An Excel Inventory Worksheet is a key component of many large and complex supply chain applications. The main purpose of this type of worksheet is to allow data to be shared between all members of the team in a relatively quick and efficient manner. This type of application can be used for basic item information, such as the number of units produced in a day, average sales per day for the past year and quarter, and more detailed information for specific items. It allows for quick analysis and navigation of data.
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This worksheet is used most often with the Sales Order Entry function. Data that is entered into this area will be saved to a file on the computers of each team member. This allows easy analysis of the data and the ability to determine what orders should be placed or not.
An Excel inventory worksheet can be a very useful tool to use in determining what to sell and at what prices. Items bought by the company every day is a good example of a worksheet to look at. If the file shows that a company buys more per day at certain products than others, then it may be a good idea to change the focus of one’s marketing efforts to that product line. Looking at daily sales data can give an indicator of what the company should be selling, where they should be selling it, and how much they should be charging.
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Another good use for an Excel inventory worksheet would be for a customer relations management system (CRM). The sales and customer data in this type of file would allow a manager to view data from all departments about a customer’s order history and other pertinent information. A CRM can also be used to track customer service data, which is critical to keeping customers happy.
Using an Excel inventory worksheet to track materials purchased by a company is essential to accurately tracking the costs of goods purchased by the company. Because this type of file has so many columns and rows with numbers, it can be difficult to make sense of, which is why so many business managers choose to use spreadsheets. However, using the Excel file does not give you any means to make sense of the data, and a more graphically rich spread sheet may be necessary in order to make sense of it.
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An Excel worksheet can also be used as a reference work sheet when it comes to calculating costs. For instance, suppose the company sells ten hundred dollars worth of jeans once and receives fifty dollar bills for the same. This will cost fifty dollars, which is an item that can be easily determined in Excel. Use of an Excel inventory worksheet can also be useful when it comes to figuring out the most effective way to increase sales.
By creating columns in an Excel inventory worksheet that displays the customer name, the customer unit, department and total price of each item sold, the manager can quickly determine how to maximize their sales revenue by increasing the number of units bought, the discount percentage that should be charged on each purchase and how quickly the sales should be made to reach a specific revenue goal. Because every company is different, these calculations can be done on a case by case basis, but the information can still be useful for any company to determine where to improve sales. For example, if a company sells jeans to junior college students, they would want to charge more for jeans that are considered to be of higher quality. The same could be said for a computer company that sells desk tops and other peripherals to businesses.
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It is important to remember that an Excel inventory worksheet is only as good as the data it is based on. If a company is missing any data, it can be very difficult to calculate the costs of purchasing items and determine what should be charged for them. Therefore, any time that an Excel spreadsheet is being used, the business needs to have access to another data set in Excel. Even if an Excel spreadsheet is the only thing available for use when making calculations related to inventory, it is still helpful to know what kind of calculations can be done without using Excel.
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