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Imagine never running out of stock on your best-selling items or being stuck with products that won’t move. That's where inventory reports come in. For online businesses, especially in e-commerce, inventory management is the key to profitability and customer satisfaction. This article explains why inventory reports are crucial for your success and how to generate them using the byrd dashboard.

The Importance of Inventory Reports

Inventory reports give you a real-time snapshot of your stock levels, across all products and locations. This helps you stay on top of fast-selling items, identify slow movers, and ultimately gain more control over your inventory. But the value goes beyond just knowing what you have on hand:

  • Spot Trends: By analyzing these reports over time, you can uncover sales trends and seasonal patterns. This insight helps you forecast demand and adjust your inventory levels accordingly.
  • Optimize Stock: Accurate forecasting means you can prevent costly stockouts and reduce over-ordering, freeing up cash flow and storage space.
  • Negotiate with Suppliers: Knowing your inventory allows for smarter negotiation with suppliers, ensuring better pricing and a more reliable supply chain.

In short, an inventory report is not just about stock—it’s about making smarter decisions that drive your business forward.

 

Eight Elements for an Inventory Report

 
1. SKU (Stock Keeping Unit): Each product has a unique identifier, allowing for easy tracking and referencing across systems.
 
2. Lot Number: This tracks batches of products received or produced at the same time, crucial for handling expiration dates or recalls. They are also crucial for ensuring safety, maintaining quality control, and complying with regulations in the food, cosmetics, pharmaceuticals, and medical device industries.
 
3. Expiry Date: Essential for perishable goods, this helps ensure items are sold or shipped before they go bad.

4. Not Before Date: The earliest date an item can be shipped, perfect for managing pre-orders or stock that needs to be held for a specific time.

5. Not After Date: The latest shipment date, ensuring products are sent out before an agreed deadline or expiration.

6. Lot Activated Status: Flags batches as active or inactive, helping you avoid using expired or deactivated stock.

7. Physical Stock: The total quantity of products currently available in the warehouse, giving you a clear view of what’s on hand at any given time.

8. Reserved Stock: Stock that’s already been allocated for orders but hasn’t been picked or shipped yet. This prevents overselling and ensures accurate fulfillment.
 

Additional elements to consider

- Reorder Level: The point at which new inventory should be ordered to avoid stockouts.
- Warehouse Location: Knowing exactly where stock is stored within your warehouse makes picking and packing faster and more efficient.

- Inventory Valuation: This helps track the cost or value of your current stock, which is useful for financial reporting and decision-making.

How byrd Can Help

Generating an inventory report in your byrd dashboard is an easy process that offers a detailed overview of your current stock, organized by lot number or warehouse location.

To help you get started, explore the interactive demo below for a sneak peek at how the byrd dashboard works and how to activate the AV function. Additionally, you can find written instructions with step-by-step guidance for your convenience.

 

1. Accessing the Inventory Report

First, you’ll want to download a report on the current inventory in your warehouse directly from the customer dashboard.

  • Navigate to the "Inventory" section in your dashboard.
  • Click on the "Inventory Report" button located at the top right.

2. Exporting the Inventory Report

You can export the inventory report in two ways, depending on how you prefer to view your stock:

  • Itemized by Lot Number: This option includes one row per SKU and each lot number for SKUs with batch tracking. It’s great for detailed tracking, especially if you’re managing perishable goods or need to trace batches for quality control.
  • Itemized by Warehouse: If your priority is organizing stock by location, this option breaks down your inventory by warehouse, giving you a clear view of where your products are stored.

Note: If you select the "itemize by lot" option, the report will include one row for each SKU and an additional row for each lot number for SKUs that have batch tracking activated.

Conclusion: Take Control of Your Inventory with byrd

Inventory reports are essential for any e-commerce business looking to stay competitive. They help you keep track of stock levels, avoid costly mistakes, and ultimately make smarter decisions. At byrd, we offer the tools and insights you need to stay ahead. Our easy-to-use dashboard lets you generate inventory reports in minutes, so you can focus on growing your business.

Ready to take control of your inventory? See for yourself how simple inventory management can be.