It’s critical that your inventory system can cope with the complexities of the ever-changing sales and distribution landscape. Increased global competition has new products always entering the market, and multiple sales channels – from traditional brick and mortar stores through to online shopping, and third-party marketplaces like Amazon – give your customers greater access and choice. What’s more, customers are more discerning than ever. If you make a mistake or delay shipment of your products because your demand forecasting is not up to scratch, they are likely to leave you and spend their money elsewhere.
When it comes to inventory planning, using a spreadsheet is about as sophisticated and reliable as gazing into a crystal ball. Most businesses have moved away from spreadsheets for their accounting, customer relationship and workflow management, and with good reason. Yet even established global organisations are still relying on spreadsheets for one of their most critical functions: making sure their inventory is not understocked or overstocked, but just right.