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Stock management from Excel to digital

· 9 min read
olome team
olome team
olome

A key management element to ensure the smooth running of your business, stock management is one of the pillars allowing you to best satisfy your production needs and consequently the needs of your customers.

Still in 2023, the preferred tools for companies in the context of managing all or part of their stocks as well as in data analysis are ERPs, various business software or even Excel.

Despite market evolution, increased competition and increased needs for operational efficiency as well as the emergence of more modern alternatives, these tools are still part of the panoply used in stock management.

Why?

Because when you have invested significant sums in an ERP or conversely by favoring a free option (like Excel), you ask yourself "why invest in an application dedicated to stock management?"

In reality, this is a question that deserves to be asked and which opens a real reflection on how your stocks are managed.

So, why is it time to digitize your stock management 100%? And how?

This is what we will see through the evolution of stock management on Excel towards a dedicated digital application.

The challenges of stock management with Excel​

Functional limitations​

Excel is a powerful tool for processing and analyzing data, but it has certain shortcomings. Indeed, Excel's functionalities are essentially based on simple formulas and are not adapted to manage more complex processes such as:

  • product traceability;
  • instant management of entries/exits;
  • supplier tracking;
  • trend analysis.

These elements are however essential in most industries to ensure optimal stock management and derive full potential from it.

Human errors​

When using Excel to manage stocks, it is inevitable that human errors occur, such as erroneous entries or accidental deletion of crucial data. These errors can harm the accuracy and reliability of stock data, which can lead to inventory problems and poor decision-making.

Of course, human error is always present regardless of the solution used. However, among the solutions within our reach, Excel appears to be the least reliable tool in this area.

Collaboration and sharing​

A spreadsheet is not a tool designed for real-time collaboration although it is possible for several people to work on a file.

Sharing information related to stocks between team members and different departments of a company is then particularly complicated. In addition, Excel files tend to be large, which makes sharing them by email or via online collaboration platforms difficult. This situation can lead to delays in updating information, inconsistencies as well as poor visibility in stock data.

Mobility​

In terms of mobility, Microsoft's tool does hardly better: whether in the workshop or outside, accessing your file is not easy, especially on a smartphone due to the lack of readability of interfaces.

The advantages of a digital application​

Accessibility​

Unlike Excel, one of the main advantages of a digital application for stock management is the accessibility it offers. You can consult your stock data at any time and anywhere, from any connected device. Flexibility that facilitates collaboration between your team members and allows them to make informed decisions, even when they are on the move or working remotely.

Automation​

Digital stock management applications offer advanced automation features, such as:

  • automatic update of stock levels;
  • real-time stock valuation;
  • generation of periodic reports;
  • creation of alerts in case of stock shortages or overstocks.

So many features that save time, increase operational efficiency and reduce human errors.

Integration​

Integration is another major asset of digital stock management applications. By connecting to other systems and software used by your company, such as ERPs, it is then possible to synchronize your data with the rest of your company. This integration eliminates data duplicates and improves the accuracy and efficiency of your stock management.

Real-time updates​

Digital applications allow real-time updates of your stock data, thus guaranteeing their currency and accuracy. A feature that allows you to react quickly to changes, thus optimizing the management of your stocks and the performance of your company.

Analyses and reports​

Finally, stock management applications or software offer advanced analysis and reporting tools, such as customizable dashboards, detailed reports or even predictive analyses. These features help you identify trends, monitor your company's performance and make more informed decisions.

If you insist, you can still export your data to a spreadsheet (notably via data export in .csv format).

How to choose the best digital application for your company?​

You decide to take the plunge and plan to replace your spreadsheet with an application? We give you some key elements to guide your choice.

Compatibility​

If you already have management software for your company, such as an ERP, you will need to ensure, when selecting a digital application for stock management, that it is compatible with the systems in place.

This compatibility will facilitate integration and transition to the new solution, thus allowing your company to continue operating smoothly during the change process.

Customization​

It is also important to choose a digital application that offers customization options to adapt to the specific needs of your company and your sector of activity.

