Inventory stock is one of the most valuable parts of a business. This means that it needs to be looked after properly. When a business grows, your inventory stock will grow. However, not only will your inventory stock be growing, but you’ll need to expand your inventory management system. Otherwise, how will you cope with all of the extra inventory you’ll be buying, storing and selling? As a small business, you might have found that an Excel spreadsheet could manage your inventory successfully. As with any business that is experiencing growth, there will be growing pains. Will you let your inventory spreadsheet be one of your growing pains?
If your business is experiencing any of the following issues, it might be time to think about taking the plunge and switch to cloud-based inventory software.
When you use spreadsheets, human errors can become all too common. Whether it’s incorrectly entering an inventory amount or opening up an old version of a stocktake, it can be problematic for the business. Version control is difficult with spreadsheets and can lead to miscommunication or ordering problems. Tracking errors can lead to chronic miscounts and impact the accounting process for a company.
With different versions of spreadsheets floating around, you might also risk looking at old information. When spreadsheets are manually updated, it doesn’t reflect real-time stock numbers. Therefore, by the time you enter it into the system, it could have changed in the warehouse.
Numerous messy spreadsheets
If your spreadsheet tabs are building up and the information is becoming convoluted and tricky to find, it might be time to plunge into cloud-based inventory software. When businesses experience a growth stage, spreadsheet users might struggle to keep up. There is definitely a time and place for a spreadsheet. However, during a booming growth period, manual spreadsheets just aren’t that scalable. Unfortunately, they aren’t as responsive and the data can become cumbersome to sort through.
Cloud-based inventory software is made to be scale with your business. As your business expands, the software can cater and adapt to you; it tracks what you need to track. This is invaluable during a busy period of expansion. When the sales are coming in and you don’t want them to stop, don’t let a bunch of spreadsheets slow you down.
Juggling data between multiple warehouses
Looking after one warehouse is hard enough. With multiple warehouses, it can start to feel like a juggling act that you just can’t win. When orders start piling up and logistics build, it’s hard to keep track of it all with a spreadsheet. Sharing information between locations might become unreliable and the information might not be up-to-date for very long.
With cloud-based inventory software, you can get a live report at any second of the day. This can give you a real-time picture of what’s actually happening in the warehouses. It lets you compare locations and there is an opportunity to streamline logistics and make processes more efficient. With multiple warehouses, it’s wise to invest in cloud-based inventory software that protects one of your company’s biggest investment — inventory.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.