One of the major problems that wholesalers and retailers face today is inventory management. As the supply chain is becoming more complex around the globe, with new players entering the market and new trade routes emerging daily, businesses want to tap into the new markets and capture larger market shares.

To meet the demand, they have to produce and store a large volume of inventory, which, if mishandled or neglected, can lead to huge losses for the organisation. Today inventory management has become a more vital business activity than ever before. Therefore, manually managing inventory can be a Himalayan blunder. Instead, intelligent ERPs like Odoo Inventory Management can come to the rescue and simplify inventory management.

What is Odoo Inventory Management?

Odoo is an on-demand open ERP founded in 2005. It has risen to prominence as more companies turn to Odoo for its endless, flexible functionalities. In October 2022, it launched its 12th version. It does not have a dedicated CRM or accounting software. It is a comprehensive business management tool providing multiple functionalities to the users. Since it is a comprehensive tool, there are no individual solutions for inventory, accounting or marketing. However, there are separate apps for each. The Odoo Inventory Management module is one of those modules that help companies efficiently manage their inventory by utilising the new age technologies.

Inventory Management with Odoo

The Odoo inventory module is for the new generation of manufacturers, distributors and retailers. It is packed with resourceful capabilities which businesses can leverage to increase their revenue and have better control over their inventory. It offers a comprehensive suite of tools and features tailored to their industry and operational needs. The flexible and scalable module is designed to adapt to evolving business requirements. It facilitates efficient decision-making based on accurate and up-to-date information.

Features of the Odoo Inventory Module:

Odoo Inventory Module’s robust features make it a one-stop solution. Some of its advanced capabilities include:

Minimum Processing Time

Odoo inventory module has the fastest processing time and can complete complicated inventory activities within minutes. It is equipped with an advanced double-entry inventory management system that guarantees perfect traceability.

Advanced User Interface

Odoo is known for its simple user interfaces. The Odoo inventory module has a quick and sophisticated user interface was created. You can achieve 100% efficiency with or without a barcode.

Flexibility

Odoo’s inventory module simplifies managing various forms of inventory. It offers you the flexibility to manage both single inventory activities and large multi-warehouse operations.

Product Type

Through the Odoo inventory module, you can categorise the different types of products, such as storable, consumable, gift card and more.

Barcode Integration

You can seamlessly integrate external devices with the Odoo Inventory module. You can easily encode barcodes in inventory processes.

Intelligent Reporting and Forecasting

Forecasting demand is a vital activity in inventory management. The Odoo platform lets you create quantitative and analytical reports on inventory operations. It also allows you to generate prediction reports, which will be extremely useful in gaining customer and market insights.

Inventory Adjustment

Odoo 5 Inventory module has restructured the inventory adjustments functionality. There is a new location-based cyclic inventory adjustment feature through which you can quickly identify negative stocks and duplicate serial numbers and check the history of each quantity separately.

Odoo Inventory Management Benefits

Using the above features, you can reap the following benefits:

Increases Productivity

Odoo Inventory module lets the warehouse and procurement employees access the information quickly. It cuts down the waiting time and the hassle of receiving tons of data. They can also rapidly edit and modify warehouse orders, increasing data accuracy and improving documentation flow. The Odoo Inventory module increases the overall efficiency of the inventory management process as employees can register inventory interactions, documents, and other essential records at any stage of the warehouse process.

Robust Modules

The inventory module has several features that simplify and modernise inventory management. Besides, you can also integrate other Odoo modules, such as accounting, PLM, purchasing, etc., with the inventory app for better control.

Efficient Reporting and Analytics

Odoo Inventory module constantly updates the changes in inventory levels. Therefore, businesses have precise and real-time information to generate accurate reports. It also has customisable dashboards through which you can create and share reports in any format you choose. You can also define the level of access for these records so that only approved personnel can view them. The Odoo inventory module helps you solve inventory issues, forecast demand and product availability, and create a competent plan for the next period.

Odoo Inventory Pricing

Odoo inventory pricing is set keeping in mind the small and mid-level businesses. If you choose the single app from the Community Edition, you do not have to pay any fees. It is free. However, the functionalities will be limited. In the case of a monthly subscription, you have to pay two fees:

Traceability

Odoo lets you track the products within the company and out while it is shipped to the customers. The product’s traceability in Odoo is done with the help of unique serial numbers and lot numbers for multiple products. It also helps in better stock management.

Multiple Warehouse Management

Large companies have multiple warehouses, and monitoring all from a single platform can be difficult. The Odoo Inventory Management module offers a central platform through which you can manage multiple warehouses at different locations.

• User Fee: USD 24 per user
• App Fee: The fee can vary and could be $12 per month, $24 per month, $36 per month, $48 per month, or $72 per month.

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How to implement Odoo?

Odoo implementation must be done carefully if you want to leverage all its capabilities for your business. There are four steps in Odoo implementation:

The first step is to define the scope, goals, requirements, priorities and features. Determining these points and communicating them with the implementation team is of utmost importance. This step will determine the fate of the implementation in the future.

Next, the platform will be developed. It includes evaluating customer backlog, forming requirements, and testing the project. The team will also fix bugs.
In the third stage, the platform will be configured for your business. Here the final validation tests will be conducted.

Finally, the Odoo app will be deployed in the fourth stage, and your team can use it.

What makes Silver Touch the Best Odoo Implementation Partner for Your Enterprise?

Are you still finding the best Odoo inventory module implementation partner? Your search is over at Silver Touch Technologies Ltd, a certified Odoo implementation partner. Equipped with several years of industry experience, we have established ourselves as the best in the ERP business. Now it is your turn to leverage Odoo cloud ERP and Silver Touch’s expertise for your company. Contact us today to learn more!

To Wrap Up

Inventory management lies at the core of any successful product-based organisation. It is a mix of strategically placing the right product mix at the right place and time in the right quantity for the customers. At no time should the manufacturer or retailer have too much or too less a number of goods, and it must be able to meet customer demands accurately.

Effective inventory management benefits the customers and helps lower costs, predict sales and demand patterns, and forecast demand. Odoo Inventory Management is specially designed to help SMEs to manage their inventory efficiently, serve the customers better and increase revenue.