Successful inventory management involves effectively controlling the inflow and outflow. A capable inventory management software mixes all business processes for a more efficient solution.
The increasing e-commerce transactions, supply chain inefficacies, and the rise in omnichannel retailing will boost the demand for inventory management software, states a new market research report recently featured by MarketResearchReports.biz on its repository.
The report, titled ‘Global Inventory Management Software Mark…The Retail Sector 2016-2020,’ states that the market is expected to exhibit a 8.31% CAGR during the period between 2016 and 2020. As per the findings of the report, factors such as the concerns about consumer privacy and data security, and the high installation cost of inventory management software are the major obstacles for players in the global inventory management software market.
A mismatch between the actual physical data and the system data can affect the entire inventory. This is also a major challenge faced by inventory managers.
However, the rising adoption of RFID technology and rapid development of automatic store replenishment systems will benefit the market, predict the analysts. The steady introduction of new software will further benefit the global inventory management software market.
The report defines inventory management and highlights the many benefits of using inventory management software. An advanced inventory management software optimally maintains stock levels and assists organizations in the analysis and purchase of new stock.
Authorized transactions, reduced chances of mistakes, and an automated procedure of managing an organization’s inventory are some of the features of an inventory management software.
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The research shows that technological innovations have helped the global inventory management software market in many ways. In today’s era of smart devices, the ubiquity of smartphones has helped many industries simplify their procedures; the availability of inventory management software on smartphones is a boon for organizations.
The availability of inventory software compatible with tablets and smartphones is expected to propel the global inventory management software market in the coming years.
Leading companies are focusing on introducing new inventory management software compatible with smartphones and tablets. This will help them maintain their dominance in the global market, predict the analysts.
Epicor, Oracle, SAP, Microsoft, JDA Software, Netsuite, Sage Inventory Advisor, Fishbowl, Accellos, Aldata Software Management, Descartes, GTNexus, IBM, IBS, Kewill Systems, Kinaxis, Lawson Software, and Logility are some of the leading companies operating in the global inventory management software market.
For a detailed analysis, the global inventory management software market is segmented on the basis of region and deployment type. Based on deployment type, the global inventory management software market is classified into cloud-based and on-premise deployment.
The rising adoption of cloud-based systems is expected to make this segment the leading segment of the global inventory management software market in the coming years. By region, the global inventory management software market is divided into the Americas, Asia Pacific, Europe, and the Middle East and Africa.
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