The only way I know of to accomplish this is by creating a custom record that logs daily (using Suitescript) the inventory quantities for all of the SKUs you wish to track. If you don't have a ton of SKUs, this isn't a terrible solution – however, if you have a lot of them, it can generate a ridiculous amount of records, which may degrade performance. YMMV. You alternatively could manually look at the Inventory Valuation report daily, but this is not an automated solution.

With a saved search you can set up the criteria to look up items where Qty. Available = 0 across all your locations, or you can create one search for each location you have.

Under the tab 'Email' you can tick the checkbox 'Send Email Alerts When Records Are Created/Update'.

Then set the recipients to receive this email.

The only problem you might have is the quantity of emails depending on how often your stock goes to 0.

Or you can follow al3xicon idea

I used to do this using a transaction search using all transactions that affect inventory (Item Fulfillments, Transfers, etc) along with the item available at zero. By using the system notes date field I was able to get a report of items that went out of stock on or after "yesterday" each morning.

Thank you for the replies. We do have a lot of inventory, so the scripting solution is probably not efficient for us, but I was able to use JCirocco's idea and get something that will work for us. Thanks!

JCirocco's idea worked well, but the one problem I was running into was that it was including drop shipments (which we do a lot of for inventory we don't have in stock). Since they are 0 available they were showing up in the search even though they have not recently gone out of stock.

I found you can search Item fulfillments from drop shipments by adding criteria Applied to Transaction : Type : is Purchase Order. When I tried to reverse this and put is not Purchase Order it still included these items as there were other transaction types applied.

I fixed this by making it a summary search, grouping Items in the results. In Summary Criteria I added

Summary Type: Sum

Field : Formula (Numeric)

Formula : CASE WHEN {appliedtotransaction.type} = 'Purchase Order' then 1 ELSE 0 END

Descriptions : is less than 1

Worked great, thanks again for the help pointing me in the right direction!