Inventory dashboards provide a real-time view of how much stock a business currently holds. This is a systematic approach to sourcing, storing, and selling inventory – both raw materials (components) and finished goods (products).
For businesses, having the right stock, at the right time, in the right quantity, at the right cost is essential. An effectively managed warehouse management can make all the difference to productivity in business. This helps operations teams and warehouse managers better manage product availability and plan new orders.
The Inventory Overview report summarizes the inventory status of supplies and goods up to a certain point in time. This is the type of report that any business needs, because it plays an important role in managing goods and providing direction for business development, for purchasing decisions, for sales, warehouse transfer.
Inventory report is a report that summarizes the amount of inventory of the business, it controls the quantity of goods and materials in stock periodically. In which, clearly state the quantity status of goods in stock at the beginning and at the end of the period. Reports can help us achieve the following goals:
- Track the quantity of goods, the total amount of goods currently in stock, and the money on the way to return.
- The number of days that the current stock in stock can meet production/sale requirements until the date of out of stock
- Track the number of materials, finished products out of stock, lower or correct quantity desired, in stock.
|Goals||Questions to ask||Dashboard views|
|Track the quantity of goods, the total amount of goods currently in stock, and the money on the way to return|
How many raw materials & finsihed products are estimated at the time of inspection?
What is the total value of incoming materials on the day of inspection?
|Current SOH, Current SOH $, Incoming Stock $|
|Track the number of days that the current stock in stock can meet production/sales requirement until the date of out of stock|
How long will it take for the company to use up all the raw materials in stock to produce or sell all the finished products in its current inventory?
|Current Inventory Days, Inventory Days over time|
|Track the number of materials, finished products out of stock, lower or correct quantity desired, in stock|
How many items are out of stock, in stock?
What action should be taken to handle the situation?
|Number of SKUs by Status|
A measurement of how many days it takes a business to sell through their stock of inventory. Its formula is based on Daily Sales/Used Units.
The Amount of goods, such as parts, materials and finished products, that a company has available at a particular time.
Current SOH $:
the money in stock
Incoming Stock $:
The value of goods purchased from the supplier being shipped.
SKU (Stock Keeping Unit):
The commodity code
The status of products
+ Out-of-Stock: Inventory Days <= 0
+ Under-Stock: 0 < Inventory Days <= 30
+ At-Stock: 30 < Inventory Days <= 90
+ Over-Stock: Inventory Days > 90
Inventory Overview Report
These dashboards will proactively help businesses to manage inventories better. Regarding:
+ Out-of-Stock/Under-Stock: plan to import more materials or produce more products
+ Over-Stock: adjust the purchasing plan for raw materials, reduce production output for finished products or have preferential sales programs for customers to push these products to sell faster.
The detailed page allows us to keep track of the inventory of each item and it is displayed in a horizontal line to easily monitor every indicator. Besides, viewers can choose to see SKU by status so that they acknowledge which item is out of stock, low in quantity, either it is correct as planned or higher than specified.
*Additional Key Terms
Total quantity of goods purchased from suppliers
Ordered SOH $:
Total value of goods purchased from suppliers
The quantity of goods purchased from the supplier has arrived
Stock Received $:
The value of goods purchased from the supplier has arrived
The quantity of goods purchased from the supplier being shipped
Daily Sales/Used Units:
Average number of finished products sold in a day/raw materials used to produce in a day.