Cloud-based stock management assesses and maintains a business’s stock using online software. Cloud-based systems help manage and prevent errors in an organisation’s inventory. They also eliminate problems associated with traditional methods of keeping stock records. The system records all intake and sales transactions in real time. A real-time view of a company’s inventory aids decision-making when making orders.
Inventory control is a time-consuming activity. Traditional methods, such as spreadsheets, require a manual count, which creates inefficiency in the business because of human error. Cloud-based stock control increases efficiency while saving 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 efficiently manages a demand that satisfies the customers.
In setting up a cloud-based stock control solution, a business owner must choose a tool with distinct functions that will meet the organisation’s requirements. ERP is a good example of a tool that manages a business's operations. Suitable for both large-scale and small-scale companies, ERP is ideally suited as a cloud-based solution. Thus, a business will save costs. Also, a company requires the tool to fit well with the present systems within the organisation.
The first stage is configuring the cloud-based stock management to handle your specific SKUs or stock items. Then, export your stock items from your existing database base or spreadsheets into a CVS or Excel format to import into the new platform. Your work is done if you intend to maintain your products and services online. But for most businesses, this is just the beginning. To benefit from a cloud-based solution, you’ll probably be looking to run your Sales Order Processing (SOP) and Purchase Order Processing (POP) processes online.
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 no longer tied to the office. The second apparent reason is reliability. You no longer rely on expensive internal costs, which you are responsible for maintaining.