We spoke with Bernadine Geary, Director, Cashflow Finance at Fundamental Business Finance, who provided some insights to the...
[RESEARCH] Save 5+ hours per week using “cloud” inventory management software
Live Visibility - Real-time updates - Business intelligenceTeam Waddle
Running your business offline? It’s time you explored cloud-based software and its incredible benefits.
Cloud software has been filling a huge cost gap for SMBs between graduating from a micro business to a larger turnover enterprise that requires expensive ERP software to run the operation. Thankfully, as a business grows it can now take advantage of low cost add-ons and cloud-software before making a huge leap up in costs. The biggest issue to date that we see is businesses owners paying for ERP systems when they really only require a few of the components with the rest being underutilized.
Cloud software covers everything a small or medium business needs to get off the ground: accounting, working capital (business loans), inventory management, shipping and fulfilment.
Independent SaaS and SMB industry research shows that 55% of SMB owners polled say that inventory management software saves them more than five hours per week, with 16% saying they save more than a day’s work thanks to these apps.
Business owners that manufacture or wholesale know that managing stock and fulfilment can quickly spiral out of control if proper systems are not put in place from the start. When it comes to growing your business, cloud software offers a one-size-fits-most solution for businesses. You only pay for what you need, while maintaining the option to upgrade in the future as you grow or your needs change. You’ll be able to scale up to a higher-tier or add-on extra functionality easily, without needing to overhaul your system.
3 Reasons to go cloud for inventory management
Online inventory software allows you to track all stock movements across multiple channels. You can remove the need for manual sales entries. The use of wireless barcode scanners can mean staff can receive shipments at the loading bay, scan or log stock and instantly update inventory levels without double entries.
It can also help control internal stock theft from employees by setting individual access for each staff member that tracks times and dates of stock entries by the individual. This can be matched against inbound shipments received and actual stock received to allow business owners to pick up irregularities on the spot.
Using cloud software across all areas of your operation lets you integrate all your sales channel through integrations. If you’re an online store, purchases made at the checkout automatically update stock levels and can be adjusted to only remove stock once the items have been shipped. The sale is then pushed to your accounting software all without keying any manual steps.
Wholesalers can establish online ordering systems and operate in a very similar way to a retailer, automating processes that would usually require dedicated staff to handle.
Business Intelligence (BI)
Research also revealed that when it comes to reordering decisions, SMBs are most likely to use information from previous months to inform them (46%).
Making purchasing decisions as you begin to carry more stock can become the single most important factor that can make or break profitability. Knowing what’s selling, how fast and even what types of product move quicker in different seasons or which products are selling together are just some of the key pieces of data that needs to analysed when re-ordering and producing sales forecasts.
Most cloud-based inventory systems have some kind of BI built in and if they don’t you can take your pick of software to “bolt on”. It’s important to first compare each software provider to determine if each of them can integrate with each other across the entire sales channel. We recommend starting with your accounting software and work out from there.
Inventory Management software we like:
TradeGecko – We make commerce effortless, so you can sell more.
(best for both wholesalers and retailers)
Vend POS software – Everything you need to run your retail business.
(best for retailers)
Not sure where to start?
We recommend Zrilo.
They provide professional help for integrating and recommending the correct software based on your industry. http://www.zrilo.com/au
Need working capital?
It’s just a few clicks away.