How much do you rely on spreadsheets for critical business data such as inventory levels or inventory planning? If spreadsheets are your only way to know what you have stocked in the warehouse or promised to customers, then you could be in for trouble. Spreadsheets are fraught with errors (according to MarketWatch, 88% of spreadsheets have errors) and basing procurement decisions on bad data could be the start of your demise.
Spreadsheets can be an easy way to capture, find, and use a reasonable amount of data, such as inventory data. However, in many offices spreadsheets are often relied upon for so much, for so long, that the data within them can quickly grow out of control. You may add or remove product lines and each change requires tweaks in the spreadsheet. In addition, spreadsheets can become elaborate with connected cells and mathematical functions. One disconnected cell or change in a formula can send forecasting scenarios or procurement decisions in the wrong direction. Don’t let spreadsheets become your Achilles heel. Replace disparate solutions and elaborate spreadsheets with stronger technology.
The Inventory Management Suite offers the control and the visibility that you need for forecasting and prudent procurement and inventory management decisions. This solution connects seamlessly with your enterprise resource planning (ERP) solution, connecting all of the moving parts of your business. You can have insight on historical and current customer sales, inventory availability, and use real-time data to make smarter stocking decisions. You can connect orders with inventory targets and identify replenishment quantities by item. Creating an inventory replenishment plan that coordinates with strategic goals can reduce your investment in inventory while protecting against stock-outs and backorders. Maintaining that delicate balance with safety stock levels can protect cash flow while also improving customer satisfaction.
Spreadsheets can’t offer insight or business intelligence that you can use. Enterprise Metrics can get you closer to the data you need to monitor inventory movement, fill rates, and performance. You can monitor data and watch for trends that you can use to your competitive advantage. You can improve inventory management and respond faster to customer needs while protecting your bottom line by using the real-time data within your inventory management solution. Contact RockySoft for more information about replacing inadequate spreadsheets with more powerful inventory management solutions.
By Jeffrey Porter with RockySoft, Microsoft Dynamics software provider for demand planning
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