As many retailers know, inventory management can be very labor-intensive and time consuming when done manually. Luckily there are cloud inventory management software solutions available that can make the job of managing inventory much easier. The use of cloud technology is one of the best ways for retailers to reduce hardware and labor costs without compromising customer service. From real-time inventory tracking to increasing productivity, we look at five ways retailers can benefit from cloud inventory management software.
Real-time Inventory Tracking
One of the main reasons why retailers use inventory software to manage their products is because it is much more efficient than managing stock manually. But what differentiates cloud solutions from traditional offline software is that inventory can be tracked and updated in real-time. With accurate real-time data, business decisions can be made immediately with greater confidence. Cloud inventory software is a necessity for retailers that want to manage their inventory both efficiently and accurately.
There is more to cloud inventory software than just tracking products. It is also a great tool for gaining insight into customer buying patterns. The more you know about your customers, the more effective your marketing efforts will be in increasing sales. By using real-time reports and statistics generated by the software, retailers can determine how well each product is selling and focus their attention on the more profitable items.
Backup and Security
Storing all your data in one location is never a good idea. For example, if you have all your data in file cabinets, computers and external flash drives, all it takes is a flood or fire and all your offline backups will be wiped out. Inventory is replaceable but business intelligence data that you have accumulated over the years is not. With cloud solutions, your data is saved and backed up automatically and cloud providers are likely to perform their own additional backups. The more backup options you have, the more likely you will be able to recover your data from a catastrophe. Cloud solutions are actually very secure nowadays due to the tough regulations cloud providers face and the robust systems they have in place to protect client data.
Cut Down Labor and Hardware Costs
For many retailers, the biggest cost of doing business is often labor. Thanks to technological advancements, many tasks that were previously done by humans can now be automated by cloud inventory management software. This includes ordering and most number crunching activities. Cloud solutions do not require any additional hardware and are usually inexpensive. An Internet browser capable device is all that’s usually required to access the software.
If you want your employees to be more productive, you need to provide them with the right tools to do the job. By taking your business to the cloud, you will equip your employees with the most up-to-date tools that simplify and speed up their work. With cloud computing being such an integral part of everyday life in terms of communication and collaboration, retailers will only lag behind their competitors if they refuse to embrace the cloud!
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.