Standalone inventory systems often offer long lists of features for a low cost. That’s especially true for businesses looking for a scalable solution. In other words, relying on an inventory management system through an Excel spreadsheet (or set of spreadsheets) isn’t generally worth it in the long run. In those cases, an Excel document will swiftly get complex and unwieldy. Plenty of firms have multiple sales channels or warehouses. What’s more, spreadsheets can’t account for the complexity of many businesses. Enter incorrect figures at any stage, and the mistake can snowball. The issue of human error is still a significant downside of spreadsheet-based systems. They mean that anyone in an organization that needs to can access the relevant document. Modern file-sharing tools, too, can form a part of these systems. Stock, value, sales figures, and more can all get tracked on one straightforward document. A professional with a good affinity with spreadsheets can create a decent system. The system which these individuals use involves tracking stock and more via spreadsheet.Ī program like Excel can be excellent for managing inventory at a basic level. There are plenty, however, who haven’t yet embraced the dedicated software solution that is an inventory management system. Many businesses have moved away from manual stock-taking. Human error, on the other hand, is a significant weakness, as is the system’s time-consuming nature. The main strengths of this type of system are that it’s simple and inexpensive. For instance, they may wish to work out if and when to raise a purchase order with suppliers.

The business owner then needs only to check the written record as and when required. Each sale and delivery get recorded in a ledger as it happens, to keep records up to date. In short, they keep track of inventory with a pen and paper. Many new or small retailers start with manual, low-tech solutions.

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