Good control and inventory management are some of the most crucial aspects for smooth operation and success in any organisation that deals with manufacturing, storage and distribution. In this age of technology, organisations are moving from manual systems that make management of inventory difficult. The new and are moving to specialised software that streamlines the whole process, ensuring information is easily availed when needed and updated regularly. One of the many software helpful in managing your inventory is the Odoo ERP.
What is Odoo and how it is useful in managing inventory?
Odoo ERP is a business management software that streamlines all business processes by keeping records and ensuring all information is up to date, from stock levels to sales. When it comes to inventory management, the software has useful features that promote the proper organisation of the storage units. The software does this by monitoring stock levels, stock control and keeping records in a well-organised manner as it is updated every time there is a change in stock.
Benefits of using Odoo in managing your inventory
An ERP system has numerous features that work together to make the management of inventory simple compared to the traditional ways of managing the inventory. Here are some benefits;
It simplifies the task of tracking inventory
The inventory control platform enables an organisation to monitor the movement of products within the warehouses or stores and after they depart to be delivered to customers. The system can easily track the products using the unique serial numbers and lot numbers allocated to them. The allocation of serial numbers is done immediately after a purchase order is received by the warehouse. To avoid allocating the same serial numbers to products, a keen verification is done through the system.
It enables an organization to manage multiple warehouses or storage units
For big businesses with multiple warehouses, the inventory control and management platform allow them to monitor, manage and perform a stock control for all warehouses remotely. The organisation only needs to add the locations of the warehouses, and data synchronisation is done to allow management through the software. With this type of control of all warehouses, there is no wastage of time, and the tracking of the stock becomes simple and effective.
It enables an organisation to have an advanced report about the warehouses
The system has an advanced reporting tool that uses the several available strategies and parameters in the system to give out a very comprehensive report. Depending on the kind of report one wants, you can use the custom report features or just customise them according to the type of report you wish for the organisation. You can develop reports that contain in-depth data visualisation in terms of graphs and pie charts to bring more insights to the reports produced.
Allows one to set the reordering rules
When an organisation sets the reordering rules, many problems that may occur within the warehouses or stores are avoided. Issues like running out of products or even overstocking become a thing of the past.
The system ensures issues like low stock are red-flagged by giving out warnings and information when they occur. Also, one can set a rule on the system to automatically procure a product when the stock runs low. To avoid costly errors when procuring automatically, the user can set minimum and maximum limits for each product. This will ensure that whatever is procured does not surpass the set limit.
The management system does not have a limit on the shipments it can handle
The platform can easily handle any number of shipments in a day while also managing purchases from different vendors. It has a separate inventory management feature that ensures sales and purchases are managed without causing any confusion and errors in the records.
For example, the system will check inventory for availability when taking the sales order to ensure the sales shipments are processed efficiently. The inventory control system is mostly linked with the organisation’s online platform to show changes in the availability of products.
Having an ERP system can be a big boost for an organisation. This is because the system streamlines all the operations involving the inventories to bring about efficiency and effectiveness.