Inventory Management with Odoo ERP facilitates the procedure of managing and tracking the stock level to enhance the efficiency of the organization. With the help of ERP software, users can efficiently manage their inventory. ERP system provides the most efficient stocking procedures for users' inventory and helps to enhance internal operations. ERP system includes some advanced features such as double-entry inventory with no stock input, total traceability on products, Drop-shipping, Cross-docking, Multi-Warehouse, etc.
Without ERP support inventory management become unstructured, absence of real-time information which is required for the next action and the company faces many issues like:
- Products out of the stock turn into backorders, loss of sales, and customer satisfaction.
- Excess of the results of the product in an increase in inventory level, increase in carrying cost due to increased use of warehouse space and maintenance of products.
- No traceability of products that are available in inventory, due to the primitive business procedure can’t update with the growing demand of business.
- Inability to find out the exact location of the product which consume a huge amount of time, result in a delay in delivery.
Odoo ERP inventory management application can be utilized by any organization irrespective of its size and shape. Odoo inventory integrates with other odoo applications like Purchase, Sale, Accounting, Manufacturing and Repairs, Shipping connectors for more efficiency.
The benefits of Odoo Inventory Management Includes
Basic Operation:
Odoo inventory management's fundamental function is to assist users in managing basic and complex inventory operation sections such as delivery orders, inventory modifications, multiple locations, packing, manufacture and repairs, and receipts. Odoo, for example, assists users in picking orders and delivering them depending on availability, whether they use barcode scanners or not. Furthermore, enterprises can trash products in a matter of seconds and receive detailed statistics on their expenses, reasons, and quantities.
Advanced Routing:
Odoo not only assists organizations with fundamental procedures but also with advanced routing operations such as:
Dropshipping: Based on products, orders, and customers, customers can receive goods straight from the source.
Cross-Docking: Businesses can unload arriving commodities or even shift directly to outbound gates with little to no storage.
Put away strategies: Users can develop and select their own storage and putaway techniques, such as FIFO and LIFO.
Push and Pull Routes: Product routes can be customized to automate the movement of orders between warehouses or locations.
Reordering Rule:
Users can create reordering rules on available products using the Inventory Management eCommerce. This ensures that the company's product stock never runs out, and there are no issues with overstocking. The Odoo platform informs users of low supply via warning notifications.
Barcode Integration:
The barcode application in Odoo may be set up to accept products into inventory and track all inventory movement at various stages of the process. The Odoo platform allows users to produce barcodes for their products based on the nomenclature that is accessible on the platform. Users can also print out sample barcode pictures of the goods using the system.
Traceability:
Odoo improves product and stock movement traceability by integrating with a barcode scanner system. The barcode application makes it easier to trace inventory movement by using a lot and serial numbers. When receiving purchase orders from vendors at the warehouse, serial numbers and lot numbers are associated with specific products. Additionally, for 360-degree traceability, the Odoo inventory management module records and keeps a history of all operations linked to each document.
Product Management:
Businesses can better control and manage items based on their types and variants. Users can customize the fields as needed to make it easier to manage their products. Furthermore, Odoo may incorporate several barcodes for these products, each with its own unique code. Users can successfully manage commodities and avoid losing or wasting them.
Better reports and analytics:
Inventory management is the best tool for organizations to have better analytics. Using the reports users can easily analyze the inventory situation clearly, identify the problems with solutions. As a consequence, users can solve inventory problems, forecast the availability of products, and create a good plan for the next period.
Final Thoughts
Better inventory management helps the organization in avoiding stock-related issues and take fast decisions for their internal operations.
