Manual management of stock monitoring and purchase activities is outdated. Manual management cannot ensure the speed and efficiency that is assured by an ERP solution. The pace of the world is reflecting in the business world too and any lag in the growth can cost you a bright future.
Don't hesitate. If you are yet to implement Odoo you can go ahead now. One of the smart ERP tools available in the market, Odoo can help you from every corner to manage and automate your business operations.
Yes, it's true. It was not this easy earlier. But, Odoo has made it easier. Are you anxious to know how Odoo can assist your business? Then, this blog can certainly guide you. Let us seek how Odoo can ensure that your company procures products in an efficient way.
Odoo is an ever-growing ERP platform that offers an efficient purchase tool. Odoo Purchase, one of the Odoo modules, offers unlimited support as it can be integrated well with the inventory and sales modules of Odoo. It can also work in coordination with the manufacturing, eCommerce, and other modules to ensure that the procurement process is automated for the ease of business operations.
Manage sufficient stock
We can explain this situation with an example. Imagine that you are running a wholesale business. Certain products supplied by you may be of huge demand among the customers and hence retailers may be reaching out to you frequently for the product. What if you run out of stock for the product? Won't it affect your business?
Yes, So you have to ensure that the products which are of huge demand should be in stock always.
Odoo offers us a special feature: Reordering rules. This feature guarantees us to support to ensure the stock of the product based on the demand. Reordering rules can be used to replenish the stock based on the minimum stock level set. That means the Reordering rule helps us to set a minimum quantity for a stock. The product procurement time is considered while calculating this. This will save you from running out of stock of a product.
In the above image, we can find Minimum and Maximum quantity and this is based on the reordering rule that we have set. That means, when the minimum quantity of Acoustic Bloc Screens reaches 100 the system will automatically replenish the stock.
Purchase Agreement Management
If you are running a PoS, you may have to maintain the stock of a product throughout the year. That means you will have to repeatedly purchase the product. Some other products may be seasonal. These purchase activities can be managed with the help of a purchase agreement.
This helps us to decide if we want to follow a call for tender or blanket order for purchase activities.
Call for tender: This option supports us to seek price lists and offers from different suppliers and choose the vendor who sells at the best price.
Blanket Order: This will help you to make the purchase for a year together. But the delivery of the product will be done on different dates based on the requirement. Though you will get multiple deliveries on different dates blanket orders will help you to get the product without any change in the price.
Purchase Agreement can be created using Odoo easily. We can do this in the Purchase module itself by moving to Configuration.
Pre-plan purchases and delivery dates
You may be a contractor and purchase cement from a vendor. You have ordered the product expecting that you would receive the product in 5 days. If it fails to reach on time your work will be hindered. But if you can plan the delivery date in advance you can avoid this complication.
Odoo Purchase allows you to set the delivery date from the Request for Quotation stage itself. Here, you can mention the expected delivery date and ensure that the work will not have to be stopped. As we have already set the delivery lead time, your supplier will also hurry to complete the delivery operation.
Here, we can find that the delivery lead time set by Wood corner is 8 and the delivery lead time set for other vendors is 0. So when we go for purchase we can choose the vendor based on delivery lead-time.
Three-way matching for payment
When a purchase operation is carried you will get vendor bills for all the products delivered by the vendor. If you don't have any checking mechanism the buyer may be forced to pay for products that were not received by his company.
But Odoo Purchase ensures you quality check support. Suppose you are a retail vendor of glasswares. You ordered 100 glass doors and the vendor delivered the products and sent the bill. But during the quality check, your team finds out that 70 of the glass doors are damaged. If we are using a three-way matching system there is no need to pay the amount for all 100 glass doors. Instead, we can enable the three-way matching option in the Purchase module and pay only for the products which were received intact.
This feature will allow you to decide on the payment. This can be done based on the data provided in the purchase order and comparing it with the invoice sent by the supplier and the receipt prepared at your warehouse.
The dropship feature enables you to carry out the sale of a product without maintaining a warehouse to manage the stock. You may be running an e-commerce business or any other business where you do not need to stock all the products with you. In such cases, you can get the dropship support offered by Odoo. This enables the business to carry out sales operations without maintaining the inventory. In this case, the products may be stored at the vendor itself and when you get an order the product will be directly delivered by the vendor to your client. That means you work as a business link between the supplier and the buyer.
We can enable the dropshipping option in the Settings of Odoo Purchase.
This way Odoo Purchase can help the business to complete all purchase operations in a synchronized way. It can also guarantee you support to maintain a good bond with the supplier as well as the customer. This tool can be used without much assistance and guarantee the most efficient service to boost your business.
More details can be collected by mailing to odoo@cybrosys.com or dialing +918606827707