A traditional response to tackle the dynamic demand would be to stock up the products in mass quantities. Overstocking is a big problem for the managers as it increases the inventory. First of all, buying too many risks product expiry or stock obsolescence, and most importantly, it freezes up the much-needed capital, which can be utilized for other revenue-generating activities. As a result, managers increasingly depend on inventory management software to optimize the inventory levels and consequently improve operational efficiency. Inventory management software with accurate estimations helps in managing demand fluctuations, availing trade discounts, freeing up working capital, and increasing supply chain efficiency.
Suppliers in the inventory management software market are looking for constant technological innovations such as the use of RFID chips technology, big data analytics, cloud-based systems, and IoT technology to help their clients improve profitability. The rising popularity of cloud-based inventory management systems has urged SMEs to opt for such solutions. Here are the top five suppliers in the inventory management software market who are influencing the market landscape:
Microsoft is the leading supplier in this marketplace, projecting revenues of over US$28 billion. Its software Dynamics 365 is extensively used in industries such as retail, electronics, furnishings, chemical, and automotive. It provides a broad suite of ERP software solutions under the brand Microsoft Dynamics such as Microsoft Dynamics GP, Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics SL, and Microsoft Dynamics CRM.
SAP SE has been serving some of the biggest companies such as Lenovo, McLaren, and United Breweries with their inventory management solutions. Their solutions help client balance inventory levels, analyze crucial inputs and signals, and model the impact on decisions on the global stock.
NetSuite offers their clients with solutions to manage and optimize their global supply chain. NetSuite offers bundled services including financial management, warehouse management, production management, SCM, warehouse fulfillment, procurement, and HCM.
JDA Software Group, Inc.
JDA software is one of the leading market contenders in the inventory management software category. With 31 years of experience in this market, they have been helping clients better their supply chain game by assisting them in planning and delivery.
Zoho Corporation Pvt. Ltd.
Zoho Corporation is a California based company with a strong presence in North America, Europe, and APAC regions. ZOHO is popular for using refreshing and easy-to-use UI in their software along with gamification. It offers end-to-end tracking, accounting and CRM integration, and warehouse management.
Read more about top vendors in the inventory management software market along with supply market landscape, pricing, and procurement insights in SpendEdge’s upcoming procurement report on the inventory management software market.