Most individuals have used cloud computing to some capacity, whether it is for their personal or business use. It should come as no surprise that companies have been seeking a cloud-based solution to help with organization, access and reduce cost.
Despite the benefit, however, approximately 43% of businesses do not use cloud-based services for their inventory, leaving them to either store the inventory locally or to not track inventory at all.
Inventory control is essential for businesses as many major decisions are based on the accuracy of their inventory. Cloud-based inventory assists in ensuring businesses receive up to date snapshots of their inventory, from any location. More than 50% of small to medium companies have stated that they save, on average, one hour each working day, thanks to their inventory cloud.
Automated inventory management contributes to the well-being of the business by saving time, reducing errors, increasing productivity and providing up-to-date reports.
There are a lot of benefits that businesses may not have considered. Here are some of those benefits business owners can expect from implementing cloud-based inventory.
1. Access Information from Anywhere
One of the most obvious benefits from cloud-based inventory control is the ability to access your inventory data from any location. Businesses with the following scenario may benefit from a cloud-based solution:
- If you have multiple business locations, both management and employees will be able to view the inventory of all locations instantly.
- If businesses only have one location, inventory will still be updating during travel, meetings and trade shows
- Whether you have one or multiple locations, even if you’re on vacation or at a remote meeting location, you can still check reports at any time.
- Sales representatives who are on the road will be able to access inventory data wherever they are.
Cloud-based isn’t just for businesses with locations worldwide, as even a single location business can benefit from using the cloud.
2. Multiple Employee Access
Running a business requires agility, so naturally, being able to update inventory on demand assists with this goal. With manual updates it is necessary to be physically present, however, with cloud-based inventory, businesses can continue as usual with multiple ways to access inventory updates. Multiple access points can be a great help when you or an employee are sick, on vacation, away at a trade-show, or if it is after-hours.
3. No More Lost Data
Let’s consider the scenario that you are the only person running your business solo. Your inventory management software is on your laptop, and accessible at any time. However, what would you do if your computer crashes or is damaged? Unfortunately, not having a backup of your inventory, if tracked manually, poses the risk of having valuable data lost forever. The most significant aspect of Cloud-based inventory is that your inventory is not vulnerable to any one device, such as a single laptop. It is safely stored on the cloud and can be accessed from any device, with the right credentials.
4. Scale Quickly
Businesses who operate based on the ability to scale are unstoppable in their path for success. Even many new startups plan their entire road map and base their decisions on building a model, or product, that can be scaleable down the road. This is something that all businesses who wish to grow keep in mind. Inventory control plays a critical role in helping to achieve milestones for a company, which requires staff having access to fulfill client orders. Cloud-based solutions offer more accurate and less costly solutions for small businesses by reducing the need for expensive software that needs to be installed on each device. Furthermore, for some businesses, the addition of new team members can push their software to its capacity, which interrupts their ability to scale. Cloud-based inventory management software tends to require a monthly subscription, plus you can receive the latest versions of software and updates instantly.
If your business is already using a cloud-based solution to operate your business and has a need for inventory control, then adding a cloud-based inventory management software will be extremely beneficial. Having your business flow seamlessly, without interrupting your consumer’s journey or hinder your employee’s productivity will help with your business’s bottom line. Real-time custom reports also contribute to making better decisions. Data is crucial for any business, so having the capability to view the swings in your past orders will help you recognize areas of improvement, as well as help you optimize your business to increase your productivity and net sales.