Inventory management is one of the tedious and problematic activities. Its repetitive nature can cause costly human errors and overburden business operations.
Studies show that during the pandemic, one in every four employees wanted to quit their job due to flawed business processes. Manual checking of inventory is important to mobilize critical business resources but can hinder growth.
Having Cloud Based Inventory Management Software is important to generate a positive customer experience as it reduces the customer wait and delivery times. Adequate stock management is also important to keep customers loyal but stockpiling goods can be an expensive experience.
Does my business need Cloud Based Inventory Management Software?
Selecting the best Cloud Based Inventory Management software for business management is crucial. These systems act as repositories of business data, and applications which makes it easy to overcome the limitations of time and space. With such business data, it is easy to spot and overcome limitations anytime and anywhere.
Having good cloud-based systems is also important to mobilize resources, and plan business growth and manufacturing processes. It also ensures that you can focus on crucial business decisions and attain effective workplace safety.
How do these Cloud Based Inventory Management Software work?
With these systems, you get a version of the Software as a Service (SaaS) system that allows your business to adequately update and monitor its inventory. Instead of adopting manual operations, these systems use advanced software to augment the results and lower costs. Similarly, these are important for saving money needed for streamlining operations.
Further, these systems work by creating a centralized system for the assets. These records will get updated automatically and ensure effective fulfillment.
These systems also include features like the following –
- Order fulfillment and management
- Inventory tracking
- Loss and wastage control
- Supplier management and communication
- Cost optimization, etc.
The organization may choose to use a barcode scanner or similar tools to ensure effective updation of these systems. Using technology along with these processes helps to ease the automation process.
For an e-commerce business, having an automated system helps to keep up with the fast-paced customer demands and expectations by maintaining a competitive advantage even in tough markets.
Should you trust the Cloud Based Inventory Management Software?
Having an accurate inventory management system in place is important as failing to keep an accurate record of inventory can cause delays in the management of orders, shipments, and restocking. The entire process is time-consuming and cumbersome. Poor management can also impact business as customers are unlikely to indulge in future sales.
Choosing cloud technology is the answer to these problems. These offer better functionality, and data integrity, scale better, and operate efficiently. These technologies are crucial for automating supply chains minus manual inputs. It is easy to update the data for inventory counts, tracking, and routing operations.
Having a centralized system also proves useful in delivering outcomes instantly and providing an accurate overview of the entire warehouse. When compared to an Excel spreadsheet, these systems can be accessed from anywhere and the same is useful for avoiding stock-outs. Efficiency also helps in –
- Managing stock levels between various warehouses,
- Avoiding stock-outs,
- Cutting travel time,
- Faster decision-making,
- Overcoming excessive inventory costs, etc.
Businesses can be alerted to sudden changes in the warehouse systems and hence can act immediately.
Also Read: 5 Essential Features Of Order And Shipping Management Software Systems
There are a number of different operations going on behind the curtain for the smooth functioning of the supply chain. Starting from the procurement of materials to the delivery of the ordered product at the right address and the reverse logistics associated with the order fulfillment, a supply chain consist of different stages and aspects that are all equally crucial for customer satisfaction and the overall success of a business venture. In the 21st century, science and technology made dramatic progress and that paved the path for fully automated systems in the supply chain. Order and shipping management software basically manages the entire process of order completion right from the initial to the final stage.
These technological tools not only reduce the manpower otherwise required for supervising and managing the various facets of order fulfillment but also reduces the overhead costs and make your retail supply chain simpler, quicker, and more efficient. While selecting an order and shipping management software the following five features should take priority.
Streamlined Order Processing And Management: Irrespective of the size of your business and the scale at which it operates, there are multiple channels through which an order is placed. It could be from the eCommerce page of your own company, or from eCommerce moguls like Amazon And eBay. The order and shipping management software systems are trained to manage the orders coming in from varied sources to form a streamlined structure onto a single interface. With centralized order processing, you can rest assured that not one purchase will go unfulfilled and your customers will be happy and content with the level of assistance they get.
Inventory Management: Inventory management is one of the trickier bits of a supply chain. Without proper inventory management, you will not be able to bridge the gap between demand and supply, and the chances of unnecessary delays and similar setbacks also increase. One of the biggest benefits of an OMS is that they are often paired with inventory tracking systems for small businesses and large which makes managing inventory and warehousing infinitely simpler. Real-time tracking, regular updates, and ease of accessibility make these software tools invaluable for the supply chain. Common issues like products going out of stock and delayed reverse logistics can also be easily avoided with an OMS.
Multiple Payment Channels and Support: Though the world is slowly going digital, many shoppers still prefer paying in cash for their orders rather than through online methods. At the same time, nowadays there are several digital channels available for payment through a debit or credit card or by UPI. Order and Shipping management software systems can support all of the numerous payment alternatives simultaneously and document all the transactions for future reference and evaluation. The best OMSs also come with added benefits like a fraud checker to make the payment procedure simple yet foolproof.
Integrated Shipping Service: Once the order has been picked, packed, and shipped off for delivery, the seller’s job is more or less over. However, that does not necessarily mean that the order fulfillment has been completed. Until and unless the package has been delivered and received, the seller and the buyer will definitely like to know the occurrences or where the order is at any given instant. The order and shipping management software services integrate different shipping companies on the same platform so that all the individuals connected to the process of order completion stay up to date about the whereabouts of the package.