Cloud based inventory management software, such as Unleashed, is the way forward for retailers. There are so many benefits cloud-based systems offer, including efficient stock control, which are certainly worth considering when researching systems to adopt. Some of the benefits of adopting cloud-based systems are as follows:
Ease of Setup
Setting up a cloud-based inventory management software package is relatively easy and pain-free. The main server is located and maintained by the provider, so the retailer themselves only need to log on to an internet-enabled device to get set up. As one can imagine, this is ideal for retailers with many branches in different cities or even countries as setup is easy and uniform in each location.
Cost of Setup
Having a cloud based inventory management system requires a small on-going maintenance fee with little cash required upfront. This makes it incredibly affordable for little indie start-ups all the way to the big corporate fish to save time, energy and money – the travel of IT people to set up uniform software in multiple locations is no longer necessary.
Passing the Buck
By subscribing to an inventory management software provider, who provides the package, ongoing maintenance and technical support, a company can do away with having a whole dedicated IT department. Additionally, the responsibility of technical issues lies with the provider rather than the company itself. If the provider is big, they could have a dedicated 24-hour-a-day team affording immediate attention to any issues that may arise. This can result in peace-of-mind for the company as well as saving them money.
Now let us look at the benefits from the operator end:
Real-time inventory tracking is achievable with most cloud based inventory management systems, enabling an accurate picture of inventory stock at any given time. It is also possible to view and manipulate this data from any location, giving a company absolute mobility as they can re-order or create reports from wherever they need.
Cloud based inventory management systems can also aid the tracking of stock through the warehouse. This not only makes it easier to assess accurately which stock is doing well in sales, when to reorder, and when to discount other under-performing stock, but also allows the tracking of works-in-progress (WIPs). This can be beneficial in highlighting bottlenecks in the manufacturing process or issues in equipment or staffing, which can then be easily corrected. Essentially, cloud-based systems can be beneficial in systems analysis as well as market analysis.
Flourishing Customer Relationships
All the benefits mentioned already will have a direct impact on the company’s customer relationship. Having the ability to fulfill orders efficiently is paramount to establishing a good customer relationship, and accurate data on popular products, buying trends and stock levels will aid this greatly. Not only will it be easier to fulfill orders, but if for some reason a product does sell out prematurely, it will be possible to give a more informative idea of when it will be back in stock. This is because a certain level of confidence can be obtained from the tracking features of WIP in cloud-based inventory management systems, and true information is vital to any working relationship.
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.