How Do Cloud and Automated Software Solve Inventory Issues?

In an organization, there are numerous issues related to inventory that need to be addressed, and manual handling is not feasible. Automated software such as inventory management software, which comes with cloud computing technology, is essential.

Sectors such as apparel, grocery, and retail have extensive inventories and various categories. Some inventories, like vegetables and liquid food, are only fresh for a specific period, after which their freshness and effectiveness start decreasing.

Inventories come in and go out, so there are lots of activities happening related to inventories simultaneously.

Managing inventories is complex, and for effective inventory management, automated inventory management is needed. When you are usually away from your office, you can use cloud-based inventory management software.

What Are the Crucial Issues That Organizations Face & How Cloud-Based Inventory Management Software Overcomes Those Issues?

Below, we have mentioned the crucial issues & how cloud-based inventory management software helps:

Main Issues That Infizo Stock Overcomes

# Problem 1

Manual process - The manual management of work is one of the basic problems. It leads to issues such as data inaccuracy, errors, wrong inventory numbers, wrong delivery, etc. The manual process is also slow, making this strategy ineffective.

Solution - Infizo Stock eliminates the manual process by automating it, therefore minimizing the chances of inaccuracy and increasing productivity. Automation simplifies several tasks.

# Problem 2

Out of stock issue - A common problem is the out-of-stock issue, which can negatively affect your business due to many disappointed customers.

Not only will you get unsatisfied customers, but your revenue generation will decrease, and most importantly, your brand image will suffer a negative impact.

According to the Harvard Business Review, “Depending on the product category, 7% to 25% of consumers faced with a stock-out will continue shopping but won't buy a substitute for their desired item at the store; 21% to 43% will actually go to another store to buy the item.”

Solution - Infizo Stock includes a reorder feature built specifically to resolve out-of-stock issues. It uses historical data to find an average number for inventory. Whenever inventory falls below that level, the system will alert the person responsible for restocking, allowing you to replenish inventory before it's finished. With this feature, you will never suffer from the out-of-stock issue.

# Problem 3

Too much stock - Another issue is having too much stock, the opposite of an out-of-stock issue. Organizations may have too much stock they cannot sell, devastating several businesses because they invest a lot of money and their profit ratio minimizes.

It also creates obsolescence as, when the trend is out, selling stock becomes harder, and as a result, this inventory becomes obsolete.

Solution - Striking a balance between too much stock and out-of-stock is important. Infizo Stock helps track sales numbers and data, assisting in calculating how much inventory your organization can sell, so you only purchase inventory according to statistics. It keeps profit maximized without the burden of too much stock.

# Problem 4

No Inventory count - Inventory count is an important part of inventory management, letting you know the exact number of inventory items available in the warehouse. However, it is a long and hectic process, which is why many organizations do not perform inventory counts.

Solution - Infizo Stock shows real-time inventory, saving a lot of time counting inventory. However, organizations should perform inventory count activities occasionally. This activity helps reveal the actual number of inventories that match the software data of inventory. Furthermore, this software provides an audit feature, assisting in discovering errors, inventory pilferage, etc.

# Problem 5

Not getting business insights - Keeping accurate records of inventory is especially important for optimizing inventory. However, most organizations do not follow this practice, resulting in decreased productivity. When an organization does not have data, they make decisions based on assumptions, leading to unexpected results.

Solution - Infizo Stock analytics assist in easily monitoring and analyzing your organization's inventory and its movements in, out, and through manufacturing plants and distribution centers. It is helpful in making crucial business decisions. With inventory reports and data, you can also track trends that help in inventory forecasting. If you track trends precisely, your organization can gain an extra edge, benefiting your business.

Why Is Cloud-Based Inventory Management Software Important?

Cloud-based inventory management software is important because inventory and stock are necessities to run daily business efficiently. For instance, if an organization does not have stock to sell, how will they generate revenue? And no revenue means no profit.

That is why maintaining the right level of stock at the right price at the right time is crucial. Cloud-based inventory management allows you to make decisions and modify changes as required, especially when you are away from your office.

Conclusion

Proper inventory cloud management software can triumph for your business. Having knowledge of your stock from anywhere is critical to success.

With the right tools

in place, managers can manage their inventory effectively and lower costs.

Infizo Stock has a lot of potential in improving businesses, especially those equipped with a lot of inventories!

With this software, you can find the perfect balance between demand and supply, overstocking, and understocking.

Frequently Asked Questions (FAQs)

1. How to choose the best inventory management software?

The first step in getting the best inventory management software is to identify and list your inventory problems. Then, research which organization's software suits your needs & what additional features you should get along with the required features.

2. What are the benefits of inventory management software?

The benefits of inventory management software are discussed below:

  1. Precise inventory

  2. Minimize overselling risk

  3. Inventory insights

  4. Inventory forecasting

  5. Increased efficiency

  6. Avoid stock issues

  7. Real-time inventory

  8. Better & informed decisions

These are only a few benefits; there are several others as well.

3. Can integration be done with inventory management software?

Yes, integration can be done with inventory management software. Data can be fetched from one software to another, which is handy when you want one feature of the software to be used.

‍