Why is Cloud-based Inventory Management Software Best for your Business?

To succeed in business, it is crucial to evaluate its progress from time to time. And given that inventory management is one of the most integral parts of running a business successfully, you need to continually keep an eye on it. With the implementation of cloud based inventory management software, your business will maximize supply efficiency, optimize inventory and order management to ensure smoother operations.

This is where software like the Inventory Management system could be of great help. 

From managing stocks to making the right products available at the right time to replenish them, the ‘Inventory Management System’ makes inventory management an absolute cakewalk. 

Currently, a Cloud-based inventory management system is used. There is also an option of picking up an on-premise inventory management system, but it takes more time to set them up than the cloud-based system, and suffers from high maintenance costs, requires space, and is more costly compared to a cloud-based system. So, most business chooses to go with a cloud-based inventory management system instead.

The benefits of Cloud-based Inventory Management Software:

Automation

A cloud-based system provides automation in terms of restocking your order and even compiling an annual expense list at the year-end. From checking the inventory stock to creating order to submitting to the supplier, the inventory management system can undertake all these processes without any human involvement. 

Real-time stock updates

Cloud-based inventory software keeps you posted about stock in hand. Thus you can keep track whether you have enough stock or not, to fulfill consumer demand. This is an essential measure for a company to provide a better customer experience.

Asset management

Use simple gadgets such as barcode to track inventory and know whether it is present in the warehouse or not. Nowadays, inventory management tools utilize technologies such as barcode, radio-frequency identification (RFID), and other such wireless tracking devices.

Analytics and performance reports

In businesses, decisions are based on accurate data. The inventory management system takes care of analyzing your present data and accordingly makes forecasts on future requirements. This way, you easily know how much stock you currently have and what amount of stock you’ll need in the future.

Historical data management

In order to grow, you need to know at what level you were previously. Inventory management tool keeps track of the past orders placed, and also the items you’ve brought, and the items present in your inventory. Cloud-based inventory management allows you to get hold of the exact data of the past so you can make the required changes and expand the business further.

Safety and Security

Traditional inventory tools require you to take constant backups so that you don’t lose any valuable data in case of a security breach. This can now be easily managed with a cloud-based inventory management tool because it takes automatic backups at any particular time interval. 

Also, now due to improved firewall security and data encryption, chances of any security breach have been lowered to a minimum. Thus, all your data remains secure and backed up.

Why should you buy an Inventory management tool?

Inventory management tool allows you to manage your stocks efficiently. 

In today’s fast-paced world, the inventory management tool understands your needs and puts all the information needed at your fingertips. Information like current stock, usage of the past month, future demand of stock and stock access history, is just a few clicks away.

Most importantly, an inventory management tool like Orderhive reduces errors drastically. However, this is only possible when you decide to choose Inventory Management Software over your traditional spreadsheets to manage your inventory.