Well, the financial sector has been reluctant to adopt cloud technology because protecting the customers’ data is the utmost priority, and the financial management process is complex and prone to errors. But recent studies have shown that many organizations who adopted cloud-based financial management saw improvements in efficiency and accuracy within the financial services sector.

One of the main reasons cloud based inventory management software and financial management software have become popular is that they can help your business improve its scalability.

On-premise software can incur huge costs in installation, integration, and maintenance procedures. It can take up ample space, money, IT resources, and time for your business to establish. In contrast, the cloud can provide you with a viable solution that will give you access to cutting-edge technology and software applications that can lead to business expansion and growth.

Cloud-based financial management software will allow your business to enjoy excellent financial controls and recordkeeping systems. So, your CFO and senior leadership can focus on their duties instead of tackling the traditional finance management tools. Your employees can also skip maintaining the data centers, constant upgrades, app licenses, OS licenses, and servers and save on the operating budget.

How Financial Cloud Computing Can Make Work Easier For You

Here are some benefits of using cloud-based financial management software for your business to help with efficiency and accuracy:

Excellent Security For Your Data And Financial Systems

Your cloud-based financial management software can handle both software updates and server maintenance that help boost internal security. This is done effectively because regular software patchwork can help eliminate any security threats and vulnerabilities in the software that hackers might exploit and steal sensitive data and information.

And additionally, the cloud service provider has a team of cybersecurity specialists that protect their financial management SaaS solution for external threats and intrusions.

Consolidated Data Management

An on-premises financial management solution can split your business finances data among several assets on the network. This problem increases the risk of bookkeeping errors and reduces productivity because of the complex financial transactions that happen in your organization.

By integrating your information database and financial management system with a cloud-based solution, you can eliminate data redundancies. This can also make your auditing process easier because you will be able to track each transaction to its source without any discrepancies and verify duplication.

Reduced Maintenance Costs And Monthly Expenses

An on-premise ERP financial management software can incur many variable costs. Because you have to consistently redo the data centers, perform emergency maintenance, license the updated version of software and applications and replace servers. This is one of the biggest risks you undertake with an on-premise system in addition to the usage of space for the system.

The on-premise process can lead to additional variable costs alongside regular maintenance, where you will see excellent performance one month and a massive dent in your budget in the second. The cloud-based financial management tools will streamline work processes for your business and lead to reduced, stable and predictable monthly maintenance expenses.

Elimination Of Server Maintenance

Data centers and servers require massive resources of expert technicians, specialized tools, and significant downtime to make repairs and keep them running at optimal conditions. With a cloud-based financial management solution, the services provider handles all the maintenance for the server and any relevant upgrades and replacements.

Improved Management Mobility

Your financial officers in the organization will be to access the financial data and systems they form anywhere they have internet access with cloud-based financial management systems. This will give your employees freedom and mobility and will make their jobs easier on the go. And since many employees prefer to work from home as well, this is a perfect solution to safeguard your data and help your financial managers work comfortably.

Customized Solution

One of the key benefits of a cloud-based financial management solution is that it can be easily scaled to your organization’s needs. This way, you will only pay for the resources you need for any given period. In contrast to the on-premise financial management solutions, they require huge resources, so you will need to expand your budget to maintain the data centers every time your business expands. You will also need to hire contractors and redesign your server rooms and physically install new computing software and applications

But with cloud-based financial management software, you can assign more cloud computing capacity with a simple click of a button and no need to incur costs in building new infrastructure. And if for some reason, you need to scale back on your scope of operation, you will not have to deal with empty data center space or servers that won’t generate any ROI for your business.

Cloud-based financial management software can offer you advanced functionality for a fraction of the cost of an on-premise financial management solution. It can be quickly implemented and eliminate the need for costly software and server updates, and can help your business manage data and resources more efficiently. With attractive dashboards, agile functions, and improved analysis ability, you can get an edge in financial capability among your competitors in the industry.

If you are looking for a trustworthy company to partner with to set up your cloud-based inventory management software, check out AltheaSuite. They provide customized ERP software that can integrate your different business functions into modules linked up to a central database. Their cloud-based inventory management systems, order fulfillment software, and accounting modules can help expand your business and optimize your finances. Get in touch with them to learn more about one of the best ERPs for inventory management.

