We recently posted on our twitter account (do follow us at @supplychainmech)
vlookup….possibly THE most useful excel formula for supply chain proffesionals
— supplychain mechanic (@supplychainmech) August 9, 2016
So why is it so useful?
Firstly let’s take a look at what the VLOOKUP formula does.
Check out the following link, courtesy of those friendly people at office.com the ins and outs of the formula – if you don’t know what it does pop on over and take a look, but be sure to come back afterwards 🙂
Why vlookup formula is so useful for Supply Chain professionals.
OK – Back? Good.
I find as a Supply Chain professional I need to analyse data sets at various times and to help with various processes for example:
• BOMs (Bills of material),
• Orders,
• Quotes,
• Planning records,
• Supplier reports –
I’m bombarded with data sets from different people in different formats all day long.
Using Excel, Vlookup let’s me join data sets together and allows me to take information from one and populate it in another –
Still not sold? Here’s 3 everyday examples of just how useful it is:
1/ Using a suppliers purchase order list I use VLookup against the part number in the a separate BOM sheet to pull in the drawing version allowing me to check the suppliers working to the latest design.
2/ Using the Purchase Order number I use Vlookup to pull in the delivery date from a delivery promise sheet to compare against the original requirement in my outstanding PO list.
3/ Using Vlookup I can investigate a suppliers outstanding invoice list against my own list to investigate current status.
Of course VLookup is just a formula – it’s the broader context behind it that’s important.
Supply Chain professionals as data warriors
Of course while VLOOKUP is great, it’s not the complete point. In today’s world supply chain professionals are expected to have the skill sets that can analyze and interpret data. Of course Excel is just one tool (and perhaps a blunt one at that) but the point is if you don’t have the skills to understand and analyse data in a function like supply chain your sunk.
- Want to Profile Category spend information?
- Need to understand the demand plan?
- Need to research suppliers?
- Need to analyse cost structures?
- Need to deliver logistics optimization?
All of these common tasks (and more) need data analysis skills. And as such knowing your way around those tools that you have on your PC is crucial. We all know that skills like negotiation, interpersonal skills etc are important but we mustn’t forget the skill of analysis is fundamental to the job.
So we love Vlookup, what about you?