Information and Communication Technology Supply Chain Management Software and its growing challenge

Supply Chain Management Software and its growing challenge

What is Supply Chain Management Software?

Supply chain management (SCM) software is used for the management of the flow of goods and services and consist all processes which transform raw materials into final products. The key objective of supply chain management is to keep inventories down while making sure that the speed of flow of the product through the chain is efficient. In this industry companies undertake operations such as transportation management systems, supply chain planning, warehouse management systems and procurement software for both small- and medium-sized enterprises along with the large enterprises.

Types of Business Application

  • Retail & Consumer Goods

  • Healthcare & Pharmaceuticals

  • Manufacturing

  • Food & Beverages

  • Transportation & Logistics

  • Automotive

  • Other

How is Supply Chain Management Software beneficial in different industries?

The supply chain management (SCM) software market is driven with rising demand for high visibility and transparency in supply chain data and processes. Since, by using technologies, such as AI, machine learning and IoT to enhance supply chain transparency, leaders in back offices can propel product excellence, accelerate time-to-market and develop new products and services.

In the automotive sector, as a company develops and expands to new horizons, it is often impacted with all sorts of operational challenges. It includes regulatory compliance, logistics, data handling complexities and distribution challenges. Hence, the supply chain management software in the automotive industry could be a vital step towards streamlining mission-critical workflows. 

Additionally, the deployment of the pay-as-you-go model by SMEs to flexibly manage the IT infrastructure as per their needs is predicted to drive the adoption of SCM in SMEs. Also, the requirement for enhanced customer data protection and reduced cost, as well as obtaining a competitive advantage, allows quick response and timely decisions are projected to drive the growth of the supply chain management (SCM) software market in SMEs. Hence, the rising adoption of SCM in SMEs will fuel the market. 

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Service Analytics: 12.5% CAGR

Projected Revenue: 37.41 billion from 2020 to 2027

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Conclusion: As supply chain networks become increasingly compound and worldwide, companies are inclining to new, data-driven approaches to design their operations and better identify improvements in service, cost, efficiency and risk. Automation of market data acquisition enables for timely and precise business intelligence to accelerate increased visibility into the inventory management, order process, supplier collaboration, supply chain risk and analytics.

Published Date : August-2021