An Enterprise Resource Planning (ERP) software has become an essential and inevitable factor for any business back office to function more productively and efficiently. With Odoo ERP one can definitely change the business dimensions and functions as it comes integrated with powerful business modules like accounting, customer relations, the point of sale, manufacturing, trading and much more.
This article outlines the benefits of Odoo ERP implementation, the best trading software in your trading industry or business, no matter how big or small, your business is. As we know trading industry works in a complex fashion, revolving around multiple actions in a single point in time. Many Trading Industry of today faces several micro and macroeconomic challenges like the unpredictable behaviors of their consumers, fluctuations in demands, and changes in regulations etc. Here comes the role of Odoo, the best ERP for trading business, a comprehensive suite of application embedded with infinite solutions for managing the trading businesses. In short, it caters to meeting both present and future challenges of the trading business.
As we know, Odoo ERP comes with greater flexibility comparing to other ERP solutions. It opens a greater degree of customization according to different kinds of business workflow. Odoo ERP can be seamlessly tailored in accordance with the distinctive business workflows.
When it comes to trading, Odoo ERP does a powerful planning on stocks and inventory and also decide upon the profitability and customer satisfaction. It smartly caters to the maintenance of different warehouses or multiple billing locations via ensuring real-time information.
Let us see in brief, how Odoo ERP initiates the better workflow of Trading Industry.
An Odoo ERP comprehensively covers every aspect pertaining to customer relationship management, human resource management, warehouse management, supply chain management and business accounting for small, medium and large business management trading enterprises. In addition, it enables you to monitor every business performances via enabling the actionable information to every decision-maker in the enterprise. Also, the Odoo/Open ERP comes with a lot number of additional enriched custom modules and applications offering a wide range of services in trading business accomplishing with building the right strategies for better performances.
As Odoo comes in integrated fashion, it efficiently transacts the functionality of each department in the trading business sector.
Strong Customer Relation Management: As Odoo ERP integrates with Customer Relation Management, it triggers greater effectiveness in customer relation operations within the trading. Odoo helps you in prioritizing the follow up of sales activities in the pipeline. It thus efficiently meets the target audience.
Odoo ERP helps in tracking the sales stages and also scheduling the meetings directly from the opportunity of a customer. Odoo gathers every necessary inputs and insight of ongoing business activities, assuring that the trading operations and customer relationship management healthy and transparent. In short, it routes every business activities with a greater possibility of sales and income generation.
With an Open ERP/ Odoo, your trading business can undergo a high degree of customization. Open ERP/ Odoo paves a platform for individual customization, meeting all desired business strategies and needs from potential clients. For example, it enables to design a custom dashboard to get an insight picture of your warehouse efficiency at a glance.
Robust Warehouse Management: Odoo ERP serves with a strong warehouse management module with end number of features ensuring productivity, efficiency, consistency, and quality control. By effectively managing the internal and external locations, customers, suppliers or manufacturing inventories, a trading ERP provides real-time data and precise business information, enabling better decision making among traders. A trading ERP efficiently controls and manages all the incoming shipments and thereby prepare the inventory controls.
In case if your warehouse is in multiple locations, an efficient Trading ERP effectively takes care of multiple location management making the inventory operations smooth and transparent. In short, the strong warehouse management decreases your processing time, enabling workers to generate more quantity of work in less period by allocating the right resources at the right time. An Open Source ERP/Odoo encompass a strong warehouse management designed to scale from few thousands of operations to several millions of transactions.
In addition, a Trading ERP, ensure complete traceability on all operations executed between customer and supplier. A trading ERP comes with several features like Lot tracking, Activity log, serial number tracking, and perpetual variation keeping an eye on the stock and forecasting all past and future inventory transactions. Also, a trading ERP track in detail all stock moves, not confining to the warehouse but also in counterparts of the double entry moves (customers, suppliers or manufacturing locations). A trading ERP browse through the upstream or downstream traceability flows to have a clear vision of what happened to a specific product or lot.
Efficient Product Management: An Odoo ERP successfully manages the product types, kits, products with multiple variants, and multiple unit of measurements. In Odoo, one can easily manage the product variants, like size, color, etc. Odoo allows managing the product at both template level (for all variations) and at the variant level (specific attributes).
Using variants option one can enhance the E-Commerce website if any. In your online shop, the customer will only see the product templates in the catalog page. Once the visitor clicks on such a product, he will be provided with the options to choose amongst the variants (colors, sizes)
With Odoo one can easily create products with variants. Under the Sales module of Odoo, there is an option inbuilt to edit the products. One can seamlessly easily click on the roll down menu and select the type of variance one wish to add. If the variant does not yet exist, you can create it on the fly by clicking on Create and edit. This option is also made accessible from the purchase and inventory modules.
One can also add the cost for variant by adding them under the field called Attribute Price Extra. In addition, Odoo comes with the option to add different barcode and internal reference to these variants.
Odoo has a powerful pricelist feature to support a pricing strategy tailored to your business. A price list is a list of prices or price rules that Odoo searches to determine the suggested price. One can set several criteria’s to use a specific price: periods, min. sold quantity (meet a minimum order quantity and get a price break), etc. As pricelists only suggest prices, they can be overridden by users completing sales orders. Choose your pricing strategy from Sales > Settings.
Also when it comes to the pricing of a product, the default price of a product is computed using the price of the product template and one can seamlessly add the optional extra price on each dimension of the variant. This way, the variant prices are easily maintained in Odoo as it doesn’t demand to set of the price for every variant. However, it's possible to create pricelist rules to fix price per variants too.
