Impactofcloudcomputing onasset&inventory management:5factsyou shouldn’tignore Techahead
It’sindeedshockingtoknowthatmorethan40%ofsmallbusinesses nevertracktheirinventoryandawhopping67%ofsupplychainmanagers usespreadsheetstomanagetheirassetsandtracktheflowofinventory. DataSource:Zippia,Compunneldigital In2020,itwasfoundthatthevalueofout-of-stockitemsacrosstheworld was$1.4trillion. Duringthepandemicin2020,lossesduetosupplychainmismanagement andlackofacentralizedsystemroseto$4trillion,andwell,thisisindeed unfortunate. Businessesinvolvedinassetandinventorymanagementsuchas wholesalers,manufacturers,andretailersneedtopulluptheirsocksand ensurethattheyaredeployingascalable,robust,andtech-centric platformformonitoringtheirassets,andtheflowofinventory.
Trillionsofdollarscanbesavedandusedinotherbusiness-growthactivitiesif organizationsacrosstheglobedeployacutting-edge,andtech-powered solutionforassetandinventorymanagement. Why Cloud Based Asset & Inventory Management: An Introduction Cloudcomputinghasbeenhailedasasaviorformanufacturers,retailers, wholesalers,andanybusiness,whichneedstomonitor,trackand optimizeinventorytrackingandassetmanagement. Acloud-basedinventoryandassetmanagementcanbedescribedasa SaaS-basedplatform(SoftwareAsaService),whichempowers businessestotrackandmonitortheirassets,inventorystatus,and logisticsinreal-time,andgetaccuratebusinessinsightstomakeasmart businessdecisions.
Traditionally, companies used to perform this manually, with pen and paper, orspreadsheets.Andthisisthereasonthat$4trillionwaslostsuddenlywhen Covidhitthemasses,andbusinesseswereshutdown.
With this manual approach to inventory and asset management, businesses havenoclueaboutthecurrentinventorystatus,therawmaterialsneededto fulfill the vendor’s requirements, and the current position of their logistics. Andthisleadstochaos,confusion,andeventuallyhugelosses.
These problems can be effectively resolved with Cloud, and this is a gamechanger.
With Cloud-based asset and inventory management, there exists a centralized record of every SKU, every item, every product, and its real-time positionatanygivenmoment.
A business owner who has multiple inventories spread across the globe can findoutwhichproductsneedtobefulfilled,whichrawmaterialsareneeded, and what the customers demand, with a single tap on their Cloud-powered assetandinventorymanagementplatform.
CostOptimizationStrategies Real-Timeinformationaboutinventorystatus Ordermanagement Vendor/Suppliercommunication Supporttickets Lossandfraudprevention Check out some common, and most popular features of a typical CloudbasedAssetandInventoryManagementSystem: In short, Cloud computing is revolutionizing how businesses are tracking and monitoringtheirassetsandinventory. Impact Of Cloud On Asset & Inventory Management Some real facts: Two years, it was reported that globally, there exist overstockeditemsworth$176.7billionand$568.7billionworthofout-of-stock goodsinsideinventories,acrosstheworld.
Add a little bit of body textThis 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:
Unprecedented Automation
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.
HowToImplementCloud-BasedAsset&Inventory
ManagementSolution? 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. We at TechAhead can create a powerful, scalable, and robust Cloud based asset and inventory management solution for your business, which will have:
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 focusoncorebusinessoperations. Connect with our Cloud Experts, who can conceptualize, design and deploy a powerful,ROIfocussedCloud-BasedAssetandInventoryManagementSystem for your business, and empower you to scale your operations and have completecontroloverinventoryandassets. WithTechAhead,possibilitiesareendless. https://www.techaheadcorp.com/blog/impact-of-cloud-computing-on-assetinventory-management-5-facts-you-shouldnt-ignore/ Source
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