any device from anywhere in the world.
Here’s what makes a cloud-based inventory management system essential for business growth.
Allows You to Access Data from Anywhere
Many businesses use inventory systems installed on every desktop or downloaded on a central server. The inventory system is then shared on all the computers through a joined network. However, this system has multiple limitations. You or other employees can’t access the inventory through mobile devices or tablets. Moreover, if you urgently need to view the inventory, you can’t do so unless you travel to the corporation office and view it on your desktop.
If you’re running a large or growing business, you’ll need to update your inventory multiple times in the same day. This means that you should be able to access your inventory from anywhere. Whether you’re on your way to your office or at
your home after work hours, a cloud-based management system will allow you to access your inventory on any device. Just like opening a website, you can access a cloud-based inventory system through a web browser without paying for
an extra server.
During the COVID-19 pandemic, many businesses switched to the work from home model, and a cloud-based inventory system helped remote employees manage their inventory pver the cloud. Therefore, a cloud based inventory management system is essential if you have a hybrid or remote working model. Having access from anywhere means that you can keep your inventory stock in check.
Keeps Your Data Secure
Do you know in the year 2021, more than 1000 large corporations’ servers were hacked, and hackers leaked the information on online platforms? Around 48 data breaches occurred in the manufacturing and utility sector, creating a major threat for manufacturing businesses.
Therefore, it’s time for you to move away from the old inventory systems that can easily get hacked.
A cloud-based inventory system will allow you to have full control over your data. You won’t have direct control of the servers or know the server’s location, but that won’t be a problem. The software company you’re getting the inventory system from would put extra effort into preventing security breaches. If you invest in a cloud-based inventory system, you’ll have professional security personnel and server configuration protecting your data. Data breaches often lead to a company suffering from major financial loss, and a cloud-based inventory management system ensures that doesn’t happen.
Helps You Reduce Costs
Working on an in-house inventory system means that you’ll have to hire many people to manage your inventory. Businesses can’t afford to face any discrepancies in their inventory, and the only way to ensure that doesn’t happen is by hiring labor. However, hiring many people means that you’ll have to pay a huge amount as salary.
Moreover, manual inventory management can lead to mistakes. Therefore, switching to a cloud-based management system allows you to invest less in human labor and more in accurate software.
A cloud-based inventory system also manages your stock and allows you to reduce the costs of getting extra and less-sold products in your stock.
Moreover, it also notifies you when a product is nearly out of stock so that you can get the product on time and keep your customers happy. Keeping your customers happy and providing deliveries on time instead of making an ‘out-of-stock’ excuse is the key to long-term business growth.
On the other hand, you can cut down on the maintenance costs through cloud-based management software as changes are automatically saved.
Displays Accurate Information
How often have you seen businesses delivering a wrong order and customers backing out? As a customer, you would hate that too! Even though customer service can fix that, delivering the right order at the right time will earn you customers for a lifetime. And making lifelong customers is one of the best ways to promote business growth. Moreover, a cloud-based inventory management system also informs you about the items in stock, meaning that you’ll never have to deal with an empty warehouse.
Sometimes, businesses have to face major losses because their financial analysis is inaccurate. A cloud-based management system also helps you manage your sales accurately, which means that there is a very low risk of any financial discrepancies. By knowing your finances properly, you can make good financial decisions, leading to possible business growth.
A cloud-based inventory management system is also super-fast and keeps you updated at all times, letting you know which changes are required. Knowing your business factors is one of the things that can help your business grow.
Purchase a Cloud Inventory Management Software for Your Business
Without a cloud-based inventory management system, every small business will face many difficulties managing its stocks, finances, and more! This could slow down their growth in the market. However, trusting an organization with your order and delivery management is quite difficult.
With well-known partners and customers, AltheaSuite has inventory management software for the manufacturing industry that you can trust. This cloud-based inventory management system handles the complete order to delivery workflow, alerts on low stock levels, manages calendars and schedules, and so much more!
Get in touch with us and purchase the best inventory management software that can turn your business growth around for the better!