A perfect inventory is crucial for the success of every business. From large scale manufacturing businesses to small scale retail shops require inventory to store finished goods or materials required for the operation of their business.
With a large chunk of products stored in an inventory, a proper management system is required to coordinate inventory control. Without proper support and management, inventory becomes a junkyard, where the products and scrap gets mixed up.
Here comes the Enterprise Resource Planning Software. From major businesses to small retail businesses can get ERP assistance to organize their inventories.
What makes inventory management a herculean task? In a manually controlled inventory, logbooks of all products and shelf locations have to be marked manually. Besides, any lapse in recording the product movement will affect the accounting and production plans.
The chances for damage to the product are also high with manual management of inventory. This highlights the need for an electronic internet-based inventory management system.
ERP software will help to control all activities in the inventory with a click. The calculation of the measures of units, inventory value, and everything becomes quick and easy with ERP support.
ERP application automates the entry of lot number, management of shelf placing, and shipment of products.
Why Odoo?
Odoo Inventory has all the features that any business investor would prefer for their inventory management system. Odoo inventory can get integrated with other Odoo modules and enables the management of the product life cycle, expiry date, and shelf position. Storage gets more organized with Odoo Inventory.
Odoo Inventory Management System ensures an overview of all receipts, delivery orders, manufacturing orders and process, Point of sale orders, and all other aspects of a business. The integration of different workstations and work management can be done with ease with the help of the Odoo Inventory.
Receipt Management
Inventory overview helps to create and store receipt details of the company Warehouse management details with the address of the company that ordered the product and the scheduled date of delivery can be managed using the receipt feature. The status of the product for delivery and the details of the manufacturer can be added to the receipts enabling data management at different levels of operation.
The inventory receipt can manage all details including the issuer of the order, product name and product quantity demanded. The work progress status also get auto-updated in the ERP platform with Odoo support.
Scheduling of the activity and the summary details, that can be updated in the ERP with minimal efforts, play a crucial role in all-round support. What's more! The person responsible to manage the operations and production can also be assigned with the ERP support. The investor will be able to get an explanation from the corresponding manager in case of delay or other technical issues in the timely distribution of the product.
Delivery Order Management
With the Inventory overview support, the investor can have quick access to delivery order details. The data from the moment of placing the order by a company to the delivery of the final product to the buyer can be monitored with the feature.
Order number, the order details, the scheduled date of delivery, and other details get quickly accessible with the ERP support. The details of outgoing shipment details and the sale order number can also be managed without difficulty with ERP support. The investor can also review the status of the work order and direct his employees to speed up the work if they notice any delay.
Validate
Odoo ERP also gives support to validate work orders and manufacturing orders. The validation can be done while reviewing the order status and schedule details.
Availability Check
Before validating an order, the management team can check the availability of the product and review the chances for the completion of manufacturing by the prescribed date. The management of product details along with lot number helps in speedy availability check and validation of the order.
Scrap Management
Scrap management is made easy with Odoo ERP. Odoo Inventory supports the sorting of scrap products based on damage reports. The movement of products to scrap after expiration date and other details can also be done with the support of Odoo Open source software.
Movement of scrap, storage of scrap, and disposal based on industry guidelines can be performed with ease with Odoo Inventory.
Manufacturing order management
Odoo Inventory provides ample scope to easily organize and manage the details of a manufacturing order. The units of measure to be manufactured, the Bill of Material of the product, and the deadline set for the completion of the product can be done with Manufacturing order management.
It also helps to access the details of components and the finished products apart from managing scheduling activity from anywhere.
Point of Sale Management
PoS management using Odoo Inventory supports validation and scrap management. In such cases, the products from the inventory will be moved to the PoS from where the product will be sold to the customer.
Delivery address, lot, and serial number tracking facility with Odoo Inventory ensures timely delivery of product. Besides, the recalling of scrap and management of operations can be done with the Odoo ERP for Inventory management.
Transfer
The Odoo Inventory module has a special feature called transfer. This helps to list backorder and validate the delivery. All products for which a company has ordered when the product was out of stock can be delivered in a quick manner once the manufacturing process is over. This enables the investor to reserve the order for the company. Unreserved the order and scraping the product can also be planned according to customer needs with transfer features. Validation of all these operations can also be managed by a manager.
