Supply chain management is an integral aspect of companies, owing to the growing importance of creating integrated relationships with suppliers and customers. Rising global competition and the need for inter-collaboration is pushing companies to streamline their supply chain to make it more accessible, real-time, and agile.
Some of the major issues in the management of supply chain include cost, complex inventory management, pipeline coordination, scalability, and information sharing. These issues are being efficiently solved by various supply chain management software available in the market.
Supply chain management software provides a real time analytical platform that manages the flow of product and information across the supply chain network. These software are designed to enhance and strengthen the supply chain operations in an organization. The software manages everything from sourcing, production, inventory, and transportation and managing the product demand.
Supply chain management software can be customized based on the enterprise requirements. Some sub-categories of supply chain management software are transportation management system and warehouse management system among others. The transportation management system software guides the movement of raw material to and from the warehouse. It also handles and monitors the movement of final goods. It handles the customs and freight route to ensure continuous efficiency in delivery.
The supply chain management software market is driven by the continuous need for comprehensive software to manage the complex supply chain network. Small and medium enterprises are increasingly expanding their business globally The growing complexity in supply chain management due to such business expansion is creating huge demand for software solutions that can manage product and information flow in real time. Cloud computing is expected to further accelerate the adoption of supply chain management software.
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Omni-channel retailing has led to the rise in adoption of warehouse management software (WMS) with large number of bricks and mortar stores shifting toward e-retailing. The growth of new selling destinations and sourcing markets with a globalized supply chain has led to the need for simulation based modelling which has in turn given a boost to analytics based procurement solutions.
The supply chain management software market is witnessing a strong trend of merger and acquisition leading to consolidation of the market. Another major trend in the market is the demand for cloud based supply chain management software from small and mid-sized companies who usually look for cost effective and efficient solutions.