What is cloud inventory management system and how can it benefit you in managing your stocks? Here’s the explanation
Cloud-based inventory management is basically a system that allows you to monitor and maintain inventory levels using online software.
Cloud-based inventory management effortlessly keeps track of inventory flowing in and out of your organization.
It also allows firms to avoid many of the inaccuracies and issues that can come with traditional ways of gauging stock levels.
What are the benefits of cloud-based inventory management?
Keeping the correct stock levels is critical to your company’s success. For numerous reasons, switching to a cloud-based inventory management system might be the best idea for your business.
1. Stock levels are updated in real time
A cloud-based inventory management system can tell you exactly how much inventory you posses on hand.
Inventory management software that is cloud-based can notify you if you have enough stock to meet your demand estimate or if you need to order more.
This is a critical indicator for determining customer satisfaction and avoiding stockouts.
2. Minimizes error
Cloud-based inventory management, moreover, eliminates errors and the risk of stock walking.
Because the software is automated, it eliminates the possibility of human error.
An order can be completed without the use of human labor, from stock reaching its reorder point through placing an order and sending it to the supplier, saving up your team’s time.
A Cloud-based solution automates the supply chain so that order execution such as when stock reaching its reorder point to making an order and delivering it to the supplier can be completed without using human labor.
This allows your team to focus on higher-level decisions and priorities.
4. Safety and security
When using cloud-based inventory management, the security of valuable information is ensured: no data backup on storage devices is required because all data is securely stored on the cloud remotely.
Any changes made are stored promptly, and the service provider ensures security by keeping the cloud inventory management software up to date to prevent cyber attacks.
5. Reporting and analytics
One of the hardest components of running a business is demand forecasting especially in understanding how much stock to order in the future based on how much it’s selling now.
Inventory management systems in the cloud analyze your data and generate automatic reports so you can make data-driven business decisions.
6. On hand historical data
Finally, inventory management provides you with a narrative about your company.
You won’t know what sells well, what doesn’t, and how you can adjust this to develop your business unless you keep track of the quantities of things you’ve bought, sold, and held.
Can cloud-based inventory management software help your company grows?
Inventory management software that is cloud-based is efficient and effective since it allows you to manage inventory on the move and eliminate stock errors.
When it comes to efficiency, cloud-based inventory management software recognizes the demands of today’s fast-paced corporate world and puts all of your inventory data at your fingertips.
While riding in the back of a taxi to your next sales meeting, you may log into the system on your mobile device or tablet with a single click to produce stock reports, complete audits, perform stock takes, and access stock movement history.
Cloud-based inventory management software not only saves you time, but it also properly maintains your inventory, reducing errors and preventing product from going missing.
Stock management software, which replaces spreadsheets and the inaccuracies that come with human data entry, tracks how inventory travels across your whole firm.
An audit trail activity stream is available for all items and variants, allowing you to see exactly which products traveled where and when.
It’s a win-win situation, because excellent inventory management decreases the number of stock takes you’ll have to do, lowers warehouse costs, and allows you to focus on the essential business duties that truly need your attention.
Jurnal by Mekari, A Solution for Your Cloud Inventory
Maintain business performance by keeping track of inventory availability using inventory management or warehouse management software that provides product reports and storage in a quick, easy, and real-time manner such as Jurnal by Mekari.
Jurnal comes with some features such as:
- Product Bundling: Bundle products comprising main and sub products to create attractive deals for clients.
- Inventory Management: Find information about product availability in the warehouse quickly and conveniently.
- Multi Location Warehouses: Determine and track the total quantity of items in your various storefronts.
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