- Are any items out of stock?
- How many items have been returned?
- How long does it take for us to sell our inventory?
- Finally, what are our inventory carrying costs?
These inventory management metrics provide data about the company’s ability to meet customers’ needs. They also offer insight into whether the warehouses are operating efficiently.
Track Product Availability and Financial Metrics
Firstly, widgets such as the Back Order Rate and Percentage of Out of Stock cards outline how well the company is able to meet customer demand. Further, the Product Stock Details chart displays a clear overview of the number of units that are in the warehouse and that have been ordered.
Filter Your Data
It is also worth noting that viewers can filter data by using the “Warehouse” and “Date” drop-down list boxes. With these filters, viewers can choose to view data for any combination of dates and warehouses, from just one warehouse to all of them. For instance, users could view information for Warehouses 2 and 3 for the first week in January. Similarly, they could view metrics for one day in December for Warehouse 4 alone.
Users can reset these filters by clicking the funnel-shaped icons in the upper right corners of the drop-down list boxes. If both filters are reset so that specific warehouses and dates are not selected, we will see the overall numbers for all warehouses.
Analyze Inventory Costs
Other widgets, such as the Return Rate card and Inventory Carrying Cost bar chart, can help the company gain a deeper understanding of their operating costs. This, in turn, can help them devise strategies to function more efficiently.
Finally, the Inventory Turnover, Inventory to Sales Ratio, and Inventory Days of Supply widgets offer insight into how efficiently the company is selling its products. With this data, leaders can make decisions about whether certain products’ inventories should be adjusted.
