Top 5 Reasons why Excel should not be used to track your Inventory / Assets

1. Not productive and Not effective

If you are using Excel, yes you may find that using Excel is relatively easy, convenient and cost effective. However, while your inventory grows even larger, tracking them in Excel is more likely to lead to data entry errors. Especially if your inventory moves frequently from location to location.

2. Limited user access

If a particular user opens the Excel, to edit the file, another user will not be able to edit at the same time. This, again increase the probability for errors.

3. Does not allow real-time inventory data

At any point of time, if you have not updated the inventory data for a while (since you can only update Excel when you have access to a pc), the inventory that you have will not be updated.

4. Unable to analyze historical data

Excel does not allow you to track what goes out and in of your inventory. Therefore losing out an importing information if you require to track what is the top selling inventory / worse selling inventory.

5. No audit trail

As Excel does not have an audit trail function, very frequently, someone may have changed the data in the inventory and we would not know who actually changed the data and which is the old data.