In the technology revolution, almost all businesses have a tendency to leverage state-of-the-art software to reach growth hacking. Odoo is an open-source ERP software with various modules like Accounting, POS, etc, allowing businesses to accelerate their productivity. Odoo Inventory is a prime system to manage warehouse and inventory activities more effectively. In this article, we will find out in comprehensive detail what Odoo inventory is as well as its benefits and features.
What is Odoo Inventory?
Odoo Inventory, which is designed to be suitable for both SMEs and large enterprises, is the inventory management solution of the Odoo system. Like other Odoo modules, Odoo Inventory has a fairly reasonable cost with many necessary benefits in the warehouse management system. With Odoo Inventory, businesses can reduce inventory levels, limit out of stock, which aims to ensure a continuous and smooth goods operation process.
You should also read this article: Everything about Odoo POS in 2024: Features, Benefits and How It Works
Benefits of Odoo Inventory System
Diverse Modular Integration
It is obvious that Odoo Inventory is one of Odoo modules so it can integrate with any modules in the ecosystem. Integrating a variety of useful modules allows businesses to improve inventory management efficiency. For example, through integration with the accounting module, you can easily see sales volume and revenue with intuitive reports. Moreover, Odoo Inventory also has the ability to integrate with third-party applications for management in a single platform, which aims to avoid taking time to manage multiple systems.
Effective Inventory Management
There is no doubt that Odoo Inventory will help improve inventory management efficiency. Building a simple process is a way to make things clearer and more accessible. With Odoo Inventory, businesses can easily implement all inventory processes, control the quantity and status of their products.
Furthermore, this system is also integrated with rich management features such as transportation process management, tracking, quantity control, packaging management, etc. Instead of having to monitor the process directly and manually as before, businesses can track the entire process with the visual inventory module.
User-friendly Interface
Odoo Inventory has a user-friendly and simple interface with flexible and easy-to-deploy, which allows businesses to access quickly. In addition, Odoo also accepts mobile devices to manage, track operations and inventory anywhere and anytime. Furthermore, you can also trace the origin and characteristics of products from supplier to customer through the dual inventory management process.
Reports and Analysis
It is worth mentioning that Odoo has a huge number of reporting themes and templates so you can leverage it to create reports and analytic activities. All changes in inventory are noted and updated constantly, which allows you to get data in real-time. As a result, businesses can export effective reports without taking time. Furthermore, Odoo Inventory also grants access and records the number of visitors, when, and how many times to ensure security.
Growth Hacking
Along with the advantages mentioned above, businesses can accelerate efficiency as well as reach new heights. You can quickly access information, edit warehouse orders, and help increase data accuracy and enhance document flow. With the flexibility of Odoo Inventory, it is easy for you to register inventory batches, documents, important records, etc. at any stage in the warehouse operation process.
List of Features of Odoo Inventory
Inventory Storage
Odoo Inventory allows managing inventory operations from basic to advanced. Storage is the most basic feature of Odoo Inventory. Here are some key points:
- Location: You can create and manage specific storage locations through labeling the locations such as shelves, shelves, cold storage rooms, and pallet racks.
- Storage rules: Odoo Inventory allows you to automatically change storage location. Of course, it will be updated in real-time capacity.
- Work: Besides, you can also create separate locations to get products, sort, pack and perform other warehouse operations.
- Smart warehouse export: With Odoo Inventory, businesses are able to choose a product release strategy (FIFO, FEFO, nearest pickable area, LEFO) and streamline the picking path with the appropriate picking method.
Basic Operations
Odoo Inventory management helps businesses enhance inventory operations including receiving, returning, picking, packing, removing products and adjusting inventory. More specifically, Odoo Inventory can help businesses track packing and delivery based on availability with or without a barcode scanner. Through comprehensive operations management of Odoo, you can easily discard products with just a few clicks and quickly receive clear, transparent reports on the reason for cancellations, their volume as well as the cost.
Advanced Supply Chain
In addition supporting businesses in basic operations, Odoo Inventory management also has advanced routing functionality, such as:
- Dropshipping: Customers will receive goods directly from the supplier, based on product, order and customer information.
- Cross-docking: With little or no storage required, businesses can quickly unload materials or transfer them directly to output terminals.
- Pull and push rules: Odoo Inventory creates custom supply routes to automatically plan movements between any warehouse and location.
- Shipping method: Odoo provides many orders shipping methods, allowing businesses to choose the appropriate method (pick up at the store, post office, shipping through a third party, etc)
- Subcontracting: After confirming the sales order, automatically generate delivery documents for raw materials, invoice the subcontractor, and if necessary, you can conduct quality checks before shipping the subcontracted product extra for customers.
