Why You Should Choose Cloud Inventory Management
Iventory management is a major challenge for many businesses that hold stock. You can’t afford continued inaccuracies in your stock as it takes a nibble into your returns. Real-time tracking and reporting in the cloud can prevent siloed data from hurting your business processes. In this guide, we discuss why you should choose cloud inventory management that is integrated with your business management system.
Stock Traceability and Insight
Accuracy is the greatest challenge of inventory management. Devoting man-hours to counting and recounting stock drains your time and resources. However, the real hit to your budget comes from over or understocking, which hurts your margins.
Cloud ERP software helps solve this by creating the ability to trace inventory at all stages, without the limitations of traditional implementations. With tracking functionality based on lot and serial numbers, as well as more granular breakdowns into fields such as sub-categories, you can bring up a menu and dive into pallet data at any time. Location information can be compared against additional values, such as expiration dates, allowing you to review and make decisions on inventory status at a moment’s notice.
Real-Time and Remote Warehouse Management
With cloud ERP, the historical physical restrictions of managing multiple warehouses can be avoided by taking advantage of real-time connectivity. Migrating to cloud software delivers offsite access that allows you to “see” into every inventory location.
Cloud solutions also remove the limits imposed by traditional IT infrastructures that require onsite hardware (i.e. servers). With virtually unlimited digital resources delivered via the cloud, multi-warehouse functionality can be scaled according to your demands, with adjustments for actual inventory volume, distribution center location(s), mobile device deployment, and more.
Supply Chain Management in the Cloud
Having inventory is key to inventory management, but more importantly, ensuring product distribution remains profitable is what allows you to stay in business. Keeping your inventory turnover at a positive rate means finding the right time to purchase new stock. However, manually tracking inventory requires more manpower – unless you have a modern cloud ERP and inventory management software with order and requisition automation.
Using cloud software to automate your procurement operations streamlines supply chain management, saving precious time on administrative tasks. With flexibility in how you define your data fields, along with robust analytics and predictive forecasting, you can build completely custom reporting that leverages historical vendor information to help you plan out your distribution management processes based on real-world supply and demand.
Even while distribution moves beyond hand counts of inventory (for the most part), data siloes still pop up frequently as highlighted above. Disconnected technology solutions still compel you to capture information outside of your system and record it manually, wasting and increasing the risk of errors.