Inventory is a core concern for any successful retailer. Having some system of inventory management is therefore a must for retail businesses, whether that involves keeping a basic stock ledger in Excel or deploying a more comprehensive inventory management solution. While a simple system may be appropriate for very small businesses with uncomplicated inventory needs, comprehensive inventory management software can deliver more visibility of a retailer’s inventory while making the inventory control process easier. In particular, cloud inventory management software can offer retailers significant benefits such as accurate stock levels and mobile access to stock data.
Choosing between basic or more comprehensive inventory management previously required retailers to make a trade-off between cost and information; before inventory management software became available, keeping tabs on the entire inventory of even a medium-sized retail business could be both costly and time consuming. More recently, many of the wish-list inventory management functions that retailers and other businesses would implement in an ideal world have been incorporated into comprehensive inventory management software suites, reducing the financial and time costs of keeping up-to-date inventory information.
An even more recent trend has seen some best-of-breed inventory management products hosted on and delivered from the cloud, making it possible to digitise and automate even more processes, as well as to access inventory information from practically anywhere. So, what inventory management functionality can retailers take advantage of?
Reduced reliance on manual stock counts
Stock count is an unpleasant fact of life for most retailers. It is time consuming and can be costly with overtime being paid to participating staff. Moreover, retail businesses rely on stock take for vital inventory data, so it is rarely feasible to put it off. Cloud inventory management software can accurately count and track every piece of stock throughout each stage of the inventory process. The best inventory management systems available offer perpetual inventory, where inventory data is updated in real time in line with stock movements. This means that the data in the system is reliable and needs less frequent validation. Whether you are a small brick and mortar store or a large e-commerce retailer with a number of different warehouses, the best inventory management software can realize financial gains and simply make life easier by making regular stocktakes a thing of the past.Increased visibility
Another key advantage of perpetual inventory for retailers is the protection it provides against missed sales. Having an always-accurate picture of what stock is on hand, and where it is, makes it much easier to advise a customer when you can provide or deliver an item, making it much less likely that you’ll miss an important sale.Using inventory data as business intelligence
Implementing effective inventory management does not just lead to sales opportunities. Best-of-breed cloud inventory management software can help you go beyond the intuitive, drawing out trends in your inventory data that can help you to identify standout products and poor performers.Integrated inventory
In contrast to more traditional inventory management systems, a cloud based inventory solution allows for integration with a range of other cloud systems such as accounting and point-of-sale software. All of this reduces the paperwork and hassle required of retailers. Moreover, integration makes inventory data more reliable, as fewer manual processes are relied on.Superior accessibility
Most retailers have multiple competing priorities, are stretched for time and may often be on the road for work. Cloud-based inventory management allows retailers to simply log on through a browser or a mobile app, no matter how far away from their office or store they might be. As a leader within a retail business, this gives you the freedom to get away from the office without having to rely on others to keep you informed.