Cloud-based inventory management

Oct 25, 2021Inventory Management

Inventory management is at the heart of any wholesale and retail business. Therefore, it is an important aspect that the business needs to focus on. There are numerous techniques for managing inventory but this can get tedious and time-consuming process unless you have efficient tools.

Over the years there have been many mature and good inventory management tools that have been used by various companies. The evolution of eCommerce has provided a massive challenge to these traditional inventory management tools. Today’s business needs inventory control that can handle multi-channel sales.

Cloud-Based Inventory Management

Cloud-based inventory management is a modern take on inventory management where you use cloud-based solutions to manage your inventory. Today’s business is not just conducted offline but is connected, distributed and multi-channel. Buyers don’t just walk into the store for purchase, but they also research online and make purchases online. This has put tremendous pressure on traditional management ways which was mostly designed for static and standalone systems.

By moving to modern cloud-based system, a company can depend on an agile and dynamic inventory management platform that is truly connected at all times. Cloud-based inventory management helps you to track your inventory in an effortless, seamless and easy way.

In a multi-channel environment, it is important to be able to keep track of the current stock level at every channel. Cloud inventory solutions provide this inherently and can help companies make more money and reduce losses due to out of stock products.

Cross-channel selling can be easily enabled with cloud inventory solutions as they can provide a true cloud connect real-time inventory view across sales channels.

Advantages of cloud inventory management solution

Cloud inventory solutions like Easyops have lots of benefits over traditional inventory solutions. Some of the advantages are listed below:

Low Total Cost of Ownership (TCO)

This is one of the biggest advantages of cloud inventory solutions. Companies need not invest in expensive hardware or build large in-house IT teams to manage their inventory management infrastructure. A traditional inventory solution is deployed on-premise and required an IT team to manage and maintain the software.

Cloud solutions like Easyops are managed by Easyops and companies do not need to worry about deployment or invest in hardware to deploy Easyops solutions.

On-premise inventory solutions are very hard to upgrade and require lots of internal planning to roll out upgrades and tends to disrupt business operations during upgrades. Companies using Easyops are always using up to date software and the upgrades are managed by Easyops. This reduces a lot of workload on your internal IT team.

You should always remember that the value of goods depends on the demand which keeps changing over time. So you have a large quantity of stock in your warehouse, which later turns out to have less demand, you will end up paying extra storage and warehouse charges. In a market like that of India’s, the demand and supply chain is not static therefore you might face serious loss.

The best way to deal with this problem is to incorporate modern cloud inventory software. Inventory software with artificial intelligence can help you predict inventory requirements according to the trends. Therefore it is much smarter and easier to use wholesale inventory management software.

Simplified API for easy inter-system connectivity

Cloud inventory management solution like Easyops is API first. This means you can use the free API provided to connect your other solutions like ERP or accounting systems. Easyops come with in-built integration with front-end sales channels like Amazon, Flipkart, Shopify, Magento and backend integration with shipping providers like FedEx, Bluedart, Delhivery, Shiprocket.

Enterprises use Easyops API to connect to their ERP systems like SAP and Microsoft Dynamic. In general, it takes at least 50% lesser time to integrate Easyops than traditional inventory systems.

Real-time data access

Traditional inventory systems require you to access the system physically to be able to get access to data. Cloud systems like Easyops can be accessed from anywhere and anytime. The data you access is a real-time view of your inventory.

The ability to provide access to real-time data is very powerful and helps power omnichannel retail. When it comes to inventory management, the ability to access inventory positions across retail outlets and take orders increases revenue and improves customer experience.

High levels of security and built-in data backups

Traditional inventory solutions put the onus of security on the companies. Companies need to spend on additional hardware and security solutions to secure their on-premise inventory solution. Cloud solution provides out of box secure infrastructure leveraging world-class data centres like AWS and Google cloud, which are great for inventory management.

The data backup policies are also much more secure with geographically distributed multi-datacenter replication which provides 99% more security for your data.

Automation

Cloud infrastructure provides potentially infinite scalability which is leveraged by cloud solutions to provide smart automation for your inventory management. Smart inventory management alerts for low stock, purchase order automation based on dynamic reorder levels, smart tagging of inventory which can be leveraged for pricing and discounts. These are some of the automation provided in Easyops which companies are leveraging to scale and grow their business.

Real-time reporting and analytics

Good inventory management solution provides great reporting and analytics. But on-premise inventory management systems lack the ability to provide real-time reports which can be leveraged across multi-channels of sales.

Easyops provides reports and analytics that help companies manage their inventory better and optimize it to lower their operating cost.

Summary

Stock levels are like the roots of a tree in business. To keep the business alive, you need to make sure that your roots and strong. In simple words, if you want your business to function without any hassles, it is important to make sure that you have the right amount of inventory.

The sole purpose of a business is to grow. So when a business will grow, more investment will be added and good profits can be received. Cloud-based inventory management software helps you grow your business.

Efficient and effective cloud inventory software is always better than traditional on-premise solutions which have inherent drawbacks to handling new-age retail. A cloud-based inventory management software also helps you save time and effort.

If you are looking to switch to modern cloud-based inventory management, get in touch with us now!
Sync up with Easyops, register and try out your seven-day free trial now: https://app.easyops.in/#/sign_up