When you don’t have proper sources, tracking your inventory could be a complex thing in Excel. On the other hand, when you are loaded with the right arsenal of tools, tracking inventory management could be less hectic.
Using the inventory management Excel formulas definitely can boost the productivity and efficiency of your work. Excel lets you manage inventory and other tasks smoothly. However, working with Excel could be sometimes hard and especially when you need to manage Excel data collectively.
Keeping inventory management is necessary for the retail business. You cannot track your inventory manually and software used for this purpose are much more expensive that’s why not everyone can afford it. Well, using Excel features you can hold this thing tightly. Below you will find some of the most useful inventory management Excel formulas. So, why not track inventory management gracefully instead of investing in expensive tools?
SUM Formula
SUM formula is the most common function you have ever used in your life. Using this function, you can simply add different values and you don’t need to select each cell one by one. Below is the formula for SUM that you can use to save time.
SUM Formula: =SUM(number1,[number2],…)
NUMBER1: Here you need to add the first value to be added. This value could be any number, a cell, or a range of cells.
NUMBER2: This is an optional argument in which the following values will be added. You can add any number, cell, or range of cells. The maximum number of values you can add is 255.
SUMIF Formula
Using this formula, you can add one layer of difficulty to the sum function. The SUMIF command is suitable when you need to filter the cells that you need to add.
SUMIF Formula: =SUMIF(range,criteria,[sum_range])
RANGE: Here you will find the cells that Excel needs to know if it will add the equivalent values.
CRITERIA: Here you will see the value or formula added that Excel matches against the cells given under RANGE.
SUM_RANGE: This value is optional and the cells will be added together. In case, you left it blank, the cells will be used given under the RANGE.
SUMIFS Formula
The SUMIFS formula is used to add multiple range values and the formula is given below:
SUMIFS Formula: =SUMIFS(sum_range,criteria_range1,criteria1,[criteria_range2,criteria20,…)
SUM_RANGE: In this, you need to add the cells.
CRITERIA_RANGE1: In this argument, you can add those cells that Excel will test.
CRITERIA1: In this section, you will see the defined CRITERIA_RANGE1. It could be anything such as function, number, text, or other values.
CRITERIA_RANGE2, CRITERIA2: Well, this one is optional that can help you add extra cell ranges and criteria to filter the SUMIFS.
LOOKUP Formula
You will find two options in the LOOKUP function: VECTOR and ARRAY.
When you have to find out some data in a certain column, you can use the Vector option.
The formula is given below:
=LOOKUP(lookup_value,lookup_vector,[result_vector])
LOOKUP_VALUE: You can find the LOOKUP_VECTOR in this argument.
LOOKUP_VECTOR: In this argument, you can add the range in which you need to find the LOOKUP_VALUE. Also, bear in mind that the values must not be in descending order.
RESULT_VECTOR: This is an optional range in which Excel finds the corresponding value to return.
VLOOKUP Formula
Usually, the VLOOKUP formula is useful to manage data in columns. You will notice that Excel starts with the value added in the first column of the selected range. And then it counts columns based on the given number.
Formula: =VLOOKUP(lookup_value,table_array,col_index_num,[range_lookup])
This formula uses multiple arguments, let’s discuss them briefly:
LOOKUP_VALUE: Here you will add the value that Excel will consider in the first column.
TABLE_ARRAY: This argument uses the cell range in which the function is performed.
COL_INDEX_NUMBER: Here you will add the number of columns that Excel count to return an outcome.
RANGE_LOOKUP: This one is optional and you can add TRUE or FALSE.
HLOOKUP Formula
Most often the HLOOKUP and VLOOKUP functions are similar in nature. The only difference is that HLOOKUP needs your data to be in the rows.
Formula: =HLOOKUP(lookup_value,table_array,row_index_num,[range_lookup])
LOOKUP_VALUE: Here you can add the value that Excel finds in the first row of the table.
TABLE_ARRAY: Here you can add the cell range where the function is performed. With LOOKUP_VALUE, Excel can find out the first column of the TABLE_ARRAY.
ROW_INDEX_NUMBER: Here you can add the number of rows that Excel counts.
RANGE_LOOKUP: This one is optional and you can add only TRUE or FALSE.
XLOOKUP Formula
A superb modification in the VLOOKUP and HLOOKUP is the XLOOKUP function. You can return multiple outcomes as well as it is useful to search for both by row and column.
Formula: =XLOOKUP(lookup_value,lookup_array,return_array,[if_not_found],[match_model],[search_mode])
LOOKUP_VALUE: Similar to the above formulas, here you can add the value that Excel finds.
LOOKUP_ARRAY: This cell range is used to find the LOOKUP_VALUE.
RETURN_ARRAY: It is the outcome that Excel show when the LOOKUP_VALUE is found in the LOOKUP_ARRAY.
IF_NOT_FOUND: This one is optional and can showcase the text you added if it is unable to find the value.
MATCH_MODE: This one is also optional and can return only -1, 0, 1, or 2. You will get 0 and 1 in return for an exact match.
SEARCH_MODE: This is also an optional value and it can be 1, -1, 2, or -2.
Final Thoughts
So, these were some of the basic functions that Excel offers. Though this is not the end of the functions that Excel can handle, however, you can get benefit from Excel as much as you can.
