Best Data Storage Solutions for Inventory Management
It might be hard to believe, but research shows it’s true. About 43 percent of businesses don’t keep track of their inventory or they use a manual system to keep tabs on their inventory.
With the advances made in recent decades, there’s no reason for an organization to not use an inventory management system unless it’s cost prohibitive. Today’s inventory management systems can coordinate activities at every point of the supply chain. From integrating with your vendors’ systems to tracking the delivery of your goods to your end users and a whole lot more, modern inventory management systems are versatile and capable of performing a lot of tasks that make managing your inventory easier and significantly less time-consuming.
Today’s Data Storage Systems
With inventory management systems being capable of communicating with third-party systems, it’s only logical that they’re processing more data these days than they used to when they operated independently of other systems. Since that’s the case, many business owners and managers are now wondering how they can store all of this additional data and use it to gain a competitive edge.
It used to be that companies that maintained an inventory of goods would use tools to predict the value of their inventory and the level of uncertainty for demand in the future. These forecasts were then used to evaluate the benefits and drawbacks of changing inventory levels and as the basis for inventory management decisions.
If you use one of the data storage solutions that are currently available to any business that carries inventory, you can replace the two-step process just described with a one-step alternative. Today’s data storage technologies can be used to analyze data so that relationships are identified, uncertainty is eliminated and business owners and managers are positioned to make decisions quickly and accurately.
Using data storage technology for a business that maintains an inventory of goods stretches the concept of prescriptive analytics. To understand this better, think of data storage in the context of being an online clothing retailer. Your inventory management system will reveal sales in real-time while you can use your data storage solution to look at your sales in cross-contexts, such as dates of purchase, price points, existing inventory, delivery times and the level of product a vendor has on hand.
By having all this data at your disposal, you’ll be prepared to manage your inventory more efficiently. You can also avoid having too much capital tied up in your inventory and prevent products from being backordered.
For inventory management, several data storage solutions are available. While that’s the case, many businesses choose a cloud-based solution because cloud storage is affordable, scalable and accessible from any location.
If your business carries inventory, you should contact SANDirect to find the best data storage solution for your organization. Our data storage partners offer a wide range of storage technologies that include all-flash, cloud-based and hybrid alternatives. We’ll be happy to help you choose the data storage technology that’s best for your organization given your company’s unique data storage needs.
Contact SANDirect to find an affordable data storage solution for your business now.