Five Data Points That You’re Missing with Spreadsheets

FiveStitchReportsThatMakeUsBetterThanSpreadsheets

Businesses have been using spreadsheets for decades. They’ve been a staple of financial departments, marketing budgets, inventory management and more. They’re a source to track and aggregate large sums of information, allowing you to keep everything in order. 

So what’s the problem?

According to a 2013 Ventana research study, people spend about 12 hours per month consolidating, modifying and correcting the spreadsheets. Too many businesses are stretching the use of spreadsheets beyond their capabilities, causing hours of spreadsheet maintenance. Initial setup can be fairly straightforward, but as you introduce more complexities into your business, and the systems you use, things become a bit of a mess. 

As a retailer, managing a multichannel business, the complexities quickly outpace what is possible on a spreadsheet. Simply put, spreadsheets are outdated and not practical for a growing multichannel business. 

On top of being incredibly time consuming and error-prone, spreadsheets aren’t providing you with the data you need when you need it. As you grow your business and look for actionable insight, sales and inventory data are critical in knowing how to spend your money. 

Today, do you feel confident you can grab these following data points from spreadsheets without any manual entry? 

Profit and COGs: 

How often do you check to see what your best selling products are by channel? More importantly, how confident are you in those numbers? Inventory management solutions like Stitch Labs can provide you with detailed information about your best selling products - including a breakdown by by revenue, profits and units sold. By automating all of your orders across multiple channels, Stitch gives you the insight you need to decide which products to continue investing in and which to move on from. 

Most profitable sales channel: 

Want to test Amazon against eBay? Or perhaps you’re curious about how adding a marketplace in addition to your Shopify store will perform? When you expand your sales channels, it’s important to understand which ones are worth the time and money. With Stitch, you’re able to break down what products sell best by channel. Use this insight to alter marketing efforts and allocate inventory to those channels as necessary. 

Most active customer: 

Whether you’re selling directly to consumers or selling wholesale to stockists, it’s important to have historical data on who your best customers are. You can leverage these relationships and boost customer loyalty, driving promotions to these customers to increase revenue. Stitch brings your contacts all in one location so you can quickly see what customers are most loyal.

Most valuable supplier:

Understanding your average unit costs by supplier is key in maximizing profits. Stitch provides you with details about each of your suppliers, allowing you to assess which supplier is providing your business with the most value.

With hours, perhaps days, of time invested in uncovering these answers, I’m sure you’ll get to them eventually in your current spreadsheet system. But wouldn’t you rather have them automatically populated into one system, where you can quickly gather insights and make decisions?

Check out Stitch today and discover how much time you can save and data you can automate.

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