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Being efficient in inventory management is key for growth any business. Your inventories hold bulk of your working capital, the better you manage it, the better the business results. Just like cash flow, if inventories are managed efficiently, it can contribute a lot towards business growth. Here is why inventory management software in Dubai plays a vital role.
Using inventory management software helps you automate the inventory management process and provides you with actionable insights such as inventory levels, stock movement, profitability etc. are available on-time that help you make accurate decisions.
First thing first, let’s understand what is inventory management and then the factors that define best inventory management software in Dubai.
Inventory management can be defined as a whole lot of activities done to maintain an optimum number of inventories to ensure uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on.
In simple words, inventory management is all about optimum inventories at all times by striking the balance between overstocking and understocking.
Below is the detailed list of key features offered by inventory management software in Dubai
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.
Every business is unique in a way it is operated and managed. You follow an inventory process like order process, stock keeping etc. which is right for your business. Therefore, the best inventory management software is one that adapts to your business. Flexible inventory management is one that allows you to classify the stock, create units of measure, etc. the way you want and follow the process the way you always use to without the need to change.
Exceptions are not part of everyday life but whenever it occurs, the software should be flexible to handle it. Inventory management inherently involves a lot of manual processes right from counting the stock, storing in right place etc. As a result, exception handling is a little more frequent than any other thing.
For example, you have 15 qty of stock in shelves but your system shows 10. While the reasons could be plenty like an error in counting, data entry, new purchases not recorded etc. but what is more important is that does the inventory management software allows you to bill 15? Will the software allow you to update the physical stock?
The best inventory management is one that is flexible to handle the exceptions so that no data or details stays outside the system nor from your decisions. Considering the above example, inventory management software should allow you to bill the customer and later, allow you to bring the actual physical stock into the system.
If you are looking for best inventory management software in Dubai, integration of inventory and accounting is a key factor. Based on the invoices you record; your accounts are prepared, and your inventory is updated. This also ensures that your invoicing, accounts and inventory are always in sync with each other. When this happens, you can be assured that reports always give you a complete view of your business.
Inventory reports are the focused area of inventory management software. The best inventory management software is one that is designed to provide actional insights for on-time decision making. It should support the variety of auto-generated reports such stock availability, stock-wise profitability, short-fall, re-order quantity, stock-ageing etc. that helps you in knowing the trends and gaps. Here are the top 5 inventory reports for efficient inventory management. Additionally, the accuracy of reports generated is key for right decision making
Take look at how Tally.ERP 9, a simple and flexible business management software can be the best fit for your business.
The three major inventory management techniques are - ABC analysis, Just in time (JIT), Economic order quantity (EOQ). Find out more here!
Inventories can be divided into 3 parts, the inventory types are: Input stage, process stage and output stage. Read more about types of inventory!