When was the last time you used a typewriter to produce a document? For many in Singapore, it’s likely been ages, if ever. Typewriters are cumbersome and time-consuming, and in today’s fast-paced environment, they’re simply impractical. With advanced word processing tools readily available, clinging to such outdated technology would be counterproductive.
Yet, there’s another piece of technology still in daily use that’s similarly outdated. Despite the availability of more efficient alternatives that can slash time and costs while enhancing business decision-making, many companies haven’t upgraded.
Numerous start-ups and SMEs in Singapore begin by tracking their inventory using the familiar spreadsheets. While almost everyone has some level of proficiency with these tools, requiring minimal training, one must question their effectiveness for inventory management. Is relying on spreadsheets for your business needs akin to using a typewriter for all your documentation?
Spreadsheet Errors Can Be Costly
Manual data entry, whether on a typewriter or into a spreadsheet like Excel, is susceptible to human error. These mistakes can be costly and time-consuming to rectify. First, there’s the time spent correcting errors – time that could be better spent processing orders, turning over stock, or enhancing customer service.
Secondly, inaccuracies can cost your customers. Inventory isn’t just numbers on a screen; it’s actual products in your warehouse. Imagine the disappointment of a customer who orders an item believed to be in stock, only to learn it’s unavailable due to a spreadsheet error. Read more about How Small Business Inventory Software Stops Spreadsheet Slow-Down.
By implementing an inventory management system with robust pick, pack, ship, and receiving processes, you can significantly reduce or eliminate manual entry errors. Regular or random spot checks can help ensure your records are accurate, minimising the risk of errors that could impact your customers.
Formulas or Frustrations?
Spreadsheets are easy to use at a basic level, but inventory and lead time calculations require a deep understanding of complex formulas. You might also need to create templates for different locations, warehouses, or reporting periods.
What seems like a shortcut can lead to a long journey. Ensuring consistency in spreadsheet use across your team can be time-consuming and ultimately costly for your business. Read more about How to Choose the Perfect Inventory Management Solution for Your Business.
One Source of Truth
Data integrity is crucial. Businesses often save spreadsheets locally, leading to fragmented data as files are emailed or transferred via USB. This results in multiple versions and potential inaccuracies.
Cloud-based inventory management systems like NetSuite provide a central source of truth, with real-time updates and changes visible to all. This eliminates confusion over data accuracy and ensures everyone works from the same, up-to-date dataset. Explore more in Engaging with NetSuite: What Makes Their Inventory Management Stand Out? NetSuite tracks each inventory action, providing full reporting on every change, by whom, and when.
Alerts & Automation
Spreadsheets can’t match the real-time alerts, automated re-ordering, and intelligent stock forecasting offered by inventory management software. NetSuite’s cloud-based system provides these advanced functions, along with real-time KPIs and dashboards for a clear view of your inventory status.
The Payoff
Effective inventory management tools can significantly impact profitability and cash flow. Investing in software like NetSuite’s Inventory Management Solutions can reduce manual input, offer valuable business insights, and enhance profitability. Explore more in 8 Expert Tips to Simplify Inventory Management and Boost Cashflow.
Is it time to retire the spreadsheet and embrace the latest technology to grow your business in Singapore? If you’ve experienced the challenges with spreadsheets highlighted here, consider the benefits of cloud computing with NetSuite Inventory Management Solutions to streamline your processes, make informed decisions, and accelerate growth.
