Inventory management is one of the essential segments in business operations. No matter if it's a small business or a large business, inventory management is still an important segment. Be it manufacturing, retail, e-commerce, or some other industry, the need for inventory management will not vary. Inventory management comes under the warehouse operations of a business, and it should be effectively managed with much efficiency.
The movement of products within a company or outside of the company should be efficiently tracked while performing various operations. This can be solemnly possible with tools like Inventory management systems Odoo is one of the widely used ERP tools for inventory management. With this blog's help, we will help you understand why you should opt for Odoo for inventory management and the importance of Odoo inventory management tools.
The maintenance of stocks in the warehouse and auditing them helps companies to understand the business growth. Many times the adjustments made in the inventory should be reported to superiors to audit the stock. Following manual entries may result in errors. As inventory management evolved as a crucial part of planning business strategies, there arose a need for sophisticated Enterprise resource planning tools like Odoo ERP software, which can automate the entire process within a few clicks.
The updated data can be managed and verified by the officials in a real-time. With the help of such tools, several complex processes can also be simplified. Now you might have got an idea of how an inventory management tool can help your business operations. Along with this, you should also understand the importance of the Odoo inventory management tool.
Importance of Odoo
Odoo software is a modern business management suite that allows you to manage your warehouse maintenance and can address all your business needs. The core aspects of a company, such as inventory management, networking, manufacturing, sales and purchase, human resource planning, service, repair, and customer relations, can be managed with the help of this single ERP tool, "Odoo." It is a one-stop solution for all your business needs.
The latest version of Odoo ERP can provide accurate records of functionalities, adjustments, and operations performed by all the team members. Users can create their own set of rules and routes for the product transfer cycle as per their needs irrespective of industries like manufacturing, sales, retail, etc. Odoo has additional features like providing opportunities to manage multiple warehouses from the same Odoo ERP system. You neither require any new tool nor any extra modules to manage various stores or warehouses.
Benefits of Odoo ERP for inventory management
Compared to various ERP systems available in the market, Odoo has its significance due to its countless benefits. These benefits keep Odoo ERP ahead of the other ERPs.
- Shipping
- Tracking of products
- Multiple warehouse management
- Analytical reports
- Operational routes
- Reordering policies
- Barcode integrations.
Shipping
With Odoo, it is easier to take any number of shipments in a day and manage any number of orders from multiple vendors. There are no restrictions on the count of shipments that can be employed from the Odoo warehouse management tool. While a customer is placing an order from the point of sales window of a store, Odoo automatically analyzes the inventory quantity available in the warehouse and displays the same to the users. This helps in making the right purchases and improves customer efficiency. Before confirming an order, Odoo will conduct an initial check of inventory and then allow customers to place their orders. This results in reducing operational errors in sales and shipment of products.
Tracking of products
Tracking the movements of products within the organization before shipping is essential to deliver the ordered product to the exact customer. To avoid ambiguity, Odoo assigns a serial number or lot number for every product ordered by a customer. This helps vendors in picking the right products to dispatch. Odoo takes utmost care in providing a unique code for every serial number or lot number for a single product so that it may not result in the same code for multiple ordered products.
Multiple warehouse Managements
Odoo allows flexibility in operating and managing multiple warehouses across various locations within a single system. Suppose a business operates at an international level. In that case, Odoo helps manage the inventory of all the warehouses under one system, so practically, it will be easy to maintain records of in and out checklists.
Analytical reports
It is essential to audit and analyze the business growth, which can happen with detailed sales and inventory transactional reports. Odoo provides very insightful reports which can be used for business auditing at a higher level. It offers customized reports with functionalities like picking out filters, and labels as per the business needs. It has the most advanced dynamic charts like pie charts, bar graphs, heat maps, and all those you need.
Operational routes
Odoo allows its users to specify the operational routes of purchases, sales, and manufacturing as per their needs. It can be easily customized according to business strategies from time to time. These operational routes are defined by the movement of products in the business cycle. Odoo comes with a default set of rules, but you can modify them accordingly.
Reordering policies
With Odoo, users can set their own re-ordering policies to avoid a shortage of stocks or maintaining overstock. Users can set rules for specific products to select a maximum and minimum quantity of a product. This helps management to maintain a stable inventory all the time. Odoo ERP system releases warnings when the stock is low.
Barcode integration
Odoo allows its users to generate bar codes, which are provided in build within the Odoo software. With the help of a bar code, it will be relatively easy to track products' movement throughout the cycle. Odoo generates unique barcodes based on the technology that is incorporated inside the Odoo software. Odoo also allows us to print those generated Barcodes on products for efficient tracking.
Well, we think a business needs no more features other than what Odoo offers in default, but still, if you need them, there are various integrations possible. One can easily do that with the help of an Odoo development partner. We at Sitaram Solutions offer you sophisticated services for all your Odoo inventory management.
We have an expert team of developers who can quickly understand your business needs and can provide you with the best Odoo solutions across all the verticals of your business. We have a dedicated team of Odoo consultants who can help you with the planning of your resources. Providing quality and delivering the best results are our strengths. Let us be your partner in taking your business to the next level. Contact us to plan your Odoo resources now. We are happy to serve you.
Thinking Odoo, Think Sitaram solutions!Thanks for paying attention!!