In both cases, the businesses who best managed their inventory were the least affected. One year later, the Ever Given container ship running aground in the Suez Canal has slowed down the supply chain around the world. In March 2020, the panic caused by the first lockdown emptied the stocks of certain food and hygiene products (pasta, toilet paper, etc.) in record time. Two recent examples underline the issues relating to good inventory management. This helps you avoid stock-outs, ensure your products are permanently available, and keep your customers happy. By tracking and keeping control of your inventory, you are constantly monitoring the situation, helping you anticipate changes in the market. The way you manage your stocks has a direct impact on all your day-to-day logistics and sales. But it also means optimizing the quality of your service. Optimizing your inventory management means optimizing your costs, your space, and your time, which are all precious, limited resources.
The reason inventory management is so important to businesses is because of its central role in the supply chain. But is using a spreadsheet enough to manage your business effectively? What are the advantages and limits of this system? Take a look at our guide comparing managing inventory with Excel with using specialist software! What are the issues associated with inventory management? But which tool should you use? A lot of entrepreneurs and SMBs use Excel or another similar spreadsheet software. This is true for all sectors, from construction to food processing and the fashion industry. Good inventory management is essential for optimizing your supply chain and distribution.