Is Excel Good for inventory?

Is Excel Good for inventory?

With integrated tools, features, and formulas to make spreadsheets more dynamic and interactive, Excel is also capable of handling basic inventory management for small businesses. While not ideal for a medium or large sized inventory, Excel is cost-effective or, if you use it in OneDrive, even free.

What is the 80/20 Inventory rule?

The 80/20 rule is often used in parts inventory management to identify the 20% of inventory that produces 80% of the profits. … This allows you to focus your efforts and money on the inventory items that count the most.

What information should be included in a basic system inventory?

Purchasing includes forecasting, trend analysis, purchasing of goods and/or raw materials, vendor management, special orders and may include other arrangements, such as drop shipping. Inventory management & warehousing are at the heart of an inventory information system.