Inventory Management Software for Businesses in UAE

Yarab A | Updated on: November 3, 2023

Efficiency in inventory management is crucial for the growth of any business. Your inventory represents a significant portion of your working capital, and the better you manage it, the more favorable your business results will be. Like cash flow, effective inventory management can greatly contribute to business growth. This is where inventory management software for a business based in UAE/MENA plays a vital role.

By utilizing inventory management software, you can automate the inventory management process and gain valuable insights into inventory levels, stock movement, profitability, and more. These insights are readily available, allowing you to make accurate decisions on time.

Now, let's start by understanding what inventory management entails and then explore the key factors that define the best inventory management software in UAE.

What is inventory management?

Inventory management encompasses a wide range of activities aimed at maintaining an optimal quantity of inventories to ensure seamless production, sales, enhanced customer satisfaction, and reduced costs associated with inventory handling, among other benefits.

In simple words, inventory management is all about maintaining optimum stock levels at all times by striking the balance between overstocking and understocking.

Inventory management software: Key features features of inventory management software

Below is a comprehensive list of key features offered by inventory management software:

  • Manage optimum inventory level
  • Inventory grouping and classification
  • Multiple godowns or warehouse management
  • Manufacturing
  • Real-time automated inventory reports
  • Batch, Mfg., Expiry date management

While features of inventory management software tells you what all you can do but the design of the software considering the small business is what defines if it is going to be useful. Below are the key factors while evaluating the best inventory management software.

Versatile & adaptable to your business needs 

Each business operates and manages its operations uniquely. Your business likely follows specific inventory processes, such as order processing and stock keeping, that are tailored to your needs. Consequently, an ideal inventory management software is one that seamlessly adapts to your business. A flexible inventory management solution enables you to classify stock, create customized units of measure, and follow your established processes without requiring significant changes.

Exception handling

Occasionally, exceptions arise in business operations, and your software must be adaptable to handle them. Inventory management inherently involves numerous manual processes, ranging from stock counting to proper storage. Consequently, handling exceptions becomes a relatively frequent occurrence.

For instance, you have 15 units of stock on your shelves, but your system displays only 10 units. Various factors could contribute to this discrepancy, such as counting errors, data entry mistakes, or unrecorded purchases. However, what truly matters is whether the inventory management software enables you to bill for the correct quantity of 15 and update the physical stock accordingly.

The best inventory management software is one that exhibits flexibility in managing exceptions, ensuring that no data or details remain outside the system or beyond your decision-making capabilities. In the aforementioned example, the software should allow you to invoice the customer for the accurate quantity and subsequently incorporate the actual physical stock into the system.

Integrates inventory & accounting 

In your search for the best inventory management software for your UAE/MENA-based business, seamless integration of inventory and accounting is crucial. This integration ensures that recorded invoices facilitate accurate account preparation and real-time inventory updates.

As a result, your invoicing, accounts, and inventory remain consistently synchronized, guaranteeing comprehensive insights through reliable reports.

Insightful inventory reports 

Inventory management software prioritizes the generation of insightful inventory reports. The optimal software is designed to offer actionable information for timely decision-making, supporting a range of auto-generated reports such as stock availability, stock-wise profitability, shortfalls, re-order quantities, and stock ageing. These reports enable you to identify trends and address gaps effectively.

Take look at how TallyPrime, a simple and flexible business management software can be the best fit for your business.

FAQs on inventory management software

  • What are the methods of inventory management?

    There are different types of inventory management methods such as ABC analysis, Just in time (JIT), Fast, slow, and non-moving (FSN) etc.

  • What is the role of inventory management?

    The key role of inventory management is to ensure the right level of inventory at the right time and keeping the inventory handling cost low.

  • What are the benefits of inventory management software?
    • Easy to manage and track inventories
    • Accuracy in recording and tracking inventories
    • No worries of understocking and overstocking of inventories
    • Cost optimization at all level of inventories
    • Get to know the fast-moving and high profitable inventories
    • Help you get rid of the risk of old and expired stock
    • Insights from reports help you in on-time business decisions
  • What are the 3 major inventory management techniques?

    The three major inventory management techniques are - ABC analysis, Just in time (JIT), Economic order quantity (EOQ). Find out more here!
  • What are 3 causes of inventory shrinkage?

    To measure the amount of inventory shrinkage, it is important to conduct a physical count of the inventory and derive its cost. Post this analysis, you must subtract this cost from the cost listed in the accounting records. Now, divide the difference by the amount in the accounting records to arrive at the inventory shrinkage percentage.

  • What are the 3 types of inventory?

Inventories can be divided into 3 parts, the inventory types are: Input stage,  process stage and output stage.  Read more about types of inventory!

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