The post Financial Management Made Easy With Cloud Computing appeared first on Tech Web Space.

However, it is a very tough task to do properly and even harder if you’re doing it all manually. Inventory control is a more delicate and complicated system that many people fail to understand. On top of that, if your inventory management is weak or falters, then many core functions of your business may be affected.

What Is An Inventory Management System?

Inventory management is a part of your supply chain that helps you determine and keep track of stock your company has stored in warehouses. One of the major goals is to know the exact value of your stock at a given time and location. Companies will then need cloud-based inventory management systems to increase efficiency and accuracy. However, many people confuse between an Enterprise Resource Planning (ERP) System and an inventory management system (IMS).

One of the major differences is that IMS only deals with a specific supply chain process, whereas ERP deals with all the business processes. Furthermore, IMS can also be integrated with other business processes such as shipping and channel management for an integrated system customized according to your business’s needs.

Why Is It Important?

As mentioned before, if you don’t have a proper inventory management system, many of your core business functions will be affected by it, especially individual functions in your supply chain. You can run out of stock without knowing, order the same things twice, or even order the wrong stock.

To ensure proper inventory management, you also need a proper warehouse management system (WMS). Both these things go hand to hand with each other. That’s because if you have a weak WMS, then you might have a messy warehouse with misplaced products. All these errors will be costly in terms of buying wrong things but also be time cost as well.  

Inventory Management Techniques

There’s no doubt that an effective inventory management system is necessary for your business to grow rapidly. It doesn’t matter if you’re a wholesale business, furniture retail business, or any other big or small business; you can choose any of these different types of inventory management techniques to your advantage.

Economic Order Quantity (EOQ)

This is a technique used by companies looking to maintain certain quantities of stocks in their houses by considering factors such as the demand of the products and the cost of production. The major goal of EOQ is to help minimize as much cost as possible.

ABC Analysis

This inventory management technique divides your stock into three different categories according to the value they add to your business. For example, category A refers to the most expensive and valuable items that make the most profit. This is followed by category B, which are somewhat necessary but also make a fair amount of profit. The products in category C are considered the cash cows of the business.

Just-In-Time

This is considered a great inventory management system due to its cost-lowering qualities. When the companies receive an order, the system orders raw materials, delivered directly to the production facility, then produced and shipped as it’s completed. This whole process does not require you to store anything in your warehouses resulting in a low cost or no inventory cost.

FIFO And LIFO

These are techniques to help monitor the cost of your inventory. First-in-first-out (FIFO) means that the stock that came in first will be sold first, allowing your inventory to always stay fresh. On the other hand, last-in-first-out (LIFO) means that you sell the newest products first. The good thing about LIFO is that it provides better tax liability.

Get An Inventory Management Software

As mentioned before, companies choose to shift to cloud based inventory management system to be more efficient and save costs. You can do that as well with the help of AltheaSuite. They provide businesses with the perfect and simple inventory management software easily understandable by anyone. You can use it for your home furnishing business or your salon and spa business. You can also contact them to book a demo.

The post Inventory Management 101: Everything You Need to Know appeared first on Tech Web Space.

According to data analytics surveys, an average company uses 162.9TB of data annually, which is a lot! And this data quantity keeps increasing with time.

With such a large quantity of data in every organization, it’s very difficult for employees to manage and use it effectively. Therefore, many organizations use data management to optimize data before using it. This blog discusses everything you need to know about data management.

What is Data Management?

In simple words, data management is the discipline that encapsulates all fields that turn data into a useful resource. In data management, the data collected or created by an organization is stored, organized, and maintained. The main purpose of data management is to ensure that every organization uses only valuable and correct data in its business processes. Data management techniques also aim to make data more accessible for the people working in an organization.

Types of Data Management

Data management processes and techniques vary in different industries. Scroll down to read how different industries use different data management types.

1- Master Data Management

In master data management, the data is collected from all the available sources and ingested into one constant source. Afterwards, the organization only works on that constant source of data. The employees on all levels make important decisions based on that one constant data source only.

