What is an inventory dashboard?
Inventory dashboards provide a real-time view of how much stock a business currently holds. This helps operations teams and warehouse managers better manage product availability and plan new orders.
Inventory dashboards also help Sales teams who use this information to inform their conversations with customers. Either by promoting products that have more availability, or letting customers know about the scarcity of a certain product. For sales assistants who work on the shop floor, they are able to provide a better customer experience because now they can easily see what products are in stock – meaning they don’t need to leave them waiting, while they check the storage room.
This inventory dashboard example is taken from a furniture company. The dashboard is based on data that combines sales and delivery information with the latest stock check.
Because of the practicalities of storing large furniture items, it’s not possible to check how much stock is available just by looking. Using this dashboard, we can clearly see how much of each item is in stock. We can also see how many months the supply of each item is likely to last based on current sales figures.
In addition, the dashboard includes important supporting information such as the inventory accuracy rate and the number of days since a full stock check was last completed. (This serves as a useful reminder for the operations manager to order a new stock check.). We can also see the utilization of warehouse space, as well as the overall value of the stock.