June 15, 2020 Blog

Odoo Inventory Evaluation 101

Managing your inventory is crucial to maximizing the returns on your investment on an enterprise resource planning (ERP) solution; and it should be done to provide a solution to managing your stock and your existing products.

After all, inventory is what keeps the business together, as it is the bedrock from whence every other aspect of the business derives its lifeblood.

That’s why inventory management remains on most businesses’ to-do-lists as a critical priority. Fortunately, enterprise resource planning inventory functions are perfectly suited to managing inventory and providing auxiliary data such as reports, processes, tracking, and stocking locations to make sorting through inventory easy.


How does ERP help in inventory management?

Better decisions are made by using accurate data as a starting point. ERP inventory management solutions allow businesses to manage their entire supply chain from a unified system, which streamlines processes and reduces errors for better efficiency.

While there are more enterprise resource planning solutions providers than you can shake a stick at, there is one notable ERP solution. A solution that boasts a clever inventory management module that can be used by literally any business intuitively to manage their inventory is Odoo.


What is Odoo Inventory?

Odoo Inventory is a module within the Odoo ERP suite that was developed so that organizations of all sizes have the ability to manage their inventory using a feature-rich solution.

Odoo Inventory is also designed to work in synergy with other Odoo modules. It was developed to simplify your supply chain for your inventory and procurement teams to be capable to efficiently keep your business running, all from one centralized solution.


What are the features of Odoo Inventory?

Odoo Inventory is a robust yet capable inventory management tool that can manage a wide array of inventory and stock-related processes. Here are some of the key features that set Odoo Inventory apart from the usual.

  • Slick, fast-responding interface. Fast-performing, functional, and reliable interface for ERP allowing for full inventory control.
  • Crucial inventory oversight. Perform, track, and manage incoming and outgoing shipments, perform inventory cycle checking, location and warehouse management, multiple location management, scrap management, multiple location management, among many others. Odoo Inventory gives your inventory operations a boost in efficiency and productivity.

Product Management Features

Odoo Inventory is equipped with a wide array of product management features that is applicable for literally every company that has an interest in managing their stock. Here are some of its product management features of note.

  • Support for multiple product types. Odoo supports multiple item types such as consumables, services, physical items, among others.
  • Support for custom fields. Add as many custom fields as you need on your items commensurate to your immediate requirements.
  • Support for multi-level variants. Create multi-level variants in just moments.
  • Various units of measure. Odoo has a full arsenal of different units of measure that makes it easy to do business anywhere you choose.
  • Monitor product quality and expiration dates. Odoo offers a nice function that helps you keep track of expiry dates on perishable items or items that have a sell-by date.
  • Create custom barcodes. Odoo allows you to create custom barcodes that support certain promotions, such as discounts and rebates.

Advanced Routing.

Odoo also supports an array of tasks such as the following:

  • Dropshipping support. Run a dropshipping business? Send items straight to clients from your provider depending on items or requests.
  • Cross-docking support. Unload incoming material and transfer directly to outgoing transport without the need for storing your inventory in between shipments.
  • Push and pull routes. Design your product route to automate orders between locations – so you won’t have to worry about it.
  • Multi-warehouse support. If you have warehouses in multiple locations, you can manage them under one system and implement restocking rules between your fulfillment centers.

Managing Replenishments

For you to keep track of replenishment of stock to one of your branches, for instance, Odoo is equipped to do the following for you:

  • Minimum stock recommendations. Receive recommendations for procurement requests from Odoo depending on your projected inventory.
  • Purchase proposals. Receive purchase order recommendations depending on supplier lead times, stock figures, and item requests.
  • Request for quotations. Do you need to negotiate prices on your sources? Odoo can initiate the request for a quotation depending on your requirements and criteria.
  • Tracking and monitoring. Staying on top of your incoming and outgoing items is a challenging task even for the biggest companies – but Odoo can track your inventory with a host of tools that will make it easy for you and your employees to leverage.

Summary

That’s just scratching the surface of what Odoo can do for your inventory evaluation and management. Odoo Inventory is, thusly, a fantastic tool to help businesses of all sizes to take control of their inventory and optimize their processes.

That said, it’s not hard to see why more and more organizations are seeing the value of investing in enterprise resource planning systems.

These can help organizations manage the risks associated with inventory management such as running out of stock, improving accuracy and transparency of movements, and in the end, help the company achieve its goals.

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