Top three inventory management trends to watch in 2021
Humans need objectives. Being susceptible to errors, we’re always in search of an upgrade. For the inventory management business, the upcoming eleven months are exciting, challenging, and demanding, especially in the e-commerce sector. Industry giants and startups across the globe have started adopting cutting-edge solutions like inventory management software to meet growing demand. In fact, reliable sources cite that the inventory management software market size is expected to surpass USD 5 billion by 2026. Alongside developments, its awareness amongst organizations is more than ever.
With so much development within the industry, let’s have a look at the top three trends that will be much more prominent in 2020.
The advent of cloud-based inventory management software
Cloud-based inventory management software has been gaining significant prominence in recent years. This software is helping businesses worldwide to automate and evaluate product information for efficient demand-supply planning and improved financial management. This type of software understands the pain points of today’s fast-paced business world and puts complete inventory information right at people’s fingertips.
The product also enables employees to generate automated stock reports, complete audits, perform stock takes, and access stock movement history in just a few minutes with a mobile phone or any other device. Its automated capabilities also play a pivotal role in eliminating manual errors throughout the inventory lifecycle. On this note, it is expected that cloud-based inventory management software will see increasing demand over the ensuing years.
The increasing demand for barcode scanning systems
The ongoing COVID-19 pandemic has significantly impacted numerous business verticals across the globe. During times like these, businesses are looking for solutions that meet their needs with less or zero contact. This has accelerated the demand for barcode scanning systems to track inventory movements across the complete supply chain.
It allows companies to process large amounts of items with any devices such as computers, mobile phones, and Point of Sales (POS) terminals. In this way,
inventory management software provides an ideal way for business owners and consumers to manage their inventory in the COVID-19 pandemic.
Burgeoning focus towards order management
Over the past few years, order management has undergone a major transformation to accommodate process re-engineering in inventory management systems. This has led to an increase in the demand for inventory management software for streamlining order management procedures.
The software helps companies to centralize their orders that are received from numerous vendors. It also enables them to efficiently manage their complete order processing cycle and deliver best-in-class customer support. On this note, it is anticipated that inventory management software will record significant demand for streamlining order management procedures over the forthcoming years.