Here is an infographics demonstrating all the crucial numbers: As of now it is estimated to grow at a CAGR of over 5% from 2020 to 2026. Speaking about statistics, we should mention that the market size of inventory management software keeps growing. Both options have their pros and cons so the choice should be made considering the business needs of a particular organization. Nowadays, it is much more focused on data-driven management, cooperation, and efficiency.Īn inventory management system may be built either as a standalone solution or as a part of another more comprehensive logistics system, for instance, a warehouse management system or supply chain management (SCM) software. So modern inventory software is not limited just to recording information about products available for sale. But new advanced technologies opened a door to many more opportunities. Historically, a single goal of inventory systems, which mostly looked like simple spreadsheets, was to organize inventory data and keep it in order. Basically it is a holistic software aimed at automating the core processes related to tracking of goods in stock from the moment they appear in a warehouse or other business premises and to the moment they leave it. Increased employee productivity: An inventory management system automates various time-consuming tasks, freeing up your employees’ time to focus on other key tasks.To start with, let’s define an inventory management system.
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