One can easily apply the discounts, margins, rounding’s in product price under Odoo comes with set price change rules and these changes are relative to the product list/catalog price, the product cost price, or to another price list. The changes are calculated via discounts or surcharges and can be forced to fit within floor (minimum margin) and ceilings (maximum margins). Prices can be rounded to the nearest cent/dollar or multiple of either (nearest 5 cents, nearest 10 dollars).
Each price list item can be associated with either all products, to a product internal category (set of products) or to a specific product. Like in the second option, you can set dates and minimum quantities.
There are 3 modes of computation: fix price, discount & formula.
Thirdly, all trading operations right from receptions, picking, packing and delivery orders are set at high speed with the barcode scanner and touchscreen interface in Odoo. Odoo/Open ERP assign serial numbers at every step of reception and delivery improving the traceability. The tracking facility with serial numbers using barcode scanner saves sufficient time in managing your resources and customizing the routes for customer delivery processes. An Open Source/ Odoo ERP enables to customize routes and picking/packing operations to support your own customer delivery process. e.g: pick > pack > ship. Odoo supports most picking methods out-of-the-box like; wave picking, batch picking and "by order" picking.
Odoo handles various delivery methods and these can be effectively used for your sale orders. Delivery methods allow one to manage the transport company, the price, and the destination. You can even integrate Odoo with external shippers to compute the real price and the packaging.
In Odoo, one can invoice the price of the delivery charge on the sale order by clicking on Set price menu. It will add a line with the name of the delivery method as a product. One can also add or change the delivery method on the delivery itself.
In Odoo, one can invoice the price of the delivery charge on the sale order by clicking on Set price menu. It will add a line with the name of the delivery method as a product. One can also add or change the delivery method on the delivery itself.
Odoo also initiates the multi-currency option allowing the user to send sales invoices, quotes and purchase orders or receive bills and payments in currencies other than your own. With multi-currency, Odoo enables the end user to set up bank accounts in other currencies and run reports on your foreign currency activities.
In next, as Odoo comes with a robust accounting module it makes the bookkeeping process of the company increasingly interesting to its end users. Odoo allows the user to speed up their accounting procedures, by investing the company time on gaining more insight from the reports generated. The aging reports in Odoo, helps the company to quickly identify the imbalances and defects in the accounts, thereby adjust the way in which the assets are managed. The aging reports of Odoo, gives a clearer overview of debit and credit, making it more condensed information than the balance sheet. It helps in keeping a close eye on supplier and vendor allowing an easy taking decision on management of debts.
Efficient Purchase Management: Odoo Purchase management automates the purchasing workflow of the company. Here one can automatically send RFQ s- (Request for Quotations) to your suppliers based on the stocks levels. This will improve the company’s purchase and inventory performance along with procurement rules depending on stock levels, logistic rules, and sales orders, forecast manufacturing orders, etc. Select different refill scheme for each product depending on your manufacturing / delivering strategies.
Supplier price lists & product availability: Here one can easily make efficient purchase decisions using the best prices. Odoo enables with the easy import of suppliers' price lists and references for making quick and apt purchase decisions based on different vendor policies, quantities, and special contract conditions. One can easily track the availability of the product in your supplier’s inventory and also enables the end user to check the order status.
Get the best offer with purchase tenders: Get the best price by bargaining / negotiating with different vendors through Odoo. One can launch purchase tenders and simply integrate vendor's answers in the process which help us to compare proposals from different vendors; choose the best offer and send purchase orders within seconds. One can also use reporting to analyze the proposal of your vendors afterward.
Odoo helps in analyzing, forecasting and efficiently planning your orders in simple steps. Get accurate statistics on your suppliers' performance through flexible reporting delivery delays, negotiated discounts on prices, quantities purchased, etc. Integrate purchases with analytic accounting to analyze your contracts' profitability.
Lastly, via using Odoo’s multi-company rules, one can manage several companies saving the time and effort. One can use a single Odoo instance to synchronize operations between different companies. By using this we can create sales orders, share customers, suppliers and products and invoice management for all companies at the same time. You can save even more time by automating the invoicing process between all the companies.
Finest Human Resource Management: A trading industry works on different levels. Right from managing the stocks of goods to further selling them across the potential clients, it has different segments of people under the different category to process each different set of actions. An effective human resource management in Trading ERP thus helps to streamline the management of human resource in the trading industry. An HR management software within the ERP helps to maintain a robust database for storing all kinds of information like the employee contact information, salary details, attendance, and performance evaluation and also facilitates the promotion of employees for better working initiation. An Odoo/ Open Source ERP enables excellent HR features to manage the human resource in the industry. The features like Employee Dictionary, Attendance, Leave Management, Payroll, Expense Management, Timesheet management and Recruitment management for the industry makes Odoo HR module different from other ERPs.
Powerful Point of Sale: As shopping and consumption characteristics of consumers are rapidly changing, POS for any products/ services is very important for marketers. POS plays a crucial role in influencing the purchase decision of employees. For e.g. businesses set up POS near the store exits to attract the customers and thereby increase their purchase level. The department stores often have POS for individual product groups, such as appliances, electronics, and apparel. The designated staff can actively promote products by giving attractive offers like discounts, privilege cards, free gifts and much more. The big retail stores that use mobile devices or terminals as POSs can easily improve checkout efficiency and customer service.
With Odoo Point of Sale, one can facilitate functionalities like discount and loyalty programs support, multiple payment type support and customer-specific management offers. With the advent of E-commerce, today shopping is made more interesting and hassle-free. POS is an opportune place, where one can utilize this digitalization technique to give an excellent customer experience.
In nutshell, Odoo ERP has a great potentiality to boost the business and efficiently transact each trading activities. If you are interested in Odoo implementation or customization, kindly drop your requirements to info@cybrosys.com.