6 Benefits of Cloud Based Inventory Management Software

So, how’s your business’ inventory coping up with your customer’s demand? Have you suffered losses due to inadequate inventory management? Then, you might don’t know what bliss is cloud based inventory management software to business.

Inventory management

Inventory managers perform regular monitoring and appraisal tasks such as documenting stocks, evaluating and managing relationships with suppliers, purchasing new goods, and ensuring the right amount of items to meet consumer demands without overstocking. 

When it comes to this day-to-day workload, some enterprises make do with a mere gut-feel or a spreadsheet to effectively oversee their stocks. But as your organization grows, these manual processes won’t be sufficient, and you’ll be facing losses due to stock-outs and errors in data entry. 

Retail research group IHL reports an estimated industry-wide loss of $1.1 trillion in retail inventory losses attributed to a combination of overstocking and stock-outs. 

As COVID-19 continues to spread, inventory management becomes increasingly difficult too. Enterprises need to stabilize their supply chains by making them more agile, adept, and adaptable. Sustainable strategies need to be employed post-pandemic as previously imposed constraints are lifted or modified. 

Whether you’re faced with a global crisis or you want to save precious time and cut down costly company errors due to manual data entry, an online inventory management system can boost your organization’s productivity and reduce likely business losses stemming from inventory management. 

Along with an effective inventory management team, your cloud based inventory management software can see to your inventory management needs anywhere and anytime. 

Benefits of cloud based inventory management software

A cloud based inventory management software enhances your business to build up a reliable inventory management tools and offers many other features too. These include automated accounting, payments, and billings.

Here are some benefits a cloud based inventory management software can give you:

1.  Cloud based inventory management software influences overall enterprise expense and profit 

Inventory takes up a significant chunk of organizational costs and affects overall profitability. If your enterprise deals with enormous quantities of stored inventory, overseeing physical items can be demanding, which is why it’s necessary to engineer a management structure that caters to your venture’s needs. 

Leading organizations nowadays lean on cloud-based inventory management software to assist them in their inventory management models. They use these platforms to appraise inventory, bolster customers during the sales pipeline, track products through barcodes, reduce cumbersome work, and drive inventory precision. 

By incorporating the best inventory management software, an organization can rely on swift product delivery and yield satisfied customers as well as a lean inventory, which is a great advantage for any business’s bottom line. 

2.  Your cloud based inventory management app is a worthy investment 

While the initial cost of acquiring can be overwhelming thanks to the key features of a cloud based inventory management software, it is more cost effective for your entire inventory management operations. 

Having an online inventory management system raises higher revenue by minimizing shipping and stock errors and enabling you to acquire improved control over your goods. IT costs are also effectively reduced since you won’t have to depend on server-based solutions and apparatus, which can be expensive at the onslaught of errors. 

Since your cloud based inventory management app does all these for you, you can confidently proceed with your inventory management processes and focus on other aspects of your enterprise that entail growth. 

3.  Cloud based inventory management software addresses all aspects of your inventory management pipeline 

Incorporating an online inventory management system helps you across all steps in inventory management. 

First, it effectively oversees your relationships with suppliers and customers by connecting you with them in real-time channels for absolute control over your supply chain straight from your chosen device. 

Second, cloud based inventory management software produces happy customers, since having an accurate inventory translates to accurate item delivery and a reduction in stock-outs. You can also successfully monitor your items beginning from their point of entry to buyer delivery. 

Last, it cuts down inventory expenses by streamlining and refining the entire inventory management process. 

4.  You’ll be equipped with the latest technology for your inventory management process

Say you’ve already got an effective inventory management process. Why not upgrade this by implementing the best cloud based inventory management software for your business?

As technology rapidly strengthens and addresses the administrative and operational of establishments across various industries, a trend of cloud-based applications have followed suit, and it doesn’t show signs of stopping. Statista reports that by 2027, the global public cloud market revenue would reach $552 billion, a powerful figure showing the increase of platforms reliant on the cloud. 

Although there are plenty of available warehouse and inventory management platforms out there in the market, the best inventory management software is cloud-based and able to work alongside a real-time landscape. Inventory management requires real-time capabilities, from the minute your order is picked up to the moment it’s delivered. This ensures accuracy and improves overall enterprise operations. 

Best of all, a cloud-based inventory management app can be accessed from any device, so you can effectively monitor your stocks anywhere and anytime. This is perfect for managers who are on-the-go and for establishments with multiple warehouses to facilitate and look after. 

5.  Your software provider can supply you with additional knowledge for your inventory

A cloud based inventory management app is not limited to supplying users with avant-garde tools to enhance inventory management. 

Some providers even go above and beyond by providing resource materials to establishments and by introducing new and effective techniques for stock such as developing the only guide you need for POS, producing stock item information, and generating master information for improved inventory reporting. 

6.  Big takeaways from an efficient solution 

An online inventory management system is beneficial in overseeing warehouses and retail operations for any company, regardless of size and industry. It simplifies your day-to-day operations, enhances the overall efficiency, and in the end, it increases customer satisfaction, which reflects your brand’s reliable reputation. 

BooksPOS is a cost-cutting single retail POS system that is designed to supply a unified inventory gateway across sales channels. It also covers POS functionalities as well as report generation for multiple branches and franchises to facilitate simplified invoicing and business procedures. 

“Using Books POS has been a great decision. We are able to reduce our HR costs by $ 15,000. Moreover, we are averaging 200+ transactions daily at the speed of 60-90 seconds per transaction. “

Dabing Wang, CEO
BECCOS GLOBAL, HONG KONG

Thanks to these unique features, you can conveniently cope with expansion demands, the scale for a bigger consumer base, and successfully face and address increasing challenges in inventory management. 

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