Key Takeaways

  1. Excel offers powerful formulas like SUM, SUMIF, and SUMPRODUCT for effective inventory tracking and management.
  2. Combining Excel with Apimio’s PIM software enhances inventory management efficiency and accuracy.
  3. Mastering these Excel formulas helps businesses make better data-driven decisions for inventory optimization and growth.

When it comes to managing product inventory, Excel is a game-changer. With its powerful formulas, Excel can help businesses organize, track, and optimize their inventory like never before. 

In this blog post, we’ll unveil the 20 best formulas for excel inventory management.

These best excel formulas will empower you to calculate quantities, analyze performance, and make informed decisions. 

Plus, we’ll show you how integrating Apimio’s PIM software with Excel takes your inventory management to the next level. 

Get ready to revolutionize your Excel Inventory Management with these top Excel formulas!

1. SUM Formula

best excel formulas

SUM: =SUM(VALUE:VALUE)

The SUM formula allows you to add up values in a row or column. It provides a quick and efficient way to calculate the total inventory quantity or the sum of specific values in your inventory spreadsheet.

2. SUMIF Formula

inventory management excel formulas

SUMIF: =SUMIF(RANGE,CRITERIA,[sum_range])

This is an extension of the SUM formula that lets you calculate the sum based on specified criteria. It is particularly useful when you want to determine the total value of products for a specific customer or any other criteria you define.

3. SUMPRODUCT Formula

inventory management excel formulas

SUMPRODUCT =SUMPRODUCT(RANGE1,RANGE2)/SELECT CELL

The SUMPRODUCT formula enables you to perform operations like addition, subtraction, multiplication, or division on products from a given range. 

Moreover, it is handy for calculating shipment and return values, sales averages by various markers, or any other calculations involving multiple factors.

4. Split Formula

The “SPLIT” formula is not a built-in function in Excel. However, you can achieve similar functionality using different formulas and functions available in Excel.

The “Text to Columns” feature in Excel can be used to split cell contents based on a delimiter into multiple columns.

This can be accessed through the “Data” tab and selecting “Text to Columns.”

Alternatively, you can use formulas like “LEFT,” “RIGHT,” “MID,” or combination of functions like “FIND,” “SUBSTITUTE,” and “LEN” to split text within a cell based on specific criteria or delimiter.

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5. Incoming Stock Formula

Incoming Stock: =SUMIF(INCOMINGS[PRODUCT CODE]; [@[PRODUCT CODE]];INCOMINGS[QUANTITY])

By combining a variation of the SUMIF function with your product codes, you can use Excel to count your incoming stock. This formula helps minimize discrepancies during inventory audits and ensures accurate tracking of inventory levels.

6. Outgoing Stock Formula

Outgoing Stock:=SUMPRODUCT1

The outgoing stock formula, utilizing the SUMPRODUCT function, allows you to easily calculate the amount of inventory sold and shipped. By keeping track of outgoing stock accurately, you can prevent overselling and maintain reliable data.

7. Stock Level Formula

Stock Level: =[@[INITIAL STOCK]]+[@INCOMINGS]=[@OUTGOINGS]

To determine the current stock level, you can combine the best excel formulas for initial stock, incoming stock, and outgoing stock. This formula gives you a real-time view of your inventory, helping you make informed decisions about reordering and stock management.

8. Merge

The term “merge” typically refers to combining cells or data in some way, but it is not a specific formula or function in Excel.

To perform more advanced merging or combining of data in Excel, you would typically use various formulas and functions such as CONCATENATE, CONCAT, TEXTJOIN, or string manipulation functions like LEFT, RIGHT, MID, and so on.

The specific formula or combination of formulas would depend on the specific merging or combining task you want to accomplish.

 9. VLOOKUP Formula

inventory management excel formulas

VLOOKUP: =VLOOKUP(LOOKUP_VALUE,TABLE_ARRAY,COL_UNDEX_NUM, [RANGE_LOOKUP])

The VLOOKUP formula is valuable when you need to find data in a table or range based on a specific value. It allows you to link and combine data from different sources, making it useful for calculating the total value of an order or associating products with relevant information.

 10. INDEX and MATCH Formula

INDEX and MATCH: =INDEX(Profit column,MATCH(Lookup Value,Product Name column,0))

The INDEX and MATCH formulas work together to retrieve values from a table based on specific criteria. Unlike the VLOOKUP formula, which reads only left to right, the INDEX and MATCH formulas provide more flexibility in locating data that could be anywhere in your spreadsheet.

11. LEFT or RIGHT Formula

LEFT or RIGHT: =LEFT(SELECT CELL,NUMBER); =RIGHT(SELECT CELL,NUMBER)

The LEFT and RIGHT formulas are helpful for extracting specific characters from a cell. The LEFT formula retrieves characters from the beginning of a cell, while the RIGHT formula extracts characters from the end of a cell. This is useful when you need to isolate certain parts of a cell’s content.

