2. Cloud-based inventory management systems
For businesses using a basic inventory spreadsheet, knowing when to reorder stock, how much to order, where to store stock, and so on, can quickly become complicated – especially as inventory levels grow.
As such, many businesses graduate to a cloud-based inventory management system that is equipped to handle more complex inventory ecosystems.
Cloud-based inventory management systems store data in the cloud (i.e. third-party servers), which means they can be accessed and updated at any time, from anywhere. They’re also specifically designed to handle the requirements of a growing business when it comes to stock, warehousing, ordering, fulfillment, and more.
Suitable for: Small-to-medium-sized businesses with revenue between $100,000 and $100m.
- Automated stock level updates
- Real-time inventory valuation
- Automatically calculated stock formulas
- Vendor organisation capabilities
- Product organisation capabilities including images, categories, and prices
- Reporting: best-selling items, total sales, total taxes, etc.
- Integrates with other business software, such as POS and eCommerce platforms
- Purpose-designed to handle growing inventory management requirements
- Accessible anywhere, at any time
- Updated in real time
- Provides a single source of truth for data
- Updates happen in real time
- Lower risk of errors than spreadsheets
- End-to-end supply chain management
- Integration capabilities
- Higher cost than spreadsheets
- Some set-up required