It seems like just by reading your post, you're handling Low Stock level report the right way.
My only suggestion I have is to download this to excel and work on it for more data.
Normally, I just download this report on a regular basis and revised the spreadsheet with the following update:
- Quantity on hand
- Quantity on PO (add a column from middle gear)
- Revised Quantity Level Status (1+2)
- Reorder Point Level Set
- Managing Inventory = Revised Quantity (3) minus Reorder Point (4)
This's how I would watch the inventory control.