Global warehouse management systems (WMS) market is anticipated to grow rapidly over the forecast period. WMS assists in reducing the lead time, by increasing the delivery speed of the products to the end-use consumers, and reduction in the distribution costs. Factors such as changing supply chain models and rapid growth for a certain product are the instant causes for increase in the demand for WMS systems. Global need to cut down on added costs due to faulty forecasting models is expected to benefit the overall WNS systems market.
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Warehouse Management System is a software application aimed at supporting warehouse or distribution center. It facilitates optimization of the storage and management of the items and products in a warehouse. It is a fundamental part of supply chain management. Warehousing of raw materials and inbound and outbound logisticsfrom the suppliers to the manufacturing site and then of the finished goods to other locations or to end-customers are managed by using WMS solutions. WMS improves inventory accuracy and thereby reduces inventory costs. This benefits in the proper scheduling of work flow and utilization of space for various products.To enhance the product-related planning, WMS should be implemented with the ERP software.
Recognized businesses have systems which are old and expensive to maintain, upgrade, configure and have outdated functionality. Hence, as the existing systems have matured,more substitutes are anticipated to penetrate in the near future. This is estimated to drive the demand for the WMS system globally. These solutions are evolutionary with in-built improved functionalities and improved integration with the other supply chain management systems to guarantee quick delivery modes. The small and medium-sized industry businesses have adopted increased number of warehouse management systems.
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However, the major challenge faced by the companies is the high deployment cost incurred. This obstructs the companies to adopt a WMS. Lack of awareness of the benefits and operational effectiveness of the technologically advanced systems may have negative impact on the overall market. Uncertaintyabout the deployment of these systems because of the high initial investment needed may hamper the overall demand.
But, for reducing the ownership cost, software-as-a-service (SaaS) has been included in the warehouse system. WMS is provided as a service by a third party which can be outsourced by these companies. It is hosted via cloud-based computing. It provides flexibility to the companies for focusing on their core businesses. Along with the inventory levels of the whole supply chain becoming more efficient, the budgets for holding executions and recalls at all warehouse sites are reduced which thereby contributes to the market demand.
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