Productivity is essentially the efficiency of work produced in a given time period and is measured through the rate of output (work) to the rate of input (man hours). Manufacturers are perpetually looking for ways to increase productivity or increase the amount of work achieved for the same if not less, input. So how is this achieved in today’s world? Largely, industries are becoming more technical or digitised, which certainly achieves the productivity objective in leaps and bounds.
In manufacturing, the introduction of cloud-based inventory management software suites was a turning point for accessibility, efficiency and productivity. Let us consider how the cloud can be boost efficiency in business.
Online vendor portals are the next thing in inventory tech, which denotes the ability of a vendor to log on to their own ‘website’ and order their product. This affords them responsibility and freedom as well as control over the process. This is because they can view quality assurance and workflow processes while also attaining manufacturing status updates and shipping information. The launch of vendor-managed inventory portals is seamless with the use of the cloud and therefore a customer-focused experience can be achieved efficiently and for comparatively little input.
Sales and Profitability
Cloud-based inventory management software enables manufacturers to track and analyse of copious sales data from multiple revenues. This brings to light problem locations and allows manufacturers to investigate possible reasons for reduced sales in order to determine areas for improvement. Likewise, it is possible to ascertain which markets are growing and how to mimic these conditions across the board. Not only is it possible to analyse market trends, but it is also possible to track sales of individual agents. This enables management to get alongside them and ensure each sales representative is achieving their maximum potential in terms of converting customer interactions into sales.
A place for everything and everything in its place
A very practical slant to cloud-based inventory management software is the ability to update it in real-time from the manufacturing area to the sales till to the inventory stock warehouse. This multi-mode input ability helps to ensure the inventory stock warehouse always remains reflective of the reported sales and inventory levels. Along similar lines, it is possible to scan barcodes of each individual item or bins of items and therefore to know the exact location of all inventory stock before a physical hunt through the warehouse is required. The whole process of accessing inventory stock be it for manufacture or sales becomes streamlined and efficient.
Scale and Future-proof Your Business
Cloud-based systems ensure that scalability in response to fluctuating workloads is easily possible, therefore future-proofing the company in the event of profitability and expansion. Cloud-based systems and their management also come at a fraction of the cost of historical software as they are hosted and maintained by a provider through service contracts thus negating the need for dedicated IT departments.
Additionally, it is possible to safely store large amounts of data in the cloud that can then be easily accessed from anywhere with the right credentials. This security feature prevents important company data from being lost or stolen if there was an event that resulted in damage to the company offices or warehouses.
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.