Cloud-based stock management is the assessment and maintenance of a business’s stock using online software. Cloud-based systems help manage and prevent errors in an organisation’s inventory. It also eliminates problems associated with traditional methods of keeping stock records. The system records all intake and sales transactions in real-time visibility. A real-time view of a company’s inventory aids in decision making when making orders.
Benefits of Cloud-Based Inventory Management
Inventory control is a time-consuming activity. Traditional methods, such as spreadsheets, require a manual count, which create inefficiency in the business, because of human error. Cloud-based stock control increases the level of efficiency while saving on time and resources. It also reduces human errors to a level that eases business management. Setting up a cloud-based inventory management system is also essential for giving information on the stocks available. In this case, the business easily manages a demand which effectively keeps the customers satisfied.
Factors to consider
In setting up a cloud-based stock control solution, a business owner will need to choose a tool with distinct functions that will meet the organisation’s requirements. Odoo is a good example which manages the operations of a business. Suitable for both large-scale and small-scale companies use Odoo is ideally suited as a cloud-based solution. A business will thus save costs. Also, a company requires the tool to fit well with the present systems within the organisation.
The first stage is to configure the cloud-based stock management to handle your specific SKU’s or stock items. Then export your stock items from your existing database base or spreadsheets into a CVS or Excel format in preparation to import into the new platform. If the intention is simply to maintain your products and or services online then your work is done. But for most businesses, this is just the beginning. To really benefit from a cloud-based solution you’ll probably be looking to run your Sales Order Processing (SOP) and/or Purchase Order Processing (POP) processes online as well.
The True Benefits of a Cloud-based Stock Management Solution
The benefits of moving to a cloud-based solution are numerous, but the two most obvious reasons are accessibility and reliability. Being online you can access your information safely from anywhere with Internet access. You are not longer tied to the office. The second obvious reason is reliability. You are not longer relying on expensive internal costs that you are responsible for maintaining.
If you want to find out more on how to implement a Cloud-based stock management solution, why not book a demo today.