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What is a Cloud-Based Inventory Management?

Updated: Aug 27

Introduction

With the growing flow of data across numerous channels, efficiently managing and utilising it to optimum capacity becomes more difficult. With their capacity to securely store data on remote servers and give a real-time authorised access, software solutions with a cloud-based architecture come to the rescue. By tracking the flow of goods at every level, cloud-based inventory management assists organisations in overseeing and managing inventory/stock levels.


This can be time-consuming when done manually, but automated inventory level management is simple, efficient, and error-free. Demand planning, raw material procurement, and sold/unsold product count are made easier with cloud-based stock management. To choose the best inventory management system for your company, you must first analyse your current demands and future development goals. Manual inventory management and expensive on-premise ERP are both alternatives to cloud-based stock management.


What is cloud-based inventory management?

The monitoring and maintenance of a business's inventory levels using internet software are known as cloud-based inventory management. Cloud-based inventory management keeps track of goods flowing in and out of your organisation, allowing firms to avoid many of the mistakes and difficulties that come with traditional ways of tracking stock levels. Inventory management has always been one of the most time-consuming and least popular duties performed by eCommerce firms to keep their operations operating.


It can be tedious and time-consuming, diverting resources away from other essential aspects of the business, such as expanding the brand, boosting efficiency, and adding new product lines. The exact purpose is performed by cloud-based inventory management, but it is more efficient and effective. Cloud-based stock management solutions not only save organisations time and money, but they also decrease the risk of human mistake.


Importance of cloud-based stock management

It pays to be accurate when it comes to inventory management. Because stock is your company's lifeblood, keeping the appropriate stock levels is critical to its success. For various reasons, switching to a cloud-based inventory management system is critical:

  1. Cloud-based inventory management, moreover, lowers mistakes and the risk of stock wandering. Because the programme is automated, it eliminates the possibility of human mistakes. From the manufacturer to the shipping business to the courier, every stakeholder has quick access to up-to-date information, with no danger of duplications, missing orders, or inaccurate information, saving time and money.

  2. When using Cloud-based inventory management, the security of vital information is ensured: no data backup on storage devices is required because all data is safely stored on the Cloud remotely. In addition, any changes made are immediately stored, and security is ensured by the service provider, who keeps the Cloud stock management software up to date to prevent cyber assaults.

  3. A cloud-based solution can tell you exactly how much inventory you have on hand. Inventory management software cloud-based can notify you if you have enough stock to meet your demand prediction or if you need to purchase more. This is a critical statistic for determining customer satisfaction and avoiding stockouts.

  4. Inventory management provides you with a narrative about your company. You won't know what sells well, what doesn't, and how you can modify this to expand your business unless you keep track of the quantities of items you've bought, sold, and held. You can integrate stock levels with your eCommerce business, accounting software, 3PL supplier, and more using cloud-based inventory management, so you always know how you're doing.

  5. A Cloud-based method automates the supply chain so that order execution – from stock reaching its reorder point to making an order and delivering it to the supplier – can be completed without the need for human labour, allowing your team to focus on higher-level choices and priorities.

  6. One of the more challenging elements of running an eCommerce business is demand forecasting: understanding how much stock to purchase in the future based on how much it's selling now is a delicate art. Inventory management solutions in the cloud analyse your data and provide automatic reports so you can make data-driven business choices.

Elements of a cloud-based inventory management system

1. The appropriate cloud inventory management solution will expand with your company from a modest single-warehouse operation to a multinational distributor covering numerous countries. Without the large-scale expense and effort necessary to create a new on-premise system or install it in new offices, the cloud makes it simple to add users, functionality, warehouses, and suppliers.


A cloud solution allows you to choose the amount of inventory management complexity appropriate for your company or sector. It will enable you to use precisely the features you require without adding unnecessary complexity. Cloud inventory management expands with your organisation, providing more complex capabilities and practically infinite capacity for additional users and information as your company grows.


2. Your company's operations will alter as it grows. Five years ago, the business procedures you had in place are unlikely to be the same as the ones you have now in five years. Is your inventory management system flexible enough to grow with you? Is it adaptable sufficient to alter as your processes evolve? These adjustments might be as simple as a reporting update to increase inventory management speed and precision. Alternatively, they might involve modifications to how you view data or data delivery to certain managers based on their job function or location. Adding a new shipper or bar-code system, or adding options for quantity-based pricing, lot and bin management, or landing cost calculations are all examples of change.


You may design your company operations into a cloud-based inventory management system developed with flexibility in mind. You may design your company operations into a cloud-based inventory management system developed with flexibility in mind. It gives you the freedom to make modifications and business rules that meet your specific needs. The best cloud architecture protects your modifications so that they stay intact even if your cloud provider updates your system to the latest version regularly.


3. Inventory availability visibility is essential for replenishment planning to fulfil consumer expectations and seasonal or even unexpected variations in demand. Managing inventory across various warehouse sites takes this visibility element even further. This may all be seen from one place or several locations in the cloud. You may have real-time insight into your warehouses and other inventory locations in the cloud, whether they are domestic or international. If you have a global presence, the proper multi-subsidiary management system will provide you with worldwide visibility and localised control, allowing you to manage inventories either centrally or by location.


The cloud, unlike spreadsheets or desktop apps, does not bind you to a desk. Web-based inventory management allows your employees to access real-time data from anywhere, at any time, whether they're on the go with a mobile device or getting alerts on the warehouse floor. Dashboards based on metrics allow your managers to track and enhance performance over time. Inventory management has reached a new level thanks to the cloud. It enables you to scale up your business with ease. It enables you to tailor the system to your own company needs. It also provides you with complete visibility across your warehouse and various locations.


Conclusion

While complex systems and physical technology have their place, they might appear clumsy when contrasted to sleek, weightless cloud alternatives. Yes, this will necessitate an update and more costs shortly. The benefits, on the other hand, are well worth the effort. Your company will benefit from more efficient, precise supply chain operations, fewer mistakes, and more security.


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