Abhrasnata Das | Tuesday, 05 July 2022, 14:04 IST
Inventory management is an integral part of any retail and manufacturing business. Be it in the form of streamlined supply chain processes or enhanced demand forecasting and other inventory-related integrations and automation, inventory management models determine the efficiency, productivity and profitability of an organization.
As customer expectations rise amidst the increasing globalization of supply chains, inventory management software takes the central role in the business activity. A 2021 survey by Statista, a global survey company, found that supply chain industry professionals have started to acknowledge cloud computing & storage technologies. 40% of the supply chain industry is optimizing its inventory and networking tools by adopting new technologies. This percentage is said to grow in the next five years.
With rising demand for the inventory management software, it is imperative to be on par with the latest inventory management software trends. In this article, we have listed the most innovative trends of today that are expected to revolutionize the future of inventory management.
Streaming Analytics
The importance of data analytics is now well understood by the global business community. Moving one step ahead from traditional data analytics, real-time data or the so-called ‘streaming analytics’ to make decisions is growing along with the increasing prominence of personalization and customer-centricity.
Today, more businesses are finding various technologies and architectures that integrate real-time analytics on streaming data into their systems. While the concept is nothing new, it is becoming more valuable than ever. This is because it aids the businesses in becoming more data-driven, and it boosts the effectiveness of the personalization models.
Confluent, an US based company, is offering a real-time inventory management microservice that addresses three major issues with legacy inventory management solutions: inconsistent views of data across e-commerce, sales, store, fulfillment data, and global order management systems; inefficient use of warehousing space due to overstocking inventory; and lost sales and poor customer experiences as a result of inaccurate or insufficient stock.
Anticipation Inventory management Solution
Inventory management software that allows inventory adjustment based on real-time and forecasted conditions is now a growing trend. Managing stock inventory in accordance to the changing demand pattern in a year helps to avoid experiencing obsolescence, stockouts, or overstocked goods. All of these can help a business to optimize the cost while maintaining a steady stock.
Walmart has been a pioneer in anticipation inventory management. The firm uses the anticipation inventory type to ensure optimal capacity to satisfy consumer demand. For example, Walmart dramatically increases its inventory size right before and during Black Friday to satisfy the massive increase in demand during this special shopping day. The company also uses anticipation inventory for the Christmas season and some long holiday weekends.
Omni-Channel Inventory Management
According to a research by Think with Google, online retailers using omnichannel retailing are leading the industry, drawing in 90% of customers who use at least three different apps daily to shop. Consumers who frequent conventional brick-and-mortar businesses are not included in the data. Therefore, a business may visualize the income coming from both your physical store and several internet platforms.
However, the increased profits from multichannel sales necessitate a strong commitment to inventory management. Businesses should search for inventory management software with dependable inventory control systems for sales that originate from several channels if they want to tackle this difficulty. Even more businesses are utilizing store-level data by utilizing cutting-edge data analytics techniques. Due to its ability to regulate distribution networks and retail supply chains, such a technology can aid in the prevention of stockouts.
ETP, a Singapore based company is offering an omnichannel inventory management solution to its clients. The ETP V5 Omni-Channel Retail Suite now includes an enterprise-class multi-channel, multi-currency, and multilingual inventory management software solution that caters to the essential requirements of this dynamic industry, including inventory management, replenishment planning, procurement, allocation, and distribution. Retailers may use the system to connect with ETP Merchandise and Assortment planning solutions to carry out their procurement in accordance with the OTB Plan.
The Next-gen Solution
Change is indeed the only thing constant and inevitable. Having access to the right information at each point is a challenge that only advanced technology can solve. This is exactly the reason why inventory management software is growing in prominence. While this technology might not solve all inventory-related issues, it dictates the future of inventory management. It enables businesses of all sizes to apply artificial intelligence, cloud computing, and automation to enhance accuracy significantly.
With concepts like streaming analytics, anticipation inventory management and omnichannel solutions, the inventory management will no longer be confined to counting and managing the stock, but it will dictate the fate of a business.
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