Use of spreadsheets a “Big No” for managing inventory?

Spreadsheet – A traditional method for managing inventory

Spreadsheets has been in the industry for quite a long time and is used in simplifying various parts of an enterprise workflow such as budgeting, accounting, project management, scheduling and many more.
This is an exceptional and a versatile handy tool for the entrepreneurs that are just starting up their business or planning to implement one in the near future.
Spreadsheets do a decent job when it comes to managing a small inventory or a small customer base.
But every small enterprise eventually advances to a bigger enterprise and when they do, spreadsheets will be inefficient to solve their management complexities and this is where the modern cloud ERP system slips in for help boosting the overall efficiency and productivity.
Although the spreadsheets can help you in the starting phase of the enterprise, it’s very important for the organization to implement an advanced system such as Cloud ERP in the early phase of the business to avoid the later occurring errors and also moving of the enterprise data.
Managing a bigger enterprise needs a streamlined system that is capable of scaling up with the business and contributes significantly to the growth.
Thus it’s very necessary to shift from spreadsheets into a magnificent Cloud ERP system for your enterprise from the start and prevent the hassle.

How durable are spreadsheets in the long run?

The spreadsheet may be of great help for your enterprise in early stages but the question is if it’s durable enough in the long run.
Let’s consider the following points faced with spreadsheets while managing inventory, before we get to the final conclusion.

  1. Mistakes in the data entry process

    With organization on the path of growth, the inventory is also set to increase and so does the data associated with it. This makes it even difficult to keep the track of every single data organized efficiently with the help of just spreadsheets.
    Also it becomes a little more tedious for double checking the entire data which makes the process even more vulnerable.
    This could end up in false incorrect data in your spreadsheet which would stick there for a longer period of time.

  2. Inefficient forecasting of goods

    Wrong data in the system will block the way for accuracy in the analytical part and thus the error in determining the details of stock that will be replenished, which product is needed to order and also how frequently.
    This might result in either

    • A way too much bulk order
    • OR

    • Not enough order to fulfill the customers needs.

    The bulk ordered product might have to be sold for discounted rates to manage the losses and the scarcity of product will be unsatisfying to the customer making them look elsewhere for their needs.

  3. A leap down in the coordination between departments

    Once the data is ready in the spreadsheet, it’s quite a task to share it with other departments efficiently without any interruptions. Spreadsheets are saved locally and then distributed to the department that requires the data.
    When the business grows the need for sharing the data with the members of different sections also increases significantly. Keeping the track of the whole chain of data sharing can get a little messy at the management aspect.
    This could also result in the usage of outdated data by the departments resulting in a blockage in the enterprise workflow.

  4. A wave of confusion throughout the enterprise.

    All the above problems combined in one can lead to a serious wave of confusion that can further cause many complications across various departments, under the use of spreadsheets.
    This will create a stressful situation around the enterprise making it hard for the entrepreneurs to bounce back from. When the business takes a leap of success these hurdles are bound to be there if you are using a spreadsheet for managing your inventory.
    Instead of waiting till the point of devastation around the enterprise, it’s better to opt for a modern cloud based management system that takes care of every process smoothly in an efficient manner.
    A cloud ERP system is the perfect solution for different enterprise problems with an automated work mechanism.

ChiefEx Cloud ERP – Excelling business without spreadsheets

Spreadsheets are not scalable with growth of the business and thus can create a lot of confusion in the workflow, seriously affecting the time management of the enterprise.
Every organisation aims for a smoother business workflow with a steady growth graph and this could not be achieved with the use of spreadsheets.
ChifEx understands the complexity, an enterprise goes through and thus comes up with a sleek management solution in the form of an automated Cloud ERP system.
The exceptional system not only ensures a smooth workflow around the enterprise but also contributes to the business growth significantly.
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