Handling your inventory traditionally takes a lot of work and leaves equal room for errors. Do we really have the time for initial inventory management, follow-up recounting, reordering, and many redos?
Modern businesses rely on accuracy and efficiency, and inventory errors can be unforgiving. Odoo Inventory system is a robust inventory management system that enables you to keep up with any demand wherever you are.
Odoo's inventory system has tools for managing inventory levels, movements, stock valuation, purchase orders, backorders, and more. The best part is everything is real-time. In this blog, we'll talk about everything this inventory system can do and let you make a well-informed decision on how compliant this system would be for your unique business model.
Inventory Management
Traditional inventory systems are complicated and often involve multiple systems to get something done. With Odoo, you have one centralized inventory management system for all your inventory needs.
Now you may have a complex business with multiple warehouses in multiple locations and an equally complex range of products. What otherwise would be a complicated process of managing each inventory is now a relatively more straightforward task where one system controls and monitors stock levels, making adjustments and reordering as needed. There are too many benefits to gain from one centralized system that doesn't make mistakes.
Multi-Warehouse management
One of the powerful tools provided by Odoo is the ability to access multiple warehouses from one platform, system, and application. All it takes is creating warehouse objects on the Odoo platform, setting the initial stocks, and the rest of the groundwork.
Once that is done, Odoo keeps track of every inventory detail across all your warehouses. Tracking inventory levels to correlate with transactions and stock movements, whether checking what will be needed based on analytics, is actually needed based on demand and more than convenient restocking with direct contact to suppliers.
All it takes is a few clicks.
Real-Time Inventory Tracking
Processing, updating, and reflecting on reports take significant time. More often, it's not easy to stay current with inventory levels, even if you automate or incorporate inventory solutions.
With Odoo, as all your business applications are incorporated, your warehouse stocks are monitored in real-time alongside purchase orders, restocking orders, and capital permitted. Real-time inventory tracking is easily made possible when all these functions communicate on one centralized system.
Barcode Scanning
Accuracy market inventory. One of the advanced tools Odoo provides you with is barcode scanning for inventory tracking. You no longer have to manually keep track of everything when barcodes work, as objects are constantly tracked in and out of the system.
Manual data entry leaves room for human error and a lot of complications when things go wrong. Barcode scanning keeps everything crystal clear throughout the inventory process.
Inventory Optimization
Any business can face issues with over and understocking. Getting supplied with the right amount to meet dynamic demands is where Odoo shines.
Odoo inventory optimization enables you to track inventory levels and avoid inventory mistakes, either restocking too much or too little, or not understanding your customers' seasonal and timely trends. In addition, you also get to automate filling based on triggers to always retain the right amount of inventory that is ideal for your business uniquely.
Batch and Serial tracking
Like other tracking methods available on Odoo, batch and serial tracking is one of the more sophisticated ways to keep track of a series of products. This can be the case if you're on a more upper scale of business where you're not dealing with one or two purchases at a time, either from a supplier or the customer.
The ability to use scale-specific functions is one of the areas Odoo works its magic. Tailoring efficiency where it's needed and on any scale.
Delivery Order Management
As Odoo incorporates 'more' to simple inventory tracking, you can now access delivery order management, all while reflecting directly onto the inventory application itself.
A system that handles delivery orders generates shipping notices and manages to ship itself, all from one interconnected inventory application. Setting it up is as easy as pressing a few buttons. You then have a delivery function to your business almost instantly.
Returns Management
Returns are not the most optimistic part of the business, but a part should stay highly supportive of your customers. With product returns, the customer should go through the least hassle possible. At the same time, the business should retain clarity and efficient exchanges all the way through.
Having a returns management system improves the overall exchange or refund efficiency and, in addition, also tracks the returned item as a part of the inventory.
Everything involving inventory should be an option in inventory. Manual entry is a thing of the past.
Stock Valuation
As you now have real-time inventory tracking, so is everything else related to your inventory. As it is one of the areas in which a lot of capital is invested, it is also essential to any business to be able to tell how much capital you have as inventory.
With a stock valuation, we can track the purchasing cost of inventory, selling price, and variances based on other factors. All in one centralized application where all your information is available to you.
Reporting and Analytics
No data is ever too much, and the data you may need are ideally allowed to be unique. Odoo's advanced reporting and analytics provide a full 360 view of your business.
As a perk of using one centralized system for all your business activities, each application is well-aware and is ready to utilize the business information you need to make informed decisions that are effective and real-time.
On added data visualizations, Odoo is a highly customizable solution where you can decide what is viewed and how it is viewed. Efficiency matters immensely in the business world and is critical in decision-making.
We don't believe in compromising what kind and the amount of data you work with. All information you need will be provided based on your unique requirements. A system that doesn't restrict you on what information you should have and how you utilize them on top of added ease of accessibility and visibility.
Conclusion
Odoo is an endlessly evolving open-source platform that caters to all its functionalities to give you the extra set of hands you need to manage and push your business to the next level.
Regarding inventory, Odoo provides close-to-perfect solutions where all kinds of tracking, monitoring, and maneuvering your inventory are all quipped to one application that constantly communicates with other business applications you use on the Odoo platform.
If your finance department automatically knows the amount you spent on inventory, the supplier knows how much restocking you need. At the same time, your shipments are also being delivered automatically; I think it's a pretty sweet deal for any business.
Centrics, your Odoo partner.