And as your business gets more complex, it’ll quickly become unwieldy. Pros: Spreadsheets are low cost, fairly easy to set up, and work fine for companies with simple needs.Ĭons: If the spreadsheet breaks, so does your inventory management system. Plus, flexibility and accuracy can often be hard to come by. Human errors, for instance, can easily snowball into costly problems when using spreadsheets. However, this does come with a few downsides. Plenty of businesses follow Carlos’ example and start off using Excel: it can be a great way of managing inventory on a basic scale.
Types of perpetual inventory management system Using spreadsheets to manage inventory Let’s take a look at the difference between the two. There are two main ways in which companies manage inventory: periodic systems and perpetual systems. There are countless different systems you can adopt, ranging from simple approaches to comprehensive solutions. Without this information you may end up with excess stock, eroding your bottom line, or with insufficient stock to meet customer demand.īut while you will need an inventory management system, which one you choose is entirely up to you. Inventory systems tell you the number of components or ingredients you need to create or assemble your final product. Without one, you’ll be working on an entirely ad-hoc basis - and you’ll quickly run into situations where your business is overstocked or understocked. Why you need an inventory systemĪny venture that handles stock will need a system to accurately track and control it. This is his inventory management system, and he’s entirely dependent on it to know how much stock he currently has, when his food products might expire, how many hampers he can sell and more. He has various suppliers who sell him food in bulk, some of which must then be split up and repackaged.Ĭarlos creates an Excel spreadsheet, which he updates whenever he orders more stock, assembles a hamper or completes a sale.
Inventory management system exampleĬarlos starts a business selling food hampers.
SIMPLE INVENTORY MANAGER SOFTWARE
SIMPLE INVENTORY MANAGER SERIES
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