Strengthen Your Value Chain with Rackbeat’s Inventory Management
By Rackbeat February 2, 2024
This Is Why Your Value Chain Is Crucial for Your Product
You are most likely confident that you sell the best product within your industry – regardless of the specific needs your services cover for the customers. But even though the product is the star of the show, it can’t stand alone on stage without the right setup if it’s to reach a larger audience.
Because if you have a hard time procuring your products, your manufacturing, if you have one, often runs into delays or the order management is hampered by manual processes, many potential customers will never experience the value of your fine product.
And now we’re approaching the keyword. Your product is namely part of what is called a “value chain.”
Your value chain can be seen as all the threads that contribute to you being able to deliver the best product handling, reduce your costs and bring back customers to your business.
Then what does your value chain consist of?
Rackbeat’s Inventory System Improves the 3 Most Important Parts of Your Value Chain
Overall, your value chain consists of the following 5 elements:
- Your inbound logistics (purchasing, inventory management, and goods receipt)
- The outbound logistics (order management and delivery)
- Marketing and sales
In this blog post, we will primarily explain how Rackbeat’s inventory management system can optimize your value chain based on the first three points.
Partly because the last two parts, marketing and customer service, are closely linked to what you sell and your company’s specific DNA. But also because inventory management is tailored to optimize your value chain’s purchasing management, manufacturing and order management.
And when these three elements are in harmony, the foundation for your entire value chain is self-running, giving you time and energy to improve your marketing and customer service.
But how does Rackbeat optimize your company’s value chain?
How Rackbeat’s Inventory Management System Strengthens Your Value Chain
First and foremost, Rackbeat’s inventory system strengthens your value chain with core features that optimize your inventory management, such as real-time updates on your inventory levels, inventory counting, location management, etc. But the 3 crucial links in your value chain, inbound logistics, production and outbound logistics, are also heavily improved:
The Inbound Logistics
Your inbound logistics concerns all the raw materials and goods you buy and store in your company – i.e., your purchasing management and warehouse operations. Rackbeat’s improvement of this part of the value chain can best be outlined in a three-step process:
1: Time for Reordering: You can be notified by Rackbeat, if you have added a minimum inventory on your product, that the inventory for an item is low, and you, therefore, must order new ones. Alternatively, you run some form of optical inventory management, where you judge by your bare eye whether the shelf with the item in question is about to be empty.
2: Contacting the Supplier: Now you have to order the new goods to your warehouse. And if you use your inventory system to procure the goods, you can choose between the different suppliers you deal with from the system. In your supplier overview, you will have the full overview of your supplier information such as currency, email, phone number, etc. And you can always access all the registered purchase orders in your order overview.
3: The Registration of Incoming Goods: When the delivery man knocks on your warehouse door with your goods, you, or the warehouse manager, can now jump into the inventory system and register the new product. Thus, your inventory is updated and your customers can get their orders on time.
Rackbeat thus ensures that the purchasing part of your value chain is streamlined, as you are involved all the way from being made aware that you will soon need to replenish your stock to your products lying safely and registered in your inventory, ready for sales orders.
If you are working for a manufacturing company, the production itself may be the most important link in your value chain. Here, Rackbeat’s inventory system, in addition to allowing you to create a production order and bills of materials, will make the main element of your value chain run better by giving you real-time updates on the raw materials.
No manufacturing company can afford to lack raw materials intermittently. Your value chain suffers a serious blow if you accept a customer order, and start the production of a finished product, but discover that the shelves with the components scream of emptiness.
You will avoid this scenario when you can access your inventory 24/7 – and be sure that it gives you a true snapshot of your inventory.
The Outbound Logistics
When it comes to outbound logistics, and thus the part of your value chain that deals with the management of your sales orders, Rackbeat’s inventory management system will likewise be a helpful digital engine.
As soon as a sales order ticks in from your webshop, or you create it manually in the system, it only takes you a few steps to bring the customer’s goods much closer to their address. In Rackbeat, you can access a picking list, so you can quickly locate and pack the goods, print a packing slip and create an invoice for the sales order in no time.
At the same time, you always have a polished overview of all your past and ongoing sales orders, and associated invoices, so you can quickly update both inventory and accounting if a customer returns an item.
In this way, the link consisting of outbound logistics will always be streamlined and connected with the rest of your value chain.
Want to Know More About How Rackbeat’s Inventory System Streamlines Your Value Chain?
Rackbeat’s inventory management system delivers substantial improvements to the parts of your value chain that deal with purchasing, goods handling, manufacturing and sales orders, so you can focus on marketing activities and customer service.
If you would like to see how the inventory system strengthens your value chain, you can always book a free presentation of the system with a product specialist or take a tour of the system yourself.