If you are running a business establishment, you can manage it seamlessly with inventory management software. Such software can enable you to make exact business decisions by analyzing demand and supply scenarios.
In its recent market study report titled Inventory Management Software Market Outlook from 2024 to 2034, the US-based research group FMI (Future Market Insight) said: ” The inventory management software market is projected to be valued at US$2,191.2 million by the end of 2024 and is expected to rise to US$7,516.8 million by 2034. The global inventory management software industry is expected to grow at a CAGR of 13.1% during the forecast period.”
Besides providing you with full knowledge of your stock position, the AI-enabled forecasting software can help you run your business in a number of ways. Advancements in technology like cloud computing, IoT, and AI have brought about a major transformation in inventory control. This will allow you to know which commodities or services are in high demand. It also helps you achieve scalability in your inventory.
Here are five major benefits that you can reap by using AI-enabled forecasting software:
- Availability of multiple data points on a single platform: If you are using AI-powered software, you can manage your inventory much better as you get all the data about your stocks and sales on a single platform. This can help you make the right sales decision. Managing multiple data points generated from different sales centers manually is a big problem, as the risk of error is always involved. However, you can get error-free data if you use software enabled by AI or the cloud.
- Ensuring the Best ROI: The software gives you an exact sales figure on a daily basis. This can also help you make future projections depending on fluctuations in the demand-supply position of the market. You know the trend in your return on investment. The ROI can be enhanced only when the business is absolutely streamlined in relation to the inventory position, demand-supply scenario, and order booking compliance.
- Real-Time Sales Order Optimization: The inventory software gives you exact figures related to sales orders placed and delivered. You know it is an ongoing process. As a result, you can detect delays in delivery or other problems related to order booking. As a result, you can streamline your delivery system by perfectly synchronizing with the orders. This can also help you reap customer satisfaction, which may ultimately lead to customer loyalty.
- Multiple Location Inventory Management: Your sales company may have multiple offices, warehouses, and service centers. If you are using software, you know the stock positions of all these locations. In case of a sudden shortage of commodities in a particular center, you can immediately supply the same from another center. This can help you with cross-center inventory management.
- Monitor Sales Curve: Without monitoring daily sales figures, you cannot take any futuristic steps related to your business. Due to this, daily, weekly, fortnightly, and monthly sales graphs are extremely important for informed decisions. AI-enabled software on inventory can give you exact figures on sales. You know where you stand. This can also help you get an idea of profits.
The growing global demand for inventory forecasting software proves modern businesses greatly rely on it for hassle-free transactions in their business operations. This is the primary reason why people are using inventory software enabled by AI in their commercial establishments.
Conclusion
Unfortunately, not all companies have transitioned from manual to automatic inventory forecasting. It’s primarily because many companies have the belief that their existing workforce or management staff may not be able to handle the intricacies of inventory software, which is a myth. In reality, these software tools are quite simple to understand and easy to handle. Also, you can optimize the available inventory data easily using these tools.
Modern business establishments and sales platforms need to analyze the complex issues of daily stock, daily stock consumption, and all issues pertaining to supply chain management on a regular basis. For this reason, you cannot enjoy the ease of doing business unless you use AI-powered inventory software.