Management + Systems

Inventory management can be confusing at the best of times, especially when there are multiple warehouses and several different managers or teams interacting with stock. Here OGL Software covers the key benefits of Cloud-based systems; how they can help make informed decisions within inventory management; and whether Profit4, OGL’s own Cloud-based solution, can help provide a solution. 

Let’s start off with the basics. What exactly is Cloud-based inventory management? Simply put, rather than managing inventory with pen and paper or a desktop application, with a Cloud-based system inventories are kept up to date via the Cloud. Data is stored online, where it can be accessed through any chosen browser. Most features can also be accessed on any device, so there is no requirement to download or install complex software. 

Plus, all inventory data required from different departments is stored on the same platform. With ERP software, such as Profit4, there is also the opportunity to access ‘real time’ data for reliable stock count. 

OGL believes there are also many other benefits that come with using Cloud-based systems, including: 

Birds-eye view

A big problem with manual inventory management systems is that they often have information all over the place. Data about stock in a trade store might be kept in one place, whilst the inventory from different warehouses might be stored in multiple locations. One of the best features of a Cloud-based inventory management system is that everything is kept in the same place. With Profit4, stock control of multiple locations is all together, allowing for ‘at a glance’ access to inventory across all locations, both digital and physical.

‘Real time’ inventory management

Thanks to the ‘real time’ inventory management that comes with Cloud-based software like Profit4, product returns, sales, and movements between and within warehouses, are immediately notified. Sales channels are synchronised automatically, so it’s clear what’s on order, what’s been sold, and what’s nearly out of stock. Furthermore, because purchasing processes can be automated, as stock depletes, orders to replenish inventory can be automatically raised. Viewing inventory in ‘real time’ can save both time and money while ensuring customers receive their orders on time. 

Security

When recording inventory management with a manual system, it’s natural to feel concerned about security. There’s the potential for important data to get lost or even destroyed permanently if it’s only kept on a physical computer. Meanwhile, if it’s backed up in the Cloud, any hardware issues will not impact valuable data. Additionally, Cloud-based inventory management has a multitude of options for security, so data will be safe at all times.

Easy access and installation

Everyone hates complex and confusing installation processes. It’s even more frustrating if load times are slow each time the application is opened. Cloud-based inventory management offers ease of access right from the beginning. As all the data is stored in the Cloud, downloading software isn’t necessary. With Profit4, the system can be accessed by multiple people via a browser, allowing easy and constant access to the inventory management system. 

Reduced risk of human error

To understand how this works, consider how a manual system operates. Staff members with different roles input data into the inventory management system separately. A sales team member receives an order for a product and raises the order on the system. However, unfortunately, another team member within the warehouse has forgotten to update the system earlier in the day. That product is completely out of stock, but now it’s also on order to a customer. 

Dilemmas such as this can easily be avoided with a Cloud-based system. As they synchronise data from all departments in ‘real time’, the chances of human error affecting the inventory management system are significantly reduced. When using Profit4, staff members are quickly alerted to any stockouts or orders. Human error can be reduced even further, as Cloud-based inventory management systems feature many automated processes, such as re-ordering out of stock items. 

Analytics

When working with a manual inventory management system, it’s hard to see the bigger picture of the business. What’s selling well? What’s staying on the shelves as dead stock? It’s very difficult and time-consuming to gather all that data together, even more so to spot trends and patterns. That’s where
Cloud-based inventory management software can help.

Using a Cloud-based system allows for access to data across multiple locations, with information on stock levels and customer sales history. This can help with decision making at all levels.

Conclusion

From keeping data secure to providing a bird’s eye view of inventory, Cloud-based inventory management systems offer countless benefits. They don’t just give a clear overview of inventory, they can help to maximise the potential of stock – and ultimately, make more sales.