How long do you or your employees spend on updating the inventory database on your excel sheets? A day or a week? How many times have you lost a customer just because you found it difficult to track the stock available from your spreadsheets? This must have happened more than once with you. Looks like it’s high time you chose a smarter way to track and control inventory.
Research done on SMB owners states that 55% of them said that using an inventory management software saved at least 5 hours a week. 16% of them said that it saved them more than a day’s work.
Why you must stop using MS Excel for inventory management?
Manually updating your inventory each time you make a sale is undoubtedly a tedious task. Imagine the amount of time you would be wasting doing this, versus the time taken to click a button while you use a software for the same. In addition to loss of time, the number of human errors that can occur are huge.
It’s true that MS Excel is a low cost solution for inventory management. But, what you might have to pay for the disadvantages it gives you is much more than what an efficient inventory management software would cost.
- Firstly, with MS Excel, you will never get real-time or up-to-date information of your inventory automatically. You will be required to sit and update each sale detail every time.
- You might end up ordering for, or manufacturing parts twice, simply because you din’t know you had them. This could be a case of human error, which happens a lot while handling a large number of inventory. This eventually leads to huge financial losses.
- Similar to having surplus inventory, you might also not be aware of some particular item being understocked. This will lead to you losing out on customers and diminishing trust with your brand.
- Only one person at a time can access your spreadsheets. This could be destructive for your business, as there are high chances of a fraud taking place when you give the entire control of your inventory to one employee at a time.
- You can, in no way, track a particular item easily on Excel. You might have to go through numerous spreadsheets to check an item out. This is a huge waste of time.
These disadvantages stated with respect to an Excel inventory management system will all disappear if you switch to an automated inventory management software. In addition to this, you are given many more relevant and useful features. Most importantly, when you switch to an inventory management software, make sure to choose a cloud-based one. Why? Let’s find out:
- A cloud-based inventory management software gives you global access to your store. You can easily check out what the sales status is at your store wherever you are in the world.
- It allows you to have integration with many other software required in a store, like accounting software, integrating your store with marketplaces like Amazon, eBay, etc.
- You can have many other features along with inventory management like order processing, invoice generation, barcode printing, tracking shipments, setting taxes, etc. when you use a software platform.
- As and when your business grows, you will be able to scale up the inventory management platform for the extra stock each time.
- Your data is secure as it is stored on the cloud.
- There will be no need for installation of the software on your PC. You only need to pay a monthly subscription fee every month. This also gives you the liberty to unsubscribe at any point of time.
According to the US Small Business Administration, poor inventory management is one of the top 8 reasons for small businesses to fail. And yet, 46% of SMBs with 11-500 employees don’t track inventory using a proper software platform.
It is a misconception that switching from a conventional inventory management system to a cloud-based system is very expensive. It is actually not. There is software that is reasonably priced and that provides you with all the features you need.
Primaseller helps retailers have an efficient cloud-based inventory management software. We also integrate their online and offline channels of sale and help then manage their business operations easily.