12. RANK Formula

RANK: =RANK(SELECT CELL, RANGE_TO_RANK_AGAINST, [ORDER])

The RANK formula allows you to rank values in a list based on their relative position.

You can specify the order as ascending or descending, making it valuable for identifying top-selling products, highest stock values, or prioritizing inventory needs.

13. AVERAGEIF Formula

AVERAGEIF: =AVERAGEIF(SELECT CELL, CRITERIA, [AVERAGE_RANGE])

The AVERAGEIF formula calculates the average of cells that meet a specific criterion. It helps monitor changes over time by providing a unique value.

This formula is useful for analyzing trends and determining the average performance of products based on defined criteria.

14. CONCATENATE Formula

CONCATENATE: =CONCATENATE(SELECT CELLS YOU WANT TO COMBINE)

The CONCATENATE formula combines multiple values, such as text, numbers, or dates, into a single cell. It is commonly used for creating stock-keeping units (SKUs) or merging data from different cells into one.

15. COUNTA Formula

COUNTA: =COUNTA(SELECT CELL)

The COUNTA formula counts the number of non-empty cells within a specified range. It helps identify data omissions and ensures accurate tracking of product information and inventory quantities.

16. COUNTIF Formula

COUNTIF: =COUNTIF(range, “criteria”)

The COUNTIF formula counts the number of cells that meet specific criteria. It allows for more precise counting based on defined conditions, providing better data analysis and insights within different areas of your spreadsheet.

17. TRIM Formula

TRIM: =TRIM(“text”)

The TRIM formula removes extra spaces from text, excluding single spaces between words. It helps clean up text data and resolves spacing issues that could affect data search and retrieval.

18. VALUE Formula

VALUE: =VALUE(“text”)

The VALUE formula converts text representations of numbers into actual numeric values. It is useful for transforming text-based data into numerical formats, enabling calculations and analysis.

19. Replace Formula

The “REPLACE” formula is a built-in function in Excel that allows you to replace a specific portion of text within a cell with new text. The syntax of the REPLACE formula is as follows:

REPLACE(old_text, start_num, num_chars, new_text)

  • old_text: The original text or cell reference containing the text.
  • start_num: The position within the old_text where you want to start replacing characters.
  • num_chars: The number of characters to replace from the start_num position.
  • new_text: The new text that you want to replace the old_text with.

By using the REPLACE formula, you can modify or substitute specific parts of a text string in Excel.

20. MINIF and MAXIF Formulas

inventory management excel formulas

MINIF and MAXIF: =MINIFS(RANGE1, CRITERIA1, RANGE2); =MAXIFS(RANGE1, CRITERIA1, RANGE2)

The MINIF and MAXIF formulas allow you to quickly find the minimum and maximum values within a specified range based on certain criteria.

These inventory management excel formulas help identify the lowest or highest values in areas such as product sales, prices, or other relevant inventory metrics.

Manage Product Data with Apimio’s Additional functions

Apimio offers a range of powerful functions designed to simplify and enhance your data operations.

With just a few clicks, you can perform tasks such as splitting text into separate cells, merging cells with basic or advanced techniques, replacing specific portions of text, generating slugs for URLs, using VLOOKUP to retrieve data from related tables, performing calculations, and expanding your data effortlessly.

Apimio’s intuitive interface eliminates the need for complex formulas, you just have to click the formula and Apimio’s PIM software can do it for you.

Experience seamless data management with Apimio’s extensive library of functions, empowering you to streamline your workflows and maximize productivity.

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Leveraging Apimio’s PIM Software

By incorporating Apimio’s advanced Product Information Management (PIM) software with these best excel formulas, you can streamline your inventory management processes further. 

Apimio’s PIM software offers comprehensive features for organizing product data, tracking inventory levels, and optimizing workflows.

Integrating Excel’s powerful formulas with Apimio’s PIM software enhances accuracy, efficiency, and data-driven decision-making in inventory management.

Final Verdict

In a nutshell, mastering these best excel formulas, combined with the capabilities of Apimio’s PIM software, empowers businesses to effectively manage their inventory.

By leveraging these tools, you can optimise stock levels, improve data accuracy, and make informed decisions that drive business growth and success.

Frequently Asked Questions

1. How do I create a formula in Excel?

To create a formula in Excel, start by typing an equal sign (=) in the cell where you want the result to appear. Then, enter the formula using appropriate operators, cell references, and functions. Press Enter to apply the formula.

2. How do I create a formula in Excel?

To create a formula in Excel, start by typing an equal sign (=) in the cell where you want the result to appear. Then, enter the formula using appropriate operators, cell references, and functions. Press Enter to apply the formula.

3. How do I calculate the total inventory value using Excel formulas?

To calculate the total inventory value, multiply the quantity of each item in stock by its corresponding unit price. Then, use the SUM function to add up the values for all items.

References:
  1. $B5=item)*(movtype=”Outgoing”)*(quantity[]

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