You can find tons of websites offering a plethora of inventory spreadsheet templates but this page is not one of them. What’s our issue with inventory spreadsheet template? - you ask. Don’t get us wrong. We think spreadsheets are great for metrics and analytics, but they are just not made for tracking inventory or monitoring stock levels – simply because they are not catered to your inventory needs.
We are going to show you why.
The main aim of creating and filling up an inventory spreadsheet template is to track your inventory – the inflows and outflows so you keep up to date with your stock levels and movements. An inventory spreadsheet template is usually a table containing columns for inventory number, item description, purchase price, stock reorder level, quantity, and location.
Most people already know the basic functions of a spreadsheet and how to use them, so there is not much of a learning curve there.
Also, inventory spreadsheet templates are also pre-built into your Microsoft Office Suite (which you most likely, already own), making it practically a solution that is free of charge and easily accessible.
So spreadsheets may be a cost effective way for business owners to start out but they will eventually hit a wall when spreadsheets no longer meet their requirements as the business grows.
To elaborate, using an inventory spreadsheet template to monitor stock levels is largely a manual process. Your spreadsheet does not get updated automatically every time a sale or purchase is made. Also, you have to keep reminding yourself when to order in more products so that you won’t end up understocked for items. The administration and tracking of inventory activities has to be done in your head when using an inventory spreadsheet template.
In addition, using a spreadsheet to track inventory makes it hard for the whole team to collaborate and update the template. Many differing edits and versions of a single inventory spreadsheet file may be created as a result of this, leading to confusion and more time wasted in sorting out and coming up with the ‘final’ and ‘most updated’ version no doubt.
More often than not, this method of monitoring inventory leads to an increase in manpower and time wastage, level of stress across the team, and human error. This is a very real situation pressing upon most businesses today. To keep operations as they are conducted now via spreadsheets? Or to take the leap of technological faith and reach for a software as a solution (Saas)?
Businesses can no longer survive by relying on obsolete, backdated processes such as using an inventory spreadsheet template, a method that is behind the times to keep an eye on inventories. One of the biggest elements holding businesses back from growth and scaling is the use of spreadsheets to control their inventory.
Stop using spreadsheets for your inventory! The time and manual work needed to maintain your inventory spreadsheets can be saved by using a sophisticated yet simple and easy to use inventory management software for your business instead. There are plenty of cloud-based, enterprise solutions offering to improve your productivity and team collaboration out there, so step into the cloud today.
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