The data used by an inventory system is relevant to other business activities in your business, such as customer tracking, invoicing, shipping, payroll, accounting, HR, point-of-sale and scheduling. Many of these fall collectively under ERP (Enterprise Resource Planning) or CRM (Customer Relationship Management).
Having your data in the cloud makes it easier to integrate with other functions or interface with leading business programs and services. Be sure to ask prospective inventory management vendors what other functions and modules they offer, what third-party software services they already integrate with, and what APIs are available.
Cloud inventory management offers many potential benefits, including more accurate buying, BI analysis to identify profit opportunities, and reduced inventory write-offs. Accounting, sales and manufacturing can use the insights for other business improvements.