As time goes on the adoption of cloud computing and cloud business applications grows, more and more systems that were once stored on an in-house server or computer are being moved to the cloud. Why is that? Because the cloud offers quite a few inticing benefits such as cost savings, capital efficiencies, improved customer satisfaction, and many more. You may have already moved your CRM or ERP system to the cloud, but what about your inventory management system? A cloud-based inventory management system provides you the cost savings, operational efficiencies, and other benefits found with cloud computing as well as some more specific benefits for your supply chain operations.
Common benefits recognized by those who implement a cloud-based inventory management system include:
1. Better decision making capabilities with access to real-time data across the organization at all times
2. Real-time visibility throughout your entire organization, from sales to operations to invoicing.
3. Reporting and analytics allow you to see across locations, product lines, and inventory status no matter where you are
4. Manage inventory from multiple locations
5. Collaboration internally between your sales, finance, operations, and logistics employees no matter where they are
6. Automation allows you to automatically check inventory levels to enable rapid decision making
7. Enhanced relationships and more collaborative partnerships with manufactures, retailers, distributors, suppliers, and other players in the network.
8. Track inventory levels and stock movements in real time to minimize out-of-stock situations
9. Increase goods availability with deeper insight and control
10. Reduced inventory-carrying costs and Minimize buffer stocks
11. Eliminate software maintenance, upgrade, and hardware issues found in on-premise solutions
12. Cloud-based inventory management systems scale to grow with your business.
Long story short, Having a cloud-based inventory management system means you’ll be able to access your data anywhere, at any time to enable rapid decision making and have the ability to scale your operations as needed without a huge upfront investment.