The Surge of Inventory Management Software in 2018 and Beyond

Inventory management software is set to create huge waves past 2018 up to 2024, and the demand for the technology is only beginning to show its imprint on a global scale today.

With impending breaks in the EU supply chain and the strengthening of legislative oversight on large manufacturing industries like pharmaceuticals, companies now have to invest heavily in intelligent inventory management software to keep operations efficient and profitable.

Trends and Results

Regional and global analyses from the Market Research Engine and OrderDrive have showed the following trends in the development and deployment of this type of technology by manufacturing industries.

  • Real-time inventory tracking and cloud technology is becoming more popular and necessary.
  • Centralized data repositories and testing grounds, also known as centers for excellence, are being used to test newer systems.
  • Subscription-based cloud models are becoming more popular, especially with small to medium enterprises.
  • The Internet of things continues to challenge and change how smart warehouses are designed and constructed.
  • Hybrid warehousing and drop-shipping are both experiencing a resurgence, especially with e-commerce channels.
  • Customers are evolving into super customers who know more and therefore expect more from manufacturing companies.
  • RFID devices are being used more frequently for more accurate tracking up to definite specifications, making life easier for manufacturers everywhere.
  • There has been a notable escalation in the use of mobile devices in the management of inventory all over the world.