If you are a manufacturer, keeping track of your inventory and stock levels must be one of your top challenges. Keeping tabs on inventory is important for SMEs. The use of cloud based inventory management will help you to stay updated and ahead in this area. This software offers digital solutions that will help your business with the proper management.
In this blog post, we will learn about online inventory management and why it's important for SME manufacturing businesses in India.
What Is Cloud-based Inventory Management?
A cloud-based inventory management system is a digital tool that can handle the inventory of your warehouse. Cloud-based inventory management can help you access inventory data with an internet connection even if you are working remotely. There are several benefits of cloud based inventory management systems. This includes security, storage, cost-effectiveness, and speed. This system informs you when you're running low on inventory. This helps you avoid running out of stock and makes sure you always have what your customers need.
Why Do You Need A Cloud-Based Inventory Management System?
A cloud-based inventory management system improves operational efficiency by providing real-time inventory insights, improved accessibility from any internet-enabled device, and instant notifications for inventory management. It easily integrates with important business tools, grows with your business, and has no costly upgrades.
It makes sure data security through encryption and access controls. Also, it supports compliance with evolving tax regulations and reduces environmental impact by minimizing paper use and energy consumption.
10 Reasons to Consider Cloud based Inventory Management Software
Cloud based inventory management software can change how businesses handle their workings. The software has lots of advantages, and here are a few reasons to choose it
1. Scalability
With a cloud-based inventory system, businesses can easily manage their inventory as they grow. Whether you're a small-scale or a medium-scale manufacturing business, you can scale your inventory without needing to spend extra money.
2. Real-time Insights
Cloud based inventory management lets you see what you have, what's selling, and how things are moving around right now. This helps you make smart decisions, keep just the right amount of materials on hand, and react quickly when things change in the market.
3. Accessibility
With cloud-based inventory, you can check information from anywhere in the world via the web. This makes it easy for teams to work together, even if working remotely, sharing different geographical boundaries.
4. Automatic Updates
Service provider of cloud based inventory management system takes care of maintenance. They automatically update the system with new features and fixes. This helps keep your system always up-to-date and secure without causing any interruptions to your work.
5. Integration
Cloud based inventory management system works well with other business tools like:
- Accounting software
- CRM systems
- E-commerce platforms.
This makes things smoother, removes the need to switch between different software, and makes everything work better overall.
6. Storage
Cloud based inventory management provides unlimited virtual storage capacity. This allows businesses to store large amounts of inventory data without worrying about running out of space. Cloud based inventory management makes sure that you can keep your growing inventory needs secure without problems.
7. Data Security
Cloud based inventory management providers invest heavily in security measures to protect your data from unknown access and other cyber threats. They use encryption, firewalls, and access controls, and check security regularly to keep your important information safe.
8. Disaster Recovery
Cloud based inventory management has special features that help keep your data safe if something like a disaster or system problem happens. They make copies of your data and back it up, so you can feel safe knowing your information is secure and can be brought back if needed.
9. Flexibility
You can change cloud based inventory management systems to fit your needs and how you work. It doesn't matter if you're in retail, manufacturing, or transport. You can set up the system just how you like it.
10. Cost-effectiveness
Cloud-based inventory management systems work on a subscription-based model. It means they require a monthly or yearly fee. This makes it affordable for Indian SME manufacturers. The system also works on a cloud server, which removes the cost of physical equipment.
What is The Need For Inventory Management Software
Inventory management software helps businesses keep track of their stock, sales, and orders. It can also help you organize inventory data. This makes it easier to find items and manage your stock. Let us understand this better.
Precision and Efficiency:
Cloud based inventory management helps in tracking inventory. It will tell you exactly how much stock you have and avoid running out or having too much. Inventory management software makes ordering, order fulfillment, and sending out items easier. This saves time and is cost-effective.
Cost Efficiency and Customer Satisfaction:
Cloud based inventory management helps you figure out the required amount of materials to keep in stock. It makes sure you have what your customers need.
Smart Planning and Smooth Integration:
It shows you data about what customer demands, so you can plan better and make sure you have enough stock. It works with other parts of your business, like finance and sales, so you can track everything in one place.
Cloud Inventory Management with TranZact
TranZact's online inventory management solution is a powerful tool designed to simplify business management. It helps you track your stock easily across your business with features such as customizable Min/Max stock levels, support for many stores, and accurate inventory valuation.
TranZact solves the problems with stuck or dead materials. It offers automated inventory rejection tracking. It also makes sure you never run out of stock with its negative stock restriction capabilities.
FAQs
1. What is cloud-based inventory management software?
Cloud based inventory management software runs on remote servers you access through the internet. Businesses use it to handle inventory details like tracking stock, orders, and sales from anywhere on the Internet.
2. What are the advantages of a cloud-based inventory management system?
Advantages of cloud based inventory management system:
- Accessibility with internet
- Scale-up business needs
- Cost-effectiveness with subscription plans.
- Reduces errors.
3. What are the 4 types of inventory management?
The four main types of inventory management are:
- Just-in-Time (JIT)
- ABC Analysis
- Economic Order Quantity (EOQ)
- Vendor Managed Inventory (VMI)
4. What is SaaS inventory management?
SaaS (Software as a Service) inventory management is software hosted on the cloud and accessed through a subscription model. A nominal recurring fee is charged by the service provider. Users pay a recurring fee to use the software.
5. Which one is better, manual inventory management or cloud-based inventory management?
Cloud-based inventory management software is superior to manual methods for several reasons, including accuracy, efficiency, and accessibility along with cost-effectiveness.
6. How does cloud-based inventory management help businesses save time and resources?
Cloud-based inventory management automates tasks like tracking stock levels and orders. This reduces the need for manual data entry. This saves time and resources by simplifying processes and minimizing errors.
