ERP, Odoo

The Odoo Inventory Management Module: Implementation Benefits in 2022

Inventory management is the core of any business since it’s meant to efficiently coordinate supply operations and other activities. Inventory management turns crucial for all types of business operations no matter the size. 

Companies need well-organized inventory support, including manufacturing, sales, and other aspects. How to manage all the production operations and transactions in the most effective way? The Odoo ERP system may lend you a helping hand!

What is Odoo Inventory Management?

Odoo Inventory Management has been created to assist businesses in managing their products and diverse transactions. Though the Odoo Inventory Management module has been designed for all types of businesses and sectors, it’s considered to be the best double-entry integrated inventory and tracking system for warehouse management. This module has really proven itself as a perfect tool to manage warehouses, product purchase flows, and other business operations.

From a single Odoo database, you will be able to meaningfully manage and view most of your warehouse’s processes. And one of the significant benefits of using the Odoo inventory module is that you can easily manage different warehouses without data mixing, thus, organizing seamless product and inventory transfers between them. 

It’s worth mentioning that the Odoo Inventory Module has several settings that you may utilize to get extra options for warehouse management.  Besides automated functions, you are free to set up specific features to let your Odoo ERP system solve almost all the problems that may arise along the way.

Key Features of the Odoo Inventory Management

To help you get a better understanding of Odoo Inventory Management and its potential benefits for your business, we have narrowed down some of the key features below:

Pre-Configured Routes

The Inventory module lets companies create and define product movement routes, as well as track any activities and quickly resolve issues if any. Using the Odoo Inventory Module, you create pre-configured routes according to your company’s policies and administration. Such a feature enables you to manage and track product movement in the inventory process, allowing you to strategize your products for more effective company management. 

What is notable, the latest versions of Odoo boast an upgraded Inventory Management System that is capable of both complicated routings and multistep routes. 

Warehouse Analysis

As already mentioned, the Odoo ERP system allows users to operate numerous warehouses simultaneously using the same platform that enables companies to track the delivery time and outline receipt cycle time, as well as discover the best methods to manage inventory turnover. 

For your convenience, all the product storage processes are indicated and managed separately by each warehouse. 

Inventory Valuation and Report

The Inventory Management report gives users a clear overview of the product stock. You can verify a serial number, the on-hand quantity, and the stock’s value with the help of an inventory report’s help. 

The essential purpose of an inventory report is to show how much inventory a retailer has on hand, which products are sold with greater efficiency, and other relevant data regarding a product’s current status.

Forecasted Inventory

This feature allows you to keep an eye on product availabilities according to the following factors: confirmed sales orders, purchase orders, manufacturing orders, and warehouse moves.  The module also lets you create prediction reports for days, weeks, months, etc. By using this feature, you may get a general understanding of how things are going within your company. 

Data Verification and Reordering

At any time, you can verify data on all of your warehouse procedures (you can quickly access different warehouses from the Inventory Module) and use the reordering feature to make sure your stock is never depleted. You can also create product guidelines in order to not end up with too many or too little stocks. To ensure that your inventory is adequately stocked, you can use the Odoo reordering rules –  a set of regulations that can be customized precisely for your needs.

Last but not least, the Odoo Inventory Module includes a convenient and advanced feature called tracking ability. As the name implies, this feature allows you to follow a product’s journey through the community until it reaches the client. With that, you can track your goods by assigning special codes to them. 

Each serial number is associated with a product, and nobody can use this same code for another product. If a user mistakenly assigns the same number to several goods, Odoo will provide an instant error message. Quite handy.

In a Nutshell

The features noted above are only scratching the surface of what the Odoo Inventory Management Module is. Actually, it offers many more advanced components and useful tools to help you expand your business. 

Our dedicated Odoo team can tell you about all its perks and assist you with questions regarding Odoo implementation. Contact us, and let’s find the best solution for your business requirements together!