BLOG

What’s Driving the Inventory Management Software Market Towards Perfection?

Sep 15, 2017

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, thereRequest Free Sample 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.
CTA view full report

Related Articles:

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars