WHAT IS INVENTORY MANAGEMENT SOFTWARE?

It is a system for tracking and managing current inventory, including how products enter, exit and enter a business. When the software works properly, it helps inventory software for small business ensure that stock is in the right quantity, at the right time and in the right place. A comprehensive system allows inventory to be tracked, monitored for movement and replenished when necessary.

 

INVENTORY MANAGEMENT SOFTWARE: MARKET OVERVIEW

The inventory management software market  inventory software for small business exceeded $3 billion in 2019 and is expected to grow to $5 billion by 2026. North America accounts for 40% of the market, but the Asia-Pacific region will look to catch up and reach 25% market share by 2026.

The warehouse management software market is expected to grow significantly. The growth of e-commerce and its revenue growth in 2020 will increase the need for a well-developed inventory management system. Some companies will opt for a pre-prepared model and choose one of the several solutions available in the market. Others understand the need to develop a customized solution that will meet their expectations and work seamlessly with other systems.

 

But how do you get the most out of an inventory management system?

 

5 TECHNOLOGY TRENDS THAT WILL TAKE YOUR INVENTORY MANAGEMENT SOFTWARE TO THE NEXT LEVEL

In this section, we look at five technologies and solutions that are changing the traditional approach to inventory management software development. We also share our experiences implementing these technologies with our customers.

1. Using mobile solutions

Enterprise mobility has been a highly debated topic for some time. APAC and European markets are leading in the adoption of mobile solutions [1]. However, it is rarely applied to warehouse management. Let’s take a look at some of the opportunities that this technology opens up:

By leveraging mobility in inventory management, a company can:

– Gain better visibility of all processes at different levels.

– Manage inventory in real time.

– Reduce time spent on physical inventory and turnarounds.

– Easily track maintenance activities.

– Fluke Corporation is a world leader in the manufacture, distribution and service of electronic measuring tools and software. The customer needed to gain better visibility into asset status and ensure high performance, customization and scalability of multiple services inventory software for small business.

– What was done?

– The N-iX team is working on a Fluke Mobile solution that allows users to perform work order and inventory management tasks on mobile devices. The N-iX team developed an entirely new enterprise mobile system using Java and hybrid mobile technologies. The system crosses platform boundaries and supports both cloud and on-premises deployments. The mobile application runs on iOS, Android and Windows Mobile operating systems. One of the key features is the offline support mode, which allows complex business functions to be used on mobile devices. It stores transactions in the device database and syncs them back through the message queue once the app is running and network connectivity is restored.

What have we achieved together?

We have developed highly portable software that can be deployed on all major operating systems on customer premises and in the cloud.

 The mobile client software supports all major mobile platforms with native features. It can also accommodate up to 90% of software updates without the need to reinstall the application.

 All mobile solutions are interoperable with various PLC/SCADA and CMMS systems.

The company’s mobile and integration products billing software for small businesses are developed to high standards of security, reliability, scalability and extensibility.

2. Wider adoption of data analytics

Today’s businesses collect a lot of data. However, nearly half of this data typically goes unused because companies have no idea how to use it. A 2020 study shows that smaller companies use data more efficiently than large companies.

Inventory management is largely based on data analysis. There are four main types of data:

1. Descriptive. It helps you understand what is happening with your stock. It can also show whether your processes are efficient.
2. Diagnostics. This type of analysis allows you to identify the root causes of your process failures. It also allows you to isolate erroneous or confusing data for separate analysis.
3. Predictive. Predictive analysis helps companies understand demand trends and plan their operations accordingly. It also allows companies to anticipate specific changes in the market through algorithms.
4. Prescriptive. This form of analytics