An easy-to-understand explanation of how to make inventory management more efficient using ChatGPT!

Easy to implement even for small and medium-sized businesses! Smart inventory management with ChatGPT and Excel

Inventory management is the lifeblood of your business. Overstocking and out-of-stock items have a serious impact on cash flow and customer satisfaction. However, the current situation is that introducing a full-scale inventory management system is high in terms of cost.

What you'd like to focus on is the combination of ChatGPT and Excel. In this article, we will explain step by step how to streamline inventory management using this simple method. Automate tasks such as data analysis, demand forecasting, and reporting to dramatically improve operational efficiency. In addition, we will introduce examples of AI inventory management from large companies, and explore the possibilities of AI utilization.

Inventory management using ChatGPT and Excel: Overview

Preventing excess inventory and outages and maintaining optimal inventory levels is a major challenge for small and medium-sized businesses. Even if it's difficult to implement an expensive system, combining ChatGPT and Excel enables low-cost and effective inventory management.

ChatGPT can be used for the following purposes:

Applied method	explanation
Inventory data analysis and demand forecasting	Predict future demand from past data and calculate optimal inventory volume
Inventory-related inquiries	Automatically respond to customer inquiries regarding availability
Report creation and alerting capabilities	Automatic availability report generation, notification of shortage alerts
Supporting the ordering process	Automatic detection of reduced inventory products and support for creating order emails to suppliers
Provide knowledge regarding inventory management	Provides best practices and guidelines for inventory management

Inventory management using ChatGPT: Practical steps

By linking ChatGPT and Excel, you can improve inventory management operations more efficiently. The specific steps are as follows:

1. Request to create Excel functions and expressions

By asking ChatGPT to create an Excel function, you can automatically generate the calculation formulas needed for inventory management.

• Example: Calculating safety stock amount "Please tell me the Excel formula that calculates safety stock amount with an average demand of 100, a maximum demand amount of 150, a lead time of 5 days, and an average daily consumption of 20."

• Example: Inventory shortage alert "How do I set up conditional formatting in Excel that displays a warning when inventory count drops below the minimum inventory?"

2. Request to create Excel macros

For complex operations, ask ChatGPT to create an Excel macro.

• Example: Automatic ordering function : "Create a VBA macro that automatically creates an order list when the inventory count drops below the reorder point."

3. Request for data analysis and prediction advice

ChatGPT also provides advice on data analysis and demand forecasting.

• Example: ABC analysis: "Please perform an ABC analysis based on this inventory data (CSV file attachment) and classify it by importance."

Example prompt: Various inventory management scenarios

• Data Organize: "Create an Excel macro that combines inventory data distributed across multiple sheets into one sheet and removes duplicate data."
• Data Analysis: "From this inventory data, create an Excel function that identifies the top 5 best-selling products and displays them in graphs."
• Demand Forecast: "Create a model that predicts demand for the next month based on past sales data (CSV file attachments)."
• Report creation: "Create an Excel macro that automatically generates monthly inventory reports. Please include inventory counts, orders, sales, etc."

Things to note when using ChatGPT

• Data Accuracy and Consistency: Make sure to enter data accurately and perform regular checks.
• Interpretation of ChatGPT answers: ChatGPT answers are for reference only. You need to make appropriate judgments and modifications based on your company's circumstances.
• Security and Backup: Protect your Excel files properly and make regular backups.

Inventory management using AI: Case studies

• Sogo Seibu: Introducing a digital inventory management system using image recognition AI to improve efficiency and accuracy.
• Otsuka Shokai: Provides data analysis tool "dotData." An AI inventory management solution that is easy for small and medium-sized enterprises to implement.

summary

By combining ChatGPT and Excel, even small and medium-sized businesses can easily achieve advanced inventory management. Follow the steps and precautions introduced in this article to improve business efficiency.

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