A lot has been discussed about inventory management. But do you know about real-time inventory management? Real-time inventory management basically means managing inventory using technology that involves data science, analytics, RFID chips, and barcodes. The technology and analytical tools help keep a track of all of the inventory that is coming in and out of the store.
Managing inventory levels is key for success in the eCommerce business. For a business to succeed, it is essential to find the right way of inventory management so it can meet demand without under or overstocking. With this in consideration, we have compiled here a list of the top inventory reports you should be using in your eCommerce business.
Benefits of Inventory Reports
The inventory reports enable you to track inventory levels. With these reports, you can make right business decisions about:
- Stock-outs
- Sales Figure
- Inventory Turnover
- Lower Inventory Costs
Key Inventory Reports For eCommerce Business Owners
Multi-Stock Location Inventory Report
A multi-stock location inventory report enables you to keep a record of inventory across your warehouses or distribution centers. With the help of this report, you can quickly get insight into the quantities of the items at each of your warehouses. This data allows you to have a more efficient inventory management process. And you can also know if your warehouse is low on inventory so you can order more stock from your suppliers.
On-Hand Inventory Report
With this inventory report, you can easily know inventory levels in your warehouse. The inventory items in a warehouse include goods allocated for delivery and goods waiting to be sold to customers. With an inventory on-hand report, you can accurately measure the levels of inventory, allocated stock, and available stock, resulting in fewer stock-outs and more sales opportunities.
Inventory Change Report
The inventory change report helps in analyzing the outflow of inventory levels. With this, you can easily know how many products are entering and going out from your warehouses and whether it is sufficient or not. E-commerce business owners should use a change report to track how and where inventory is being used and why. It helps in making the right decisions for future analysis of stock movements without any wastage.
Stock-Reorder Inventory Report
A stock reorder report indicates the level of re-ordered goods in a unit. Re-order inventory typically depends on the factor of sales, delivery times, and the availability of safety stocks. Plus, the goods kept at multiple distribution centers or warehouses may have different reorder points depending on the location of the warehouse and sales output from that location. With a stock re-order inventory report, you can understand what products to replenish that avoid stock-out situations.
Forecasting Report
Forecasting the demand levels for your inventory items is important for eCommerce businesses. Anticipating sales figures for the future and inventory stock levels can ensure that you have an optimal level of inventory available in your warehouse at all times to avoid out-of-stock or overstocking.
Purchase Order Report
It is important to keep track of your incoming inventory levels. With the purchase order report, you can track what stock is coming and when it will be arriving at your warehouse. Using a purchase order report enables you to plan appropriately for order fulfillment, and it also helps in streamlining your entire supply chain process.
Valuation Report
The valuation inventory report shows the cost of transporting and holding inventory. It also ensures that your inventory stock is managed properly to sell further. Additionally, this inventory report allows you to analyze the cost of inventory on financial levels so that you can know the specific and average cost of items used in your inventory.
Final Words
Inventory management reports provide accurate and real-time information. It also helps you make more informed business decisions more effectively and efficiently.
If you need help managing your inventory in real-time? Shiprocket offers an online inventory management software that is designed to save time, eliminate extra cost, and help grow your business. Sync your inventory across multiple channels, set up custom alerts to notify you about low inventory levels, seamlessly connect you with different suppliers and fulfillment centers, and more.
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