It’s indeed shocking to know that more than 40% of small businesses never track their inventory and a whopping 67% of supply chain managers use spreadsheets to manage their assets and track the flow of inventory.
Data Source: Zippia , Compunneldigital
In 2020, it was found that the value of out-of-stock items across the world was $1.4 trillion.
During the pandemic in 2020, losses due to supply chain mismanagement and lack of a centralized system rose to $4 trillion, and well, this is indeed unfortunate.
Businesses involved in asset and inventory management such as wholesalers, manufacturers, and retailers need to pull up their socks and ensure that they are deploying a scalable, robust, and tech-centric platform for monitoring their assets, and the flow of inventory.
Trillions of dollars can be saved and used in other business-growth activities if organizations across the globe deploy a cutting-edge, and tech-powered solution for asset and inventory management.
Why Cloud Based Asset & Inventory Management: An Introduction
Cloud computing has been hailed as a savior for manufacturers, retailers, wholesalers, and any business, which needs to monitor, track and optimize inventory tracking and asset management.
A cloud-based inventory and asset management can be described as a SaaS-based platform (Software As a Service), which empowers businesses to track and monitor their assets, inventory status, and logistics in real-time, and get accurate business insights to make a smart business decisions.
Traditionally, companies used to perform this manually, with pen and paper, or spreadsheets. And this is the reason that $4 trillion was lost suddenly when Covid hit the masses, and businesses were shut down.
With this manual approach to inventory and asset management, businesses have no clue about the current inventory status, the raw materials needed to fulfill the vendor’s requirements, and the current position of their logistics. And this leads to chaos, confusion, and eventually huge losses.
These problems can be effectively resolved with Cloud, and this is a game-changer.
With Cloud-based asset and inventory management, there exists a centralized record of every SKU, every item, every product, and its real-time position at any given moment.
A business owner who has multiple inventories spread across the globe can find out which products need to be fulfilled, which raw materials are needed, and what the customers demand, with a single tap on their Cloud-powered asset and inventory management platform.
Check out some common, and most popular features of a typical Cloud-based Asset and Inventory Management System:
- Cost Optimization Strategies
- Real-Time information about inventory status
- Order management
- Vendor/Supplier communication
- Support tickets
- Loss and fraud prevention
In short, Cloud computing is revolutionizing how businesses are tracking and monitoring their assets and inventory.
Impact Of Cloud On Asset & Inventory Management
Some real facts: Two years, it was reported that globally, there exist overstocked items worth $176.7 billion and $568.7 billion worth of out-of-stock goods inside inventories, across the world.
This is indeed shocking, and sheer wastage of resources.
Once you introduce Cloud into the whole gamut of asset and inventory management, then it automatically optimizes the operations and empowers the management to take the right decisions, at the right time.
And most importantly, stops these unnecessary losses and wastages.
Here are the major impact of the Cloud on asset management and inventory tracking, which you shouldn’t ignore:
Businesses can automate most of the critical processes and operations when it comes to asset and inventory management, and thus, induce a system that is programmed to bring in results. Activities such as product tracking, multi-channel routing, inventory counts, and more can be fully automated with Cloud-based inventory management system. Cloud computing has the capabilities to completely streamline and automate supply chain operations.
Real-Time Business Intelligence
Now, this is one of the biggest advantages of Cloud-based asset and inventory management operations. Businesses are now able to get real-time visibility of their inventory position and remove physical barriers such as time and location to accurately track their inventory. With real-time information about the supply, demand and inventory status, management knows exactly where their business is going, and at which speed.
Seamless Integrations With 3rd Party Tools
Various 3rd party tools such as order fulfillment apps and distribution software, CRM, sales and marketing tools, accounting software and more can be seamlessly integrated with a Cloud-based asset and inventory management system, giving wings to your operational capabilities.
Safety, Security & Peace of Mind
Standalone, and outdated systems can be easily hacked, and manipulated by hackers who can steal valuable data from your inventory, and harm your business prospects. With Cloud platforms such as AWS and Microsoft, there exist several layers of data security and safety, which translates to peace of mind.
Advanced Analytics & Data Monitoring
Cloud-based asset and inventory management systems can also have data analytics software, and data monitoring tools, which combined with real-time insights can give unprecedented control and transparency over the operations. Analytics can be effectively used to find the trends, and the insights related to demand and supply, and this translates to powerful business intelligence for optimizing all aspects of your operations.
How To Implement Cloud-Based Asset & Inventory Management Solution?
We at TechAhead can create a powerful, scalable, and robust Cloud based asset and inventory management solution for your business, which will have:
- Intuitive User-Interface for handling the operations smoothly, which is not only easy to navigate but also tweaked for maximum efficiency of your employees
- Exhaustive Usability to accommodate hundreds and thousands of SKUs, items, and products, based on a systematic and logical approach.
- Powerful Programming so that your business operations are not hampered, and the inventory management team is able to utilize the platform for maximum benefits.
- Enhanced Cloud Capabilities, which include data backups, iron-clad data security, centralized data repository, universal data access, platform and location independent data access, role-based data access and more.
And most importantly, higher ROI as Cloud brings down the IT expenses, and eradicates all manual processes to free up your resources and helps you to focus on core business operations.
Connect with our Cloud Experts, who can conceptualize, design and deploy a powerful, ROI focussed Cloud-Based Asset and Inventory Management System for your business, and empower you to scale your operations and have complete control over inventory and assets.
With TechAhead, possibilities are endless.