Attention: the solution does not need to be tailor-made but should for example allow you to adapt the interface to your business vocabulary or create personalized documents.

This will allow you to take full advantage of its features and manage your inventory more efficiently and accurately.

Pricing​

Pricing is another crucial factor to consider when choosing a digital application for stock management. Compare the pricing options of different solutions available on the market and choose the one that offers the best value for money for your company.

Paying a lot, as in many other areas, is not a guarantee of quality. For a risk-free transition, it will be fairer to favor a solution in the form of a subscription without commitment.

Also do not forget to take into account additional costs, such as installation, training and support fees, which could affect the total cost of the solution.

Support​

Finally, opt for a digital application that offers responsive and quality customer support. Good support will help you quickly resolve potential problems and get the most out of your investment in the digital solution. Check customer reviews and testimonials to get an idea of the level of service offered by the company providing the application.

By taking into account compatibility, customization, pricing and support factors, you will be able to guide your choice of the best digital application for your company's stock management.

By carefully evaluating these factors, you will be able to select a solution that meets your company's needs and helps you optimize your stocks and supply chain.

More concretely, what does a stock management application allow?

To illustrate the answer to this question, we have listed the key features:

  • Real-time stock tracking: which ensures accurate and up-to-date management of inventory levels and facilitates decision-making.
  • Product and supplier traceability: allows tracking the entire product life cycle, from their entry into the warehouse to their use in production.
  • Advanced reports and analyses: allow companies to identify trends, analyze performance and make data-driven decisions to optimize their stock management.
  • Integration with other systems and software: in order to easily integrate with other systems and software used by your company, such as your ERP, for optimized and unified management of your operations.
  • Process automation: such as updating stock levels, generating reports and creating alerts for stock shortages or overstocks, thus reducing human errors and improving overall efficiency.

How to move from Excel to a digital application​

We have mentioned the reasons for moving from your Excel spreadsheet to a stock management application, reviewed the features and identified the points you must consider when choosing.

Let's see now, in 5 steps, what awaits you next.

Step 1: Needs assessment​

The first step to move from Excel to a digital application consists of identifying your company's specific needs in terms of stock management and evaluating the features and integrations you need. This will help you choose the digital application best suited to your company and its objectives.

Step 2: Research and selection​

Once you have determined your needs, conduct in-depth research on the different digital applications available on the market. Compare their features, compatibility, pricing and customer support to find the solution that best meets your expectations. Do not hesitate to ask for demonstrations and free trials to better understand how each solution works and evaluate their suitability with your current processes.

Step 3: Training and adoption​

When you have chosen a digital application, it is essential to organize training for your team so that they understand how to use the new solution and its features. Ensure that your employees are comfortable with the application and that they adopt it in their daily work processes. Continuous support and backing are essential to ensure a successful transition and rapid adoption.

Step 4: Data migration​

Migrating your stock data from Excel to the digital application is a crucial step in the process. Carefully plan this migration, which may involve exporting your existing data to a format compatible with the new solution, cleaning it and importing it into the digital application. Be sure to perform tests and checks to ensure that your data has been transferred accurately and that no important information has been lost.

Step 5: Continuous optimization​

After implementing the digital application, it is important to continue monitoring and optimizing your stock management processes. Use analysis and reporting tools to identify areas for improvement and implement strategies to improve the efficiency and profitability of your stock management. By regularly adjusting your processes and leveraging the advanced features of your digital application, your company will be able to benefit from more effective and accurate stock management, which will translate into better overall performance.

Conclusion​

In summary, we see that digital applications provide effective answers to problems related to spreadsheet management.

Indeed, here are the challenges faced by Excel users:

  • functional limitations;
  • human errors;
  • collaboration problems;
  • limited mobility.

Conversely, digital applications allow access to solutions:

  • accessibility;
  • automation;
  • integration;
  • real-time updates;
  • analyses and reports.

Adopting a digital application for stock management is a step towards a more efficient and enlightened company. Leave Excel behind and discover the advantages of digitized stock management.