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Cloud-based inventory management software has revolutionised how businesses of all sizes control their inventory.

Small and medium sized retailers can now have access to reliable, sophisticated inventory management solutions because of the cloud system. Compared to traditional software systems, where hardware needs to be installed, and the programme must be maintained by the user, a single instance of the cloud software can handle thousands of users through one server over the internet. This allows what can be thought of as a large-scale “group discount” for users, making this software affordable for businesses of all sizes. Some of the benefits of cloud-based inventory software for a retail business shall be outlined below.

 

Cost Savings

A cloud system allows a number of cost savings to be made once your business has paid the subscription fee. First, no costly hardware needs to be purchased or maintained to run the programme or store data. The cloud provider is responsible for software updates and server issues, so costs for these are avoided. The need for employing in-house IT staff is also removed. The subscription fee may or may not be higher than for a comparable non-cloud system depending on which cloud-based package or plan you use, but given the above savings, the overall cost will likely be less. There will also be no fixed costs required to begin using the system, as only a subscription fee is paid.

Accessibility

Because cloud-based inventory management systems move and store data over the internet, they can be accessed anywhere, on any device that has a web connection. This allows flexibility for managers, who can keep updated on inventory whether they are at the office, on the shop floor, at home on the laptop, or out in the street on their mobile.

Coordination

The systems can also link in with other applications such as accounting, analytics, e-commerce, and social media management. So for example, when a sale is made in store, new inventory can be ordered to re-stock, real-time accounts updated, and the sale data analysed all at once. This makes your business more streamlined and efficient. Increased coordination between different business departments is also possible. Information can be shared between departments instantly without requests needing to be processed, allowing different departments to work together more effectively, and for the business to run more smoothly.

Automation

Cloud based systems automate many inventory processes that would otherwise have to be done manually. This allows managers to use their time running the business, rather than being distracted by day-to-day details or entering numbers manually.

Data Safety

A further benefit is that because data is stored over the internet rather than on hardware in your office, the risk of losing critical data due to mistake, emergency or theft is eliminated.

 

If your retail business is yet to move to cloud-based inventory software, it is well worth considering because of the myriad benefits it offers. One option worth considering is a cloud partner of ours, Unleashed Inventory.

If you are looking for accountants in Auckland who embrace the cloud and provide outstanding services, refer to our Contact page to request a meeting.