Cloud technology offers many benefits for the transport industry, but one of the most prominent is the money it saves through accurate inventory management. The cloud has revolutionized inventory management because it allows for real-time access to inventory information. As a result, companies are able to move with market fluctuations much more effectively and with increased efficiency.
Breaking Bad Habits
Many companies fail because they fall prey to bad inventory habits. The key is to break these habits with the power of cloud computing and technology. For starters, you can’t assume technology will handle everything. While you may have an existing accounting system or analytical software, it’s useless without human intuition and a proper understanding of how to use it.
Secondly, you need more than sales data for effective inventory management. You need real-time, on-demand information drawn from multiple sources and channels. Focusing too much on the wrong type of information essentially puts blinders on your ability to make educated decisions.
Third, spreadsheets are not the answer. They are susceptible to human error, are difficult to sift through, and become outdated in a matter of hours or days. You need a data source that keeps up-to-date, accurate figures 24/7.
The Benefits of the Cloud
When you make a move to the cloud, you will quickly realize the benefits of operating with updated information at your disposal. Because cloud technology can be overwhelming when looked at from a top-down view, it’s important to look at what specifically matters to you. Here are some of the benefits of cloud technology as it pertains to inventory management.
- Real-time inventory. With the cloud, you get the benefit of real-time inventory management. This maximizes your agility and enables you to accurately respond to fluctuations and defend against harmful mistakes. The cloud provides a steady stream of data and customizable information that gives you precise control, whenever and wherever you need it.
- Not limited by location. If you currently operate your inventory management system on physical servers, you may be limited to when and where you can access information. With the cloud, though, data is stored virtually. This enables you to manage inventory on-the-go or from the office.
- Up-to-date pricing. Depending on the industry you operate in, prices can vary drastically from minute to minute. The cloud provides you with updated logistical costs associated with every step of the supply chain. This allows you to quickly change prices based on any number of fluctuations in the market.
- Consolidation. Without a cloud-based solution, you probably have multiple software and TMS systems. When these technologies fail to effectively communicate, you find yourself in trouble. Thankfully, the cloud brings everything into a single, fully integrated platform that reduces communication errors and improves efficiency.
GTG Technology Group
At GTG Technology, we are proud to offer one of the premier cloud-based TMS systems on the market. For more information on our solutions and how they can improve the way you manage your inventory, contact us today. We would be happy to provide you with a free demo.