Throughout the history of inventory management, there has been some form of inventory management mostly limited to manual counting methods. The advent of bookkeeping did help the inventory management process by bringing in order and structure. However, stock validation still required time-consuming physical counts. The capabilities of a modern inventory management software to digitize the process surpasses all other legacy systems by exponentially increasing its efficiency. In addition to that, there have been constant innovations in inventory management software that is driving the efficiency of organizational inventory and logistics management. Here are the top trends in the inventory management software market:
Increasing Use of RFID Technology
The advent of RFID technology has taken over the barcodes due to its ability to track vital product information at a much faster rate. Also, RFID technology can automate the inventory management process since the product need not be in proximity to scan. Organizations are progressively replacing barcodes with RFID tags to facilitate real-time inventory tracking to enforce better SCM.
Integrating Big Data Analytics with Inventory Management Software’s
The modern inventory management systems generate a substantial amount of data including product code, price, date of purchase, lot number, and revision number. Apart from inventory management in the warehouse, the rise of e-commerce has led to the generation of huge volumes of unstructured data that cannot be processed using conventional analytics. The capability of big data extends to the analysis of large volumes of data to recognize hidden patterns that can accurately forecast customer demand.
Cloud-Based Inventory Management System Bursting onto the Scene
Cloud-computing has empowered the small businesses to harness the power of modern inventory management systems because of significant cost savings opportunities and convenience. Additionally, it also gives the organization the flexibility to scale the system parallel to their business growth.
IoT and Automation
IoT largely eliminates the company’s inventory problems by providing improved connectivity and real-time analytics solutions. Using interconnected networks of sensors, phones, computers, and other systems, IoT can transfer all product information with the help of RFID tags and transmit the data to cloud-based inventory management software. This could radically change the way companies currently track their shipments by giving up-to-date information on the item regarding its location and condition. Furthermore, the inventory management process can also be automated as sensors in the warehouse can detect depleting inventory levels.
Read more about the trends in the inventory management software market along with supply market landscape, pricing, and procurement insights in SpendEdge’s upcoming report on the global inventory management software market.