2- Data Stewardship

In data stewardship, data stewards follow certain data management guidelines to ensure that the data in an organization is safe, accessible, usable, and trusted. Data stewardship has certain regulations on how an organization can use data. Furthermore, data stewardship ensures the quality of an organization’s data for long-term usage. Data stewards also hold an organization accountable for its data usage.

3- Data Quality Management

The data quality management field is a subdomain of data stewardship. As the name suggests, data quality management revolves around combing the collected data. Through combing techniques, all the underlying issues in the data, like duplicate records, are removed.

4- Data Security

Protected data is one of the most important aspects of data management. The data is protected against unauthorized access, encryption management, and accidental deletion or movement in data security. Security specialists ensure that the data protection techniques are applied to every stage of data storage and transportation.

5- Data Governance

Data Governance sets the laws for the data in any organization. A data governance framework contains rules that state the policies for collecting, flowing, and protecting data in an organization.

6- Big Data Management

Big data management is responsible for collecting, analyzing, storing, and using a very large quantity of digital data. In big data management, raw data is collected and analyzed to use in business intelligence procedures.

7- Data Warehousing

This type of data management is responsible for deriving a large amount of data from sources like application log files. The data is further used in business intelligence and analytics activities.

Importance of Data Management

Following are some reasons why data management is important for any organization.

1- Makes Data More Visible

As mentioned above, organizations deal with a large quantity of data. Therefore, accessing the right data for every procedure is difficult. Through data management, people can quickly find the data they need for their analysis. Finding instant data can make your employees more organized and productive.

2- Makes Data Reliable

Since the data is used to make major marketing and business decisions, it must be completely correct and trustable. Data management helps minimize any potential errors so that the end data is accurate.

3- Secures Organization Information

Many organizations contain confidential and highly sensitive data. Data management protects the data from any unwanted breaches by following the latest encryption techniques. Your company’s data is safe from data loss, theft, or unauthorized access with data management.

The post Your Complete Guide to Data Management appeared first on Tech Web Space.

However, if the data is raw, unorganized, and haphazard, it’s not going to do your business any favors. It’s just going to cost you your precious time combing through mountains of data to find something useful.

The best way to sort raw data and convert it into useful business information is through data mining. Data mining allows the user to save their time and efficiently use data to their benefit. But it’s so much more than just turning unorganized data into useful and useable data.

Keep reading this article to learn more about data mining and how it can help you run your business more efficiently.

Helps Businesses Stay Ahead Of Competition

Today’s business environment is extremely competitive, and it’s crucial for any business that wants to survive in its respective industry to stay ahead of its competition.

Business intelligence that includes data mining can provide you with the latest information that you can use for market analysis, competition analysis, industry research and understanding consumer behavior, economic trends and patterns, geographical information, and much more.

These trends and patterns can help improve your decision-making that can affect your business in the long run.

Data Mining Can Increase Brand Loyalty

Brand loyalty refers to the positive attachment or association that customers form with your organization or product. Forming strong brand loyalty amongst the customers is one of the leading business goals.

However, it can take ages for you to create a sense of brand loyalty in your customers, but data mining can make this task a bit easier. It can help you understand your customers’ preferences, needs, wants, and habits which you can use to alter your products and services and give your customers exactly what they’re looking for.

This will help increase brand loyalty and business revenue in the long term.

You Can Detect Fraud Easily

Fraudulent activities are the enemy of business growth. However, the financial sector, which includes banks and other such financial institutions, can detect fraudulent transactions done via credit cards with the help of data mining.

Because data extraction allows financial institutions access to information regarding credit reports and loans, it can also create a model or a pattern for historical customers. These models can determine bad and good credits as well.

Data Mining Makes It To Determine Target Audience

A target audience is a specific group of customers that a business caters to based on geography, age, sex, and other determiners. Determining a target audience helps businesses make the perfect product or tailor the services according to their customers’ requirements.

Businesses that are successful in determining their target customers can boost their sales and business revenue.

Data mining allows businesses to effectively identify their target market and helps them tailor their products according to the consumers’ tastes. Also, it can help you create effective marketing strategies and send your customers personalized ads based on the segment they’re a part of.

