It is possible to setup Low Stock Alerts so selected users get notified when stock levels reach a set amount. This can be done via Reports - Scheduled Reports with the ReportType Set to LowStock.
You can set the low stock alert level on the product via the Extra Details tab. Or you can upload in bulk via the Product Upload template. All you would need is the SKU and LowStockAlertLevel field (columns A and M) to add the levels without effecting existing product data.