Rackbeat: Cloud-Based Inventory Management for Small and Midsized Enterprises

Efficient and structured inventory management is the core of any successful business with a physical product at its center. Without a polished overview of your inventory, you waste a lot of time and resources finding the right items for your orders, and you risk ordering goods too late – or too many that you can’t sell.

Therefore, companies of all sizes must optimize their inventory management. And the best way to do this is with a cloud-based inventory management system, as it automatically updates your inventory as soon as a purchase, sale or order has been registered. This way, you eliminate unnecessary costs, minimize errors and create a smooth workflow from purchase to delivery with efficient inventory management.

Inventory Management: Why It's Important

Inventory management is an essential component in your company’s supply chain and daily operations. Boiled down to the basics, inventory management consists of monitoring, controlling, and organizing inventory items from purchase to sale.

Inventory management includes functions such as tracking inventory levels, order management, receiving items, counting, recording item movements, forecasting demand, and more. Optimal inventory management particularly helps to reduce excess inventory and stockouts, leading to better operational processes and a stronger bottom line for your company.

Effective inventory management ensures that:

You have the right amount of goods available at the right time

Your costs are minimized

Customer satisfaction is maintained

Your storage space is optimized

Why Rackbeat's Inventory Management System?

Rackbeat’s main goal is to make inventory management as hassle-free as possible. Our user-friendly inventory management system allows you to have full control over your inventory and supply chain, and tailor your product listings to fit your workflows. Specifically, Rackbeat optimizes your inventory management by providing you with:

Real-time Updates on Product Movements

When a purchase, sale, an order or booking is approved, the inventory system will automatically update the inventory for all products that have moved from one position, or status, to another. You will thus always be able to get a snapshot of what you have in stock, on its way to the warehouse or shipped to the customer.

Reordering Reminders

To avoid backorders, you can set a minimum inventory level for your items in the system. As soon as the inventory for a given product reaches this number, you will receive a reminder that it’s time to order more for your warehouse. And you can even calculate your minimum inventory level by looking at your purchase and sales reports in Rackbeat.

Purchasing Management

You then receive a reordering reminder, telling you that you need to stock up on a specific item. Fortunately, you can do this immediately, as you can place an order with one of your suppliers and set a desired delivery date in the inventory system. Afterward, you can follow the status of your purchase order in the order overview and register the items when they arrive at the warehouse.

Location Management

A lot of time can be saved on order handling and registering item movements when you have a digital overview of your item locations. You can create all the warehouse locations you need, and divide the individual locations into levels, so you always know how much you have lying in each section of your warehouse.

Benefits of Digital Inventory Management

1. Reduce Costs:

Digital inventory management helps minimize inventory costs by optimizing stock levels and reducing waste. This results in lower operating costs and higher profit margins.

2. Improve Inventory Accuracy:

With real-time data and automated processes, you get a precise and up-to-date overview of inventory status, making it easier to make informed decisions and avoid inventory errors.

3. Increase Efficiency:

Automating inventory processes saves time and reduces human errors. This allows employees to focus on more value-adding tasks, increasing overall productivity.

4. Enhance Customer Experience:

Effective inventory management ensures that the right products are available when customers need them. This improves customer satisfaction and strengthens customer loyalty.

5. Scale Your Business:

Digital systems can easily scale up or down depending on your business growth. This allows you to adapt inventory management to changing needs without significant investments in new systems.

6. Make Data-Driven Decisions:

Digital inventory management provides access to comprehensive data and reports that can be used to analyze patterns, predict needs, and optimize inventory strategies. This helps make more informed and strategic decisions.

Inventory Management - And All the Other Features

Rackbeat elevates your inventory management to a whole new level by not only focusing on inventory, warehouse locations and purchases but also by offering a comprehensive package of features that put your business in the driver’s seat for optimal growth.

You can also integrate the inventory system with your other applications, such as the webshop and accounting system, send your invoices to the customer, handle orders, optimize your production and much more.

We have created an overview of Rackbeat’s most important features to give you an insight into how many areas are directly or indirectly affected by your inventory management.

Take Control of Your Inventory with an Inventory Management Program

An inventory management program is a user-friendly software solution designed to monitor, control, and optimize all aspects of inventory and the product journey from purchase to sale. The purpose of an inventory management program is to ensure that your goods are available when needed while keeping costs down and improving efficiency.

An inventory management program helps you by:

Reducing Errors: With accurate records of every movement of goods, the risk of inventory errors is minimized. This ensures that you always have the right number of items in stock.

1. Optimizing Space Utilization: By optimizing the placement of goods, you can maximize storage space and improve picking and packing processes. This leads to faster order fulfillment and better inventory management.

2. Providing Comprehensive Reports: An inventory management program gives access to detailed reports and analyses, which can be used to identify patterns, predict demand, and make strategic decisions.

3. Integrating with Other Systems: Modern inventory management programs can be integrated with other business systems such as ERP, CRM, and e-commerce platforms. This ensures seamless and efficient operation across the entire company, as business data flows freely between systems.

4. Securing Your Data: Since most inventory management systems are cloud-based rather than on-premise, your data is stored in the “cloud” instead of being locked to a stationary computer, smartphone, or tablet.

5. Ensuring Collaboration Across Departments: Everyone in the company can access the same overviews, dashboards, and reports, promoting collaboration and ensuring that everyone is working with the latest data. This strengthens communication between departments and improves decision-making.

6. Making Your Inventory Mobile: You can access an inventory management system from your phone or tablet, so you can have your inventory in your pocket when you are with a customer or sitting in your car on the way to work.

Optimize Your Business with Integrated Inventory Management

When you link your inventory management with other business systems, such as the accounting system, webshop, shipping system, and point-of-sale (POS), both your inventory management and your general workflows will become much more efficient. The seamless connection from inventory management out to your other vital tools ensures a frictionless flow of information between departments. Integrated inventory management results in improved inventory accuracy, minimized costs, better order handling, and optimized customer service.

Are you ready to discover how integrated inventory management can elevate your business? Explore our wide range of integrations and find the perfect partners to help you achieve flawless and improved operations. Visit our integration page to learn more about how you can make your inventory management even stronger.

See Our Integrations

Expand Your Inventory Management Knowledge with Rackbeat's Glossary

Have you ever come across a buzzword related to inventory management that left you puzzled? Visit our comprehensive inventory management dictionary and find the meaning of the most important terms and phrases within the world of inventory management. You will also get the linguistic key to the complex aspects of supply chain management, order management, warehouse operations and more, ensuring that not a single syllable is lost.

Whether you are new to the industry or an experienced professional, our inventory management dictionary is a valuable resource for anyone looking to understand and optimize their inventory operations.

Dive into Our Dictionary

Try Efficient Inventory Management for Free

You can try Rackbeat’s various features for 14 days – completely free and without obligations. When you sign up for a free user, it’s recommended that you tick the “Create with demo data” box. This way, you don’t need to spend time creating your own products, suppliers, sales orders, invoices, etc., but can instead focus on getting a thorough understanding of how the system can help your business.