Excel vs. Prediko

Excel vs. Prediko

When starting out a new retail business, Excel is an appealing inventory management choice due to its unlimited capabilities and style. However up to 88% of spreadsheets contain inaccuracies and none of them include the business logic required to properly optimise your inventory. As a retail business grows, Excel can be tricky to use and easily lead to costly mistakes — out of stocks and excess inventory.

We built Prediko to help the next generation of commerce eliminate their inventory distortion. Businesses can seamlessly transition from their messy spreadsheets to a supply chain platform with a unified suite of planning features — inventory monitoring, forecasting, and ordering.

We shine the lights on the flaws and limitation of Excel and how Prediko can support you with you inventory and purchase order planning:

Prone to mistakes

Data entry is the biggest source of inaccuracy with Excel, as data must be manually entered. As a result, stock can be miscoded easily and amounts can be recorded inaccurately. One un-wanted click could result in data being entered into the wrong cell, overwriting any existing information.

Prediko integrates with Shopify to automatically import stock levels, forecast demand, and generate dynamic purchase orders. Say goodbye to manual errors and hello to augmented workflows!

Simultaneous users isn't a thing

Excel does not support multiple users and that's not ideal when it comes to inventory planning. If different members of your team need to modify inventory information only one user can have the inventory worksheet active at a time.

Kind of obvious but Prediko supports multiple users enabling our customers to update their forecasts and purchase orders simultanuously, and centralise all information in one place.

No real-time inventory data updates

An Excel spreadsheet needs to be manually update if you'd like to be stay on top of your stock levels. Plus they may not even tell you how old is the data you're looking at. This repetitive and time-consuming process leads to errors easily.

Prediko helps you monitor your inventory in real-time as stock levels rotate. You can even add inventory alerts to oversee your stock health and be notified of your stock movements for unparalleled visibility. You can finally sleep on both ears!

Poor forecasting capabilities

Most companies use Excel for inventory forecasting but very often are limited in prediction accuracy levels. Plus the farther they predict the less precise their forecasts are. Excel doesn't provide users with any intelligence, which leaves them to build their own in-house forecasting methods. Again the process remains manual, time-consuming, and prone to errors.

Prediko improves your visibility with customisable sales forecasts. Our machine learning algorithms are fed with your historical data to predict sales up to 12 months ahead. Even better, we've implemented the business logic required for users to augment forecasts with their business plan: new product launch, marketing spend, newsletters, and more.

Decentralised purchase orders you can't track

Excel is a nice and quick option to set up purchase orders. But when your business grows, so are your POs and your frequency of ordering. It's then key for businesses to centralise purchase orders and keep track of their progress — requested/expected/actual delivery dates & units ordered. Excel won't provide a scalable solution to that problem.

Prediko takes the pain away by automatically generate purchase orders. Set your supply chain parameters to put re-ordering on auto-pilot and get dynamic PO recommendations. Plus, you can centralise all POs under one singe page to never wonder where they are again.