Can Help Avoid Mistakes

Even a small mistake can cost you and your business dearly. You can avoid making business mistakes with the help of data mining services.

As data mining enables businesses to make future predictions, it can prevent you from taking a step in the wrong direction and tailor your products according to the analysis in front of you.

This will not only save your time but will enable your business to be proactive when the time comes to practically use the trends and patterns produced by data mining.

The Drawback

Although data mining is an innovative and useful tool that can take your business to new heights, it has one serious drawback — it’s difficult to use.

Several tools used for data analytics can be a challenge to use, especially for someone who’s inexperienced and doesn’t have much knowledge about it.

Therefore, it’s crucial to ensure that you hire someone or outsource your data mining requirements to an experienced and reliable organization.

The post Data Mining: Why Is It So Important To Run A Successful Business appeared first on Tech Web Space.

Multiple factors impact the inventory count, which needs to be managed. The absence of a proper system in place can result in decreased efficiency and increased waste and loss.

Inventory management software can track produced items, incoming supplies, sold products, damaged goods, and shipped items. The collected information can help businesses make better production decisions to avoid under or overproductions leading to stock inaccuracies.

Businesses that don’t use inventory control systems might suffer from the inability to keep track of their products. Manufacturing companies who aim to become more productive should find and integrate the best kind of management systems.

Inventory management system

Depending on the exact control techniques that are used by manufacturers, inventory management systems can take multiple forms. However, all of them can be extremely beneficial to manufacturers by keeping track of goods and supplies produced as the software monitors incoming supplies, stores items, shipped goods, and produced products.

Inventory control techniques

Inventory management systems can easily adapt to many control techniques:

 Just-in-time

JIT management is extremely rewarding even though it carries many risks. Manufacturers can only stock supplies that they’ll need immediately. Storage space is reduced by getting parts within hours of their expected use. However, unexpected delays like a natural disaster, spikes in demand, or delivery issues can be problematic and can ruin the fragile balance of this control technique.

ABC analysis

The basis of ABC analysis comprises calculating the sales potential of items and assigning them accordingly. Items with the highest value are assigned as A, equating to 20% of the total. Middle-value items with lower selling demand make up 30% of the inventory while the rest falls into C, with the lowest value.

Economic order quantity

EOQ aims to find the perfect balance between sales and supply orders to minimize extra order and stock occurrences. It uses both the holding and setup costs of the inventory to calculate the total cost.

Set-the-levels

The first step in set-the-levels management is to establish maximum and minimum values for tock items. The business orders more once the values fall below the minimum requirement, and production or purchasing pauses if they reach the maximum.

First-in, first-out

FIFO is the best inventory management system for perishable goods since it sends out the oldest items first to prevent them from spoiling or expiring in the storage. Food manufacturers usually use this method for selling food before its labeled expiration date.

Benefits of using inventory management systems

Manufacturers can enjoy a variety of benefits from integrating an inventory management system:

1. Save money

Goods waiting to get shipped can take up a large chunk of expenses as they sit in a warehouse. It can become cost-prohibitive to have a large warehouse depending on the real estate prices of the location. A proper inventory management system can help keep the number of products that need storage low, reducing the overall storage space required.

2. Decreased risk of going out-of-stock

Effective inventory systems keep up with the current number of stock that’s available by making use of perpetual counting. Customers will be spared from shipping delays and dissatisfaction from buying out-of-stock items when a business knows what it has on hand.

3. Simplify management

Inventory management systems make tracking orders, stored products, and production much easier. Managers can focus on the business operations instead of customer complaints with the help of this system.

4. Forecast your future sales accurately

Information that’s obtained from inventory management systems can give insight into previous sales trends. Manufacturers can make better, informed decisions about production amounts based on this data. This can enable them to avoid over or underproducing.

Get one of the best inventory management software for the manufacturing industry

Make your sales tracking more efficient with the help of POS software for furniture retailers, barcode inventory management software, and barcode inventory systems for restaurants, home furnishing stores, wholesale businesses.

The post Top 4 Reasons Your Manufacturing Business Needs An Inventory Management System appeared first on Tech Web Space.