Inventory KPI Dashboard Excel template helps you organize your inventory management. It comes with bar chart, pie diagram and stacked bar graph for various items, inventories and SKUs. This KPI excel dashboard can also be useful as Supply chain dashboard. This has some basic features like inventory portion, average inventory in various month, delivery scope and win/loss situation visualization.
Meaning of Inventory Metrics
Inventory metrics are indicators that help you monitor, measure, and assess your performance – and thus, give you some keys to optimize your processes as well as improve them. They focus on a specific area and goals in order to spot trends and identify weaknesses.
Choosing The Right Inventory KPIs
To choose the most reliable and efficient inventory management metrics, here are some tips that you need to take into account:
- Avoid vanity metrics
- Focus on business questions
- Don’t neglect your customers
- Monitor and supervise trends
- Human error is inherent, so keep a close watch
Inventory Metrics Examples
Since both cost factor and customer experience are essential in inventory management for any modern business looking to make an impact in our cutthroat digital age, lets discuss on some important inventory management KPIs examples that cater to these two most essential areas.
Inventory accuracy
This is an inventory KPI that can make or break your business: if you do not have in stock what you sell online on your eCommerce platform, for instance, can considerably harm your business. This metric will also help spot issues related to shipping, receiving, or accounting. Try to keep this ratio over 92% as much as possible.
Inventory turnover
If you have a low turnover, that might point out difficulties in turning your stock into actual revenue – you then need to investigate where the bottleneck(s) is(are), at any moment in your supply chain process.
Out of stock rate inventory KPI
Meeting customers’ demands is critical in successfully managing your company’s inventory, especially in the FMCG industry. Events that cause inventory to be exhausted should be avoided at all costs, although it can happen that some products are not available due to numerous reasons. In this case, the point is to monitor this rate and identify when and what is missing.
Carrying cost of inventory
One of the most critical inventory KPI metrics, the carrying cost of inventory, will show you the total of all expenses that occur when storing unsold goods. These costs can include warehousing costs, insurance, employee costs as well as damages of goods, rent, utilities etc.
Download and use Inventory Metrics & KPI Dashboard excel template
To use this free INVENTORY KPI excel template, you should have Microsoft Office/ Microsoft Excel installed in your system.
After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software. Once extracted, you can open the file using Excel and start entering data or customizing the template.
