As demand grows, challenges crop up simultaneously, and only the best survive the tidal onslaught of competition in the ever-growing business market. Along parallel lines, inventory management has come a long way from its inception as manual bookkeeping. Effective inventory management has become necessary for businesses that aspire to stand among the top as it displays its panache when it comes to maintaining and keeping track of stocks, identifying demand patterns, anticipating customer requirement, and projecting customer satisfaction, ultimately leading to productive trade management and astounding success stories.
Modern inventory solutions have played a beneficial role in digitizing data and strategically calculating when the demand would rise or fall, integrating sales forecast data to help in deciding the replenishment of stocks, centralizing all data for better reachability, and streamlining the supply chain process. ERP systems with their high integration capabilities, through the sharing of data interchangeably among multiple business processes and the provision of ease of access, have been saving considerably large amounts of time, energy, and money. Combined with data analytics and big data, ERP systems can become incredibly smarter, especially with the arrival of IoT.
Current trends point toward a rise in hybrid warehousing and cloud-based data storage that aim at reducing the expenses involved and increasing the convenience in storing materials. The blockchain technology is a new entry into this arena, and it has been revolutionizing every idea since its arrival. It plays a crucial role in distributing data across places and streamlining the history of the product from its manufacture to sale. Smart contracts are already automating processes to reduce human errors, which have been scourging inventory management. With the retail industry banking on online paradigms, customers have moved toward portability and to cater to them adequately, omnichannel shopping experiences are increasingly becoming normative. RFID systems for tracking individual shipments have piqued the interest of businesses not only because they help to keep track of stocks, but also as they prove to be a prominent defense against theft. Smart, on-the-go inventory management solutions for handheld devices—including smartphones and tablets—for sending data across platforms have a definitive chance at becoming mainstream. Inventory management solution providers who were earlier confined to cater to just the desktop-oriented platforming needs are now witnessing the magnitude of the impact of mobile and other handheld devices.
To facilitate CIOs in realizing the right inventory management solution, a panel of CEOs, CIOs, VCs, and analysts, together with the Logistics Tech Outlook editorial board has assessed several inventory management solution providers and picked the best-performing companies. The companies featured here display prowess in tending to the emerging needs of fleet owners and warehouse managers. We present to you Logistics Tech Outlook’s “Top 10 Inventory Management Solution Providers - 2019.”