With an increased flux of data through multiple channels, it becomes challenging to efficiently manage and utilize it to maximum capacity. Software solutions with a cloud-based architecture come to the rescue with their ability to securely store data on remote servers and provide real-time authorized access. Cloud-based Inventory management aids businesses to oversee and manage inventory/stock levels by tracking the movement of stock at every level. When done manually, this can be a tedious task while automated maintenance of inventory levels is effortless, effective, and free of human error. Be it demand planning, raw material sourcing, or sold/unsold product count, cloud-based inventory management makes it convenient. At Oodles, we furnish enterprises with SCM development services and supply chain management solutions that align with their business size and type. We also integrate their supply chain with their eCommerce and accounting software. Let’s delve deeper into how cloud-based inventory management makes for a flexible, secure, and efficient system for managing inventory.
By automating the supply chain, cloud-based management simplifies the execution of orders from stock source to supplier to the customer. IoT devices along the way make tracking easier, thus aiding operational managers to devote more time to higher-level decisions.
A cloud-based architecture stores inventory data on a secure cloud platform accessible from authorized devices connected to the internet. It means that you don’t need to establish any IT infrastructure yourself, and the security and maintenance of your data is the cloud service provider’s responsibility.
Cloud management also enables businesses to locate materials and products in warehouses across different geographical locations. It also enables the assignment of pick up and routes that are the shortest and cost-saving.
One of the most exhausting and error-prone tasks of inventory management is maintaining an accurate record of stock levels. With an automated, cloud-based system, however, this task is easily streamlined in combination with instant updates on diminishing stock levels. It even compares your stock levels to market demand for demand planning, thus avoiding stock-outs and overstocking.
With a cloud-based ERP inventory management system, you only need to alter your service requirements for upgrades and the addition of new management modules. The service provider takes care of the maintenance and troubleshooting requirements.
Inventory data needs to updated on every sale online and offline. A cloud-based system can be easily integrated with eCommerce platforms as well as accounting software, thus eliminating the need for multiple entries of data.
Significance of cloud-based inventory management
Let us now list the benefits of employing a cloud-based inventory management software:
1. It enables real-time inventory tracking and centralized management of the same. Decisions and processes can also be implemented in real-time with a cloud-based system.
2. It has low operational and maintenance costs as service providers charge only a subscription fee. At the same time, it saves expenditure on stock maintenance, routing, and labor
3. Cloud-based systems are highly scalable, and thus, easy to upgrade. Their scalability without incurring excess costs makes them ideal for inventory management.
4. They ensure data integrity by maintaining a central ledger of inventory levels. The update of data at one place is reflected across all applications and modules integrated with the system.
5. Cloud-based inventory management solutions are often protected with multi-level authorization and authentication channels to ensure data security. Encryption of interaction data is another feature that ascertains data security.
Thus, cloud-based inventory management services not only simplifies an otherwise complex system of stock ledger but also makes it more efficient and secure.
We are an ERP Development Company with an objective of augmenting enterprises with robust ERP software solutions powered by the latest technologies. Our development teams work relentlessly to custom develop software solutions for SCM, WFM, HRM, CRM, Finance, Accounting, and eCommerce operations, ensuring maximum profitability. Get in touch with our experts to implement cloud-based inventory management with our supply chain development services.