What can inventory data visualization do for your business?

1 Why inventory data visualization matters

Inventory data visualization can help you make better decisions and solve problems related to your inventory. By visualizing your inventory data, you can identify imbalances in stocking, track inventory movements, analyze performance, compare performance across different products, categories, locations, channels and time periods, and communicate results to your team, customers, suppliers and investors. Additionally, you can adjust inventory levels accordingly, monitor turnover and availability, identify opportunities for improvement , discover trends and anomalies, and share your inventory goals and achievements.

2 How to choose inventory data visualization tools

When selecting a tool for your inventory data visualization, you should consider the type and volume of inventory data you have, the format and style of visualization you prefer, the features and functions of the tool, as well as the cost and usability. Specifically, think about the level of detail and complexity needed, the charts, graphs, maps, dashboards, or reports you would like to use, the data integration, analysis, manipulation, security, and sharing capabilities offered by the tool, as well as its price, installation process, maintenance requirements, support options, and learning curve.

3 How to design inventory data visualization

The design of your inventory data visualization can affect how well you and your audience can understand and use your inventory data. To ensure effective inventory data visualization, you should first define the purpose and audience for the visualization, and then select the relevant and accurate inventory data. Additionally, choose suitable elements such as colors, shapes, sizes, labels, legends, and axes to use consistently and clearly. Make sure to avoid clutter in your inventory data visualization and eliminate any unnecessary or misleading information or graphics. Finally, test and refine your inventory data visualization and get feedback from your audience or experts.

4 How to use inventory data visualization

Inventory data visualization is not a one-time activity, but rather a continuous process that requires regular updates and reviews. To make the most of your inventory data visualization, you should integrate it with your inventory management system and other data sources, ensuring that the visualization reflects the latest information. Additionally, you should monitor and analyze your inventory data visualization regularly to uncover patterns, trends, and insights. When you find something useful, act on your findings and implement changes or improvements to your inventory policies, processes, or strategies. Finally, communicate and share your inventory data visualization with your stakeholders to explain and justify your inventory decisions and actions.

5 How to learn inventory data visualization

Inventory data visualization is a valuable skill that can enhance your inventory management capabilities and career prospects. To learn this skill, you can read books, blogs, articles, or reports on inventory data visualization and take online courses, webinars, workshops, or certifications. Furthermore, you can use online tools, software, or platforms that offer inventory data visualization features and join online communities, forums, or groups that focus on this topic. Through these activities, you can benefit from the examples and best practices of other inventory managers or experts, as well as the instructors and peers who can teach you the concepts and techniques of inventory data visualization. You can also learn by doing and experimenting with your own inventory data, as well as by engaging in the questions, answers, discussions, and feedback of other inventory data visualization enthusiasts or professionals.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?