Efficient inventory management becomes a vital part of businesses, especially those seeking to augment their online presence, as it improves operational efficiency, responsiveness and customer satisfaction, thus increasing the overall revenue. While the discipline of inventory management has become crucial for e-commerce and omnichannel companies, modern inventory management software are challenging the orthodoxies of manual process-centric legacy systems by digitizing the processes for increased efficiency. Using real-time data in collaborating sales channels, inventory management and order management has improved the supply chain process significantly providing customers with accurate product availability, status, immediate delivery, and store pickup. In addition, the rising significance of data analytics is also contributing to the improvement of the context and clarity of daily operations. Combined with the cloud and ERP reports, data analytics is empowering companies to perform metric findings and converting inventory data into meaningful information.
Current inventory management trends show a heavy leaning towards providing an omnichannel experience to customers. Cloud-based inventory management systems are also becoming popular, as they provide a comprehensive view of the inventory as well as instant access to necessary information, besides being cost-effective and less time-consuming. IoT and machine-machine interactions connect to create a data- and product-web, bringing together the front- and back-end operations and monitoring them simultaneously to place and process data efficiently and avoid unnecessary over- or under-stocking. While IoT platforms are being deployed to improve inventory tracking and monitoring efforts across multiple operation locations, companies are also leveraging Radio Frequency Identification (RFID) for monitoring location of individual products, their components, and their respective quantity/quality.
In an effort to facilitate the CIOs find the right inventory management solution partner, a panel of prominent CEOs, CIOs, VCs, analysts, along with the Logistics Tech Outlook editorial board has assessed several inventory management solution providers and picked best-performing companies. We present to you Logistics Tech Outlook’s “Top 10 Inventory Management Solution Providers 2018.”