Not so long ago, inventory management and automated workflows were only used by big businesses with lots of money. That’s because it used to cost millions of dollars to invest in complex Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems. Not anymore.
The future of inventory management software is in the cloud. And that’s excellent news for small- and medium-sized businesses—especially those that operate in the field services industry.
What Is Cloud-Based Inventory Management?
What exactly is cloud-based inventory management? To understand that you need to know what cloud computing is first. One of the most important buzzwords in the world of business, cloud computing is essentially software provided by shared networking servers that you access through the Internet. Thanks to the cloud, small- and medium-sized businesses can access inventory management software and services that they might not otherwise be able to afford, which allows them to compete directly with their much larger peers.With cloud-based inventory management software, businesses can get an accurate, real-time overview of their business, keep track of inventory levels, financials, expenses, and even employees.
Why Should You Move Your Inventory Management System to the Cloud?
No matter what kind of business you operate—whether it’s an electrical company, plumbing business, general contractor, home heating and AC repairs, restaurant, or retail store—you need to have an accurate snapshot of how the business is operating, this includes inventory levels. While some small- and medium-sized business owners may be hesitant to move their inventory management system to the cloud, there are a large number of reasons why they should.
Financial
Moving inventory management from on-site to the cloud means freeing up a large portion of your company’s IT spending and freeing up more time to focus on running the actual business. To that end, cloud computing uses a secure server network, meaning you don’t have to buy or maintain costly computer equipment and servers. No need to worry about updating software, fixing computer glitches, or providing tech support—it is all done for you in the cloud.
Easily Scalable
Scalability is another huge advantage of switching to a cloud-based inventory management system. If your business is growing and you have an on-site inventory management system, you’ll need to buy new equipment, which is costly and includes lots of downtime (sometimes weeks or months) to implement. With the cloud, you’re basically renting space; you don’t own any equipment. When you move your inventory management to the digital world, data storage capacity, networking and processing power can be scaled using the existing cloud computing infrastructure. On top of that, scaling in the cloud is done quickly and easily, with virtually no downtime.
Inventory Level Updates
Using a cloud-based inventory management solution means getting instant inventory level updates. Inventory management software can tell you how much stock you have, if it’s enough for your demand forecast, and if you need to order more. And it monitors inventory levels in any and all locations, which includes the physical location, employee vehicles, and customer and contractor sites. This helps prevent running out of stock and improves customer satisfaction. And we all know how important online reviews are.
Error Reduction
Cloud-based inventory management software virtually eliminates human error. With cloud-based technology, everyone—from the manufacturer, people in shipping, people on the road, or the courier—gets up-to-date, real-time information. This prevents missed orders or incorrect information, which saves you time and money.
Increased Security and Safety
When you use a cloud-based inventory management system, the data is backed up remotely on storage devices in the cloud. Any changes that are made by employees, whether on or off-site, are instantly saved with security being provided by the service provider.
Built-In Reporting and Analytics
Forecasting, or knowing how much stock to order, is one of the toughest aspects of running a business. Cloud-based inventory management systems will automatically analyze your data and create reports, so you can make more well-informed business decisions.
Data on Hand
One of the most important things your business creates is loads of data. That data paints a complete picture of how your business is doing. A cloud-based inventory management system keeps track of all of that data. It shows you how much you’ve sold, what’s on hold, and what isn’t selling. With a cloud-based inventory management system, you always know what’s going on with every aspect of your business.
TFP Canada, Helping Businesses Streamline Operations and Run More Efficiently
One of the biggest problems facing small- and medium-sized businesses today is managing inventory and digitizing work orders. These operational inefficiencies end up costing businesses thousands of dollars every year. If your small- or medium-sized business wants to succeed, it needs a full-functioning software solution like Tasflow Pro.As the exclusive retailer in Canada, TFP Canada, powered by Taskflow Pro, solves these issues by providing businesses with an electronic workflow that you can use anywhere—from a computer, tablet, or mobile device.As one of the only Canadian-based small business enterprise resource planning management solutions, Taskflow Pro is perfectly suited for the field service industry, allowing remotely deployed workers to provide live data and communications from the field immediately back to the office. With Taskflow Pro, businesses can book services and schedule teams, managing inventory and assets, invoice customers, accept payments, review financials, and managing employees. On-the-go employees can create estimate and work orders electronically, monitor inventory from anywhere, produce real-time dashboards for an overview of the entire operations, and manage their entire business.Because Taskflow Pro is cloud-based, there is no need to buy expensive hardware, pay for unnecessary upkeep or internal IT systems, or buy costly service plans to build and maintain the system.To learn more about TFP Canada and how our cloud-based enterprise resource software can help automate your business and reduce costs, contact us at (647) 612-3300 or by email at [email protected].
