June 20, 2021 Blog, Toronto, Canada

Business Analysis Using Odoo

A business analyst is always considered to be an instrument of change. Business analysis is a disciplined strategy for introducing and managing development to companies and organizations, whether it is built for profitability, businesses, governments, or even non-profits.

Many other jobs and careers, such as management, project management, product management, software development, quality assurance, and interaction perspective, rely profoundly on business analysis skills for achievement.

Business analysis helps identify and articulate the need for change in how companies or organizations work and promotes that change. As business analysts, the main job is to recognize and determine the answers to maximize the value produced by a particular company or business to its stakeholders. Business analysts operate across all branches of an organization. They are also involved in everything, starting from establishing strategy, planning the program’s architecture, and exerting a leadership role by setting the goals and qualifications for programs and projects or encouraging constant growth in its technology and methods.

Business analysis can be recognized as a study discipline that helps seek business needs and identifies business problems, including solutions. These solutions may include developing a software or system element, process improvements, organizational innovations, or strategic outlining and management advancement. The goal of business analysis is to classify solutions that satisfy the demand for improvement. The business analysis method extends ideas and insights into the development of the primary structure for any plan. It stores the key to supervise stakeholders of a project who systematically delivers business modeling.

Business analysts possess functional expertise to manage and lead the business through the foreign or unmapped area to reach its desired target. The value of business analysis is in understanding benefits, avoiding the cost, knowing new possibilities, concluding required abilities, and shaping the organization. Through the practical use of business analysis, we can guarantee an organization understands these benefits, conclusively enhancing the way they do business.

Why use business analysis?

  • To learn the structure and the dynamics of the company
  • To understand current difficulties in the target organization.
  • To recognize development potentials and suggesting solutions to allow an organization to accomplish its purposes.
  • To identify and explain the necessity for change.
  • To maximize the value fulfilled by an organization to its stakeholders.

Odoo ERP Introduction

Odoo is a business process management tool that provides complete software development assistance for various business use cases. Odoo allows 10+ dedicated modules to efficiently manage distinct business processes, including CRM, HRM, finance, accounting, manufacturing, inventory, and eCommerce. The main benefit of using Odoo ERP is that you receive an open-source community version, free to use under a broad public license. Since you don’t need to acquire a software license, it significantly lessens the overall project expense. This is the main reason why the community version is highly suited for small-to-medium businesses. 

Odoo ERP system is a kind of enterprise resource planning (ERP) software used by various companies to administrate business processes. Odoo presents seamless, comprehensive and practical business apps and app integration that combine to form a holistic ERP solution. Open-source software, Odoo, is open with SaaS subscription pricing as the Enterprise edition or the Odoo free Community version.

Primary Features and Advantages of Using Odoo

  • Economical, less expensive
  • User-friendly
  • Provides a wide variety of Odoo apps
  • Blends with many third-party add-on software applications
  • Gives a free version (Community)

Odoo highlights include a wide choice of business applications for several business demands and industries. Businesses only settle for the apps that they need. For customer relationship management or CRM, you can choose to use the Odoo CRM app or Salesforce. It’s simple to seamlessly integrate Odoo and third-party applications to streamline your business processes for procedures, business administration, and financial control. 

Helping business analysis using Odoo

The arrival of the fourth industrial revolution brought numerous technological changes in common business strategies utilized by all major industries and companies. From the internet and technology, current businesses are using advanced software devices and innovative technologies. A growing number of companies embrace data-driven approaches to upscale their products and services and deliver more excellent customer value. Implementing business statistics and data analysis techniques has become crucial for businesses to support the never-ending competition. Business intelligence mechanisms and data analytics modules can open accounts of profits for companies, allowing them to develop, expand, and keep track of the fast-evolving technology aspect. 

As we have discussed the benefits, implementing business intelligence and data analytics features in your current business design might be challenging. Nonetheless, Odoo has developed a set of tools that make it increasingly simple to execute these features and use them too. It would be best to have a team of developers that can create an enterprise module using Odoo and integrate business intelligence features into your current enterprise operation. 

Odoo ERP specializes in business intelligence utilization development and custom enterprise software development to direct multiple business difficulties. Odoo ERP advancement services facilitate various industries enterprises to streamline their procedures and increase productivity with exceptional problem-solving capacities. 

Business Intelligence with Odoo

Odoo presents a robust software interface for data visualization and analysis that allows businesses to gain data sources. Odoo gives an insightful dashboard interface and advanced business intelligence abilities to interpret data and remove hidden value. 

Main components of Odoo for Business Intelligence and Data Analysis

Lead Generation

Odoo CRM module gives a detailed graphical outlook to track and examine your customer’s data. It allows you to group your leads into various aspects based on location, gender, age group, business type, etc. You can utilize filters to quickly retrieve the lead’s information, set time limits to match it with the previous leads. It further expands your CRM efforts and gives you the ability to build healthy customer connections.  

Analysis of Sales

Odoo grants an intuitive dashboard interface to control sales information and keep sales records for future sources and reference. You can also utilize different filters to retrieve the essential data in no time or divide it into various sections for easier access. You can apply useful features like bar graphs, pie charts, and line graph analysis to create a strucutred view of your sales data. Another benefit of using Odoo is it interpret sales data and helps you obtain relevant information about your customers buying patterns. You can also optimize your sales approaches to influence the appropriate audience and drive them down the sales funnel.  

Inventory Level Analysis

Odoo inventory module is furnished with all vital business intelligence tools and analytics highlights to give a comprehensive view of inventory. It allows you to produce definite reports and real-time insights into inventory and warehouse information. With Odoo, you can also track your inventory progress, average shipment time, stock receipts, inventory turnover, and cost. 

Performance Tracking for Employees

You can quickly assess your CRM efforts and the performance of your sales team when using Odoo. With this feature, you can take proper steps to improve your sales strategy and techniques with the help of practical resource allocation and a work schedule. Performing business intelligence instruments and analytics into several enterprise practices empowers companies to lead their competitors and maintain the intensifying rivalry. Predictive analytics algorithms efficiently extrapolate the fulfillment rate of potential business investment and enhance decision-making. Business intelligence means help you examine your customers’ wants, choices, and buying guides. Business intelligence tools use sensibility study to know your customers’ purpose and optimize your marketing tactics simultaneously. Using Odoo, you will get all these features and more to establish and streamline your business processes. 

Often, the failure of projects in many organizations is assumed to be the project manager’s fault. As time and research have exposed, this is not always the fact. Indeed, all organizations and companies must discuss the various difficulties that occur, actual or expected, to produce successful projects. Failure to do this poses dangers of business difficulties or loss of the entire organization. The competencies required for successful projects are connected to business analysis.

Business analysis performs an essential role in every organization. Interpreting business requirements, designing proper documentation, distinguishing areas for process enhancement and organizational transformation, strategic planning, and developing various policies that drive an organization towards a better future are observed as the most common solutions.

Organizations and companies can update their necessary and technical skills by learning the current market situation with the help of business analysis. This helps them recognize where they are in the market compared to other competitors.

Suppose you want to provide successful business operations within your company and clients. In that case, you may need to develop an excellent business analysis strategy that can help your business grow and advance in the present time and more in the future. Advancing means expanding and increasing profitability. Remember that giving priority to the growth of your business could be a matter of objective, or it may enhance the benefits you think you can bring to the community. 

Get in Touch

We’re an exceptional team of engineers & design thinkers based in Toronto, Canada. We respond efficiently to the challenges of business & technology challenges of the modern day.