A Cloud based inventory management system is as magnificent as it sounds

Cloud based inventory management system is a system that enables you to access all your data anywhere with the ability to measure and evaluate your operations as per your requirement. You can now enable this system into your company without a huge investment.

It provides necessary support or tools to facilitate Internet of Things (IOT) applications. But, this is just one part of cloud computing and it is not just limited to facilitating IOT. Cloud computing helps IOT but IOT is not cloud computing. The main intentions of cloud computing are information processing, transmission and also facilitating IOT functions through cloud computing.

Cloud computing facilitates and makes this process easier through their technology and also delivers data over the internet to data centres. It provides the option to utilize the power of a computer without having it physically in your room. This is a technology that keeps innovating and improving every year. The data collected through IoT devices are stored and processed on Cloud. The data can be of different types like audio, photo, documents, application, videos etc.

Why Cloud based inventory system is important?

One word that is synonymous with inventory management is precision. It is also the lifeline of your business activities and therefore maintaining the correct stock levels is crucial. Both these invaluable tasks are made easy when using a Cloud-based inventory management system. This clearly gives you an idea on how important this system is to a business enterprise.

There are at least 6 types of cloud computing:

Software as a service (Saas)

Under this application, users can access software applications stored in the cloud from a web browser. Examples include Salesforce, Google Apps, Cisco WebEx, Citrix etc.

Platform as a service (PaaS)

PaaS applications provide the software and operating system to build cloud applications. This reduces your need to buy new software and hosting. Examples are Microsoft Windows Azure, Force.com, AWS Elastic Beanstalk etc.

Infrastructure as a service (IaaS)

IaaS is another application that provides companies with the necessary infrastructure to build cloud applications by providing servers, storage, data centers etc to store their applications.

Public Cloud

Users in a company can get limited access while using a public network. Examples include Amazon Web Services (AWS), Microsoft Azure etc.

Private Cloud

The main difference in a private cloud (as against public cloud) is that only one user can get access to the cloud storage. There is more control for the company here.

Hybrid Cloud

Like the name suggests, Hybrid cloud is similar to private cloud but provides public cloud access. Companies connect to private cloud but provide services on the public cloud. It is less rigid than the private cloud.

We are aware of the advantages that are a natural consequence of installing a Cloud based inventory system. Let us take a brief look at some of the most interesting advantages.

Some of the most impressive advantages are listed below:

Location does not matter

Data from multiple business locations can be accessed in a single place from any operating system. The traditional difficulty of phone calls or even logging in using different systems is not required.

Highly efficient visibility

The user can now track and monitor stock movement across all channels in a single operating device.

No irritating hidden software complications

When we buy softwares, it is almost a norm that there are some hidden downloads or mandatory upgrades and more often than not it leads to complications or complicated processes. With a Cloud based inventory management system, you only pay for the required features and upgrade only when you require those upgrades in the future. There are no hidden irritants or IT complications when you buy the software.

Barcode and other tracking systems act as an efficient complimentary team

A good cloud based inventory system together with barcoding and other tracking systems enable you to get real-time inventory insights. This simplifies the Just-in-time process and saves you from ordering too much or too little.

Multi-site operational advantage

The most appealing and important advantage of a Cloud-based inventory management is the ability to operate your business in one place at any time. You can manage multiple stores, warehouses etc wherever you are. This gives you the freedom to purchase, sell or take important decisions peacefully. This feature which can be accessed 24/7, is perfect for new business ventures or huge multi-national companies as well.

Data is safer

Every year, the data lost due to system failure and other reasons are staggering. Yet, companies did not give enough importance to such losses. With Cloud based inventory management, data back-up is not needed. This is because data is kept in a secured manner in the cloud remotely.

Any changes made will be automatically saved. The service provider takes care of the security and updates the software to prevent any cyber attacks.

Data history reveals your company’s story

The historical data that you hold is not mere figures and numbers. To a trained eye, this paints an accurate story of your company’s past and enables you to take proactive measures to write a better story in future metaphorically speaking. By deeply understanding the historical data, you are now in a better position to plan your future accordingly. The products that sell well, the products that did not sell well and how you can change this scenario to further grow your business etc are some of the advantages that you gain from understanding your historical data.

Customer Service levels keep rising

There is no denying that customer satisfaction is what lies at the bottom of a genuine and sincere company. Besides organizing the levels of stock, a Cloud based inventory system also recognizes the most loyal customers and suggests extra services for such customers (keeping in mind the repeated volume of sales & profits they provide to the company). All these contribute towards a rising customer service level that subsequently increase customer retention and loyalty.

Inventory management is a rewarding experience

As we step into 2019, we no longer use complicated, error-prone methods for supply chain management. Time and money saved is just the beginning since a proper Cloud based inventory management system gives you plenty of other stunning advantages too. 

 This is one system that understands today’s world and what is required perhaps even more than you. It enables you to log into the system on your desktop or tablet or mobile, it generates stock reports from multiple locations, performs audits, stock taking, create a credible data history and much more. It then places all these benefits and options under one single click!

Under Cloud-based inventory management software, a time-consuming and tedious process like stock taking & inventory management is now enjoyable and exciting. It is that efficient and brilliant.

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