5 Reasons to Stop Using Spreadsheets for Demand Planning

Spreadsheets remain one of the most widely-used software programs in the world today. While Microsoft Excel has led the way, Numbers, Quattro Pro, NeoOffice and WPS spreadsheet are also incredibly popular. In fact about 29% of companies still rely solely on Excel and email to do their demand planning. But when it comes to demand planning and demand forecasting, spreadsheets are now becoming obsolete. As demand planning management and automation eliminates manual processes which are prone to errors. And by using cloud-based software, your records are updated instantly. 

Looking deeper, here are the top 5 reasons you should stop using spreadsheets for your demand planning and demand forecasting processes. 

1. They Waste Your Time

How many hours per month do you spend inputting demand planning data into spreadsheets? Instead with demand planning software your numbers are collected and transformed into actionable, holistic data. And you no longer need to apply complex formulas to measure or track your stock levels. 

2. They’re Full of Errors

Humans input data into spreadsheets, so errors inevitably occur. In fact according to Market Watch, up to 88% of spreadsheets contain errors. A misplaced decimal point can lead to massive accounting errors, and lead to disastrous demand forecasting mistakes for a food and beverage company. Spelling mistakes and double data errors can also result in significant failures. 

3. They’re Open to Fraud 

It’s essential that you protect the security of your business. This means protecting the important data you hold. Spreadsheets can contain confidential financial information, customer details and company data. But your data can easily be fraudulently accessed and manipulated if it’s sitting in a spreadsheet. Instead demand planning software can overcome your concerns regarding security. Secure private cloud technology means you never have to run the risk of fraud again. 

4. They’re Bad for Data Analysis 

It’s important not just to have safe, secure, reliable data relating to demand forecasting and demand planning, but you need to also find meaning in that data. Spreadsheets can store data, but they can’t analyse it on their own. Demand planning in the age of AI and machine learning leads to clear-cut forecasting and rebuying accuracy to drive profitability. Demand planning software’s data analysis can automate your inventory management to reduce excess inventory, saving you time and money. 

5. They Keep Crashing

Beyond their logistical limitations and the serious security risks they pose, spreadsheets also often crash, which can be incredibly frustrating. Besides, even if you can successfully input all your data into the document, how can you effectively share it across the business? Spreadsheets are also incapable of supporting decision making in real-time because their data can be accurate and it is not up to date. Instead, advanced demand planning software can share important, accurate data at the click of a button. 

Are you overwhelmed by spreadsheets and worried about security concerns? If you feel it’s time to invest in centralized demand planning tools or demand forecasting software, get in touch with Cashmere Systems today.