Inventory Adjustment
The inventory adjustment feature helps to organize inventory the best way. Storage for different products and product variants can be managed with the adjustment feature.
The investor, with the help of Odoo Enterprise Resource Planning Software can also list the products stored at different inventories with ease. Management of product and account can be done with a click using this feature.
Scrap order management
Listing of damaged products and planning the movement of damaged products to scrap areas or for demonstration purposes can be documented with the support of scrap order management. The product details, the quantity of the products, and the date of scrapping can be documented for later reference. Odoo Inventory support also helps run scheduler features and landed cost management features.
Master Data Management
A key feature of the Odoo Inventory Management System is master data. Undermaster data, we can find a number of features that can be used by different business sectors to manage their products and product variants.
Product and product variant management
Inventory being a storage facility for the products manufactured at an industry or purchased and stored in the industry, the product categorization feature helps to get a quick glance at all the products in-store at the inventory. The product can be listed in alphabetical order or based on other orders to ease the management.
Apart from the product name, the feature enables to display the price of the product and the total number of products available in the inventory. This feature helps the business group to manage orders and plan work for the future.
Product variant management is tougher without ERP support. With this feature, all products can be categorized into saleable, purchasable, rental. The product categorization based on storable and consumable goods can be used. A user can easily get access to the web site and manage the units of stock on hand and the units of measure forecasted. Traceability factors and BOM can also be included with ERP support. Product variant categorization can also be done with quality point management.
All information including the sale, e-commerce, PoS, purchase, inventory, and accounting can be updated and integrated using product variant management features. The price in the market and the actual cost of production can be updated in a way to calculate the revenue.
Lot/Serial Number
Odoo makes inventory management easy with a lot and serial number inclusion features. A product can be traced to a lot of numbers. Once the number is entered the user can access all the details including product name, created date and check expiry date or manage recall facility.
Setting re-ordering rules also is made easy with Odoo inventory. Update all details including the product name and set the minimum number of products and maximum number to be ordered to get re-ordering facility.
Warehouse Analysis
Analyzing the business by warehouse analysis is made easy with Odoo ERP. With Odoo you can get a representation of the performance with a click using the updated data. The feature enables us to calculate the delivery time, receipt cycle time, detect delivery delay, and inventory value with a glance. The outgoing inventory value and incoming inventory value also gets updated.
Analysis can be made based on Cycle time, delay, and product quantity. The management of delivery orders and receipts can also be updated with the support of Odoo. The calculation of delivery time and delay days enables the entrepreneur to get the best result. Correcting delivery issues and improving delivery time can certainly improve customer support.
Inventory Report
Inventory quantity helps to list all products in stock along with a lot number of products. The on-hand quantity and the total value of products can also be understood with a glance using this feature.
Forecast Inventory
Date wise management of product unit sales will help to forecast seasonal demand. The increased demand on a particular day and can help the investor manage sufficient stock on such days. Forecast for seasonal products gives ample time for the investor to manufacture or store sufficient quantities of products. The dead stock identification can also be done with Odoo inventory support.
Inventory valuation
Estimate the value of all products stored at the inventory with a click using Odoo. The ERP helps to list all products along with the quantity and thus calculate the total value. Besides, the damaged products in stock can also be included and subtract the value from the total value.
Product movement
As Odoo can integrate different types of operations with ease, it enables the investor to track the movement of products from the inventory. The name of the product, date of storage at the inventory, and order number gets displayed during the tracking process. Besides, the starting pointing and destination of the product also get auto-updated. The quantity of product moved along with the status of movement can be traced with a click using the Odoo Inventory. The movement from shelf to shelf also gets automated in Odoo.
Open-source software with integration options improves the quality of inventory support. Updating the features and constant support for management differentiate Odoo from other ERPs. Cybrosys, the Gold partner of Odoo provides the best support for inventory management. Just share your needs with our developers and get rid of your worries.
Odoo Inventory can support different types of business enterprises. Multi-warehouse management, quality control management at inventory, inventory account management, and management of workforce and time schedule for work activities can be set with Odoo integration. Choose the best for your better future.