- Multiple warehouses: Fully manage storage, inventory and replenishment operations for all your warehouses. It is easy for you to handle transfers to, from and between warehouses in one system.
Productivity
Odoo Inventory also allows businesses to manage multiple internal warehouses in many different locations. No matter how many warehouses your company has, Odoo Inventory can control and capture the quantity of goods and orders. Here are several features to help businesses improve productivity:
- Barcodes: Streamline every warehouse operation using barcode scanners: stock orders, picking tickets, inventory adjustments. Update and perform warehouse activities in real time anytime, anywhere. Additionally, you can locate every warehouse document, simply by scanning the barcode.
- Customer portal: Odoo supports customer portal which allows customers to track their order status, payment and delivery status. Every purchase or return made on the portal will generate a printable order barcode and customized return instructions so your staff can easily process returned items using barcodes. upon reception.
- Smart scheduler: Odoo provides an automated scheduling tool that automatically triggers activities based on product availability and order forecasts.
Replenish goods
Odoo Inventory constantly updates the state of stock, which allows you to see overview of your inventory. This results in refilling the goods on time. Odoo Inventory gradually sends forecast reports on available, imported and exported inventory while operations are taking place in real time. Besides, it also calculates product expiration dates based on customer orders, delivery dates, and production orders so you can react quickly to order deadlines and supplier delivery times.
Traceability
As mentioned above, Odoo Inventory provides a barcodes system, which supports enhancing product traceability and warehouse movement. Barcode application facilitates businesses in controlling the movement of inventory through tracking batch numbers as well as serial numbers. Lot numbers and Series numbers are attached to each specific product during the process of receiving orders from suppliers at the warehouse. In addition, Odoo Inventory also records and stores the full history of all activities and is attached to every document for the most comprehensive and quick traceability.
Commodity management
With the goods management feature in Odoo Inventory, businesses will easily track and control their products based on design and type. In addition, you can also customize the selection fields as you like to effectively process your goods. Odoo Inventory can also integrate multiple barcodes with specific types for each different product, helping businesses manage goods most accurately, minimizing loss and waste.
Valuation of inventory
As one of the important features of Odoo Inventory, inventory valuation helps businesses manage goods more effectively. You can manage costs and perpetual inventory easily thanks to the system that applies valuation methods and cost methods.
Reports
The reporting feature in Odoo Inventory has the following main points: double entry inventory, modifying recorded data and reporting warehouse age. All data on inventory is always updated and stored on a regular basis and thanks to that, businesses can easily collect and create reports as needed. Odoo Inventory allows you to choose to use the built-in dashboard or customize the reporting forms with advanced tools.
Seamless Integration
Odoo Inventory has strong integration capabilities with other modules, including:
- Returns: Odoo Inventory integrates with the Sales application to create return instructions, printable order barcodes, and defined return locations on the Customer Portal. Update customer information with timelines and return status right on the Customer Portal.
- Framework contract: Integration with the Purchasing application to schedule recurring orders with suppliers, predetermined order quantities and expected delivery dates.
- Calculate shipping rates: Integrate with third-party couriers to calculate shipping rates based on product weight and customer address.
- Quality check: Set up routine checks at any step in your warehouse process: warehousing, returns, subcontracting, etc.
- Power development: Customize and tailor Odoo to your business needs using APIs to integrate with third-party logistics (3PL) services, as well as with hardware devices such as scales, barcode scanners and RFID (Radio Frequency Identification) systems.
Welcome The Latest Features In Odoo 18 Inventory
In Odoo 18 version, you can be surprised with a diverse field of new and improved inventory features.
Product Type
Instead of using "Storable Product" which leads to mistakes, Odoo 18 evolves and adds new test fields to simplify product management and reduce confusion. With the product type features, businesses can fill and double check the product before adding anything.
Generate Batch or Serial Numbers Upon Receipt
With Odoo 18, batch numbers are automatically generated when products that need tracking are received. Every batch will be automatically assigned a barcode and classified. Odoo 18 also allows you to label batches according to your own requirements and will be fixed in advance.
Putaway Strategies
Odoo 18 is more advanced with a "sub-location" column which provides options of no default sub-location, last used location and closest location to archive categories. This results in enhancing warehouse management. With Odoo 18 Inventory, you can put away rules without specific products, categories or packaging, simplifying the setup process.
On-demand Stock Quality Checks
It is worth mentioning that Odoo 18 Inventory allows users to perform on-demand quality checks directly from inventory orders. As a result, businesses can ensure effective inventory management and quality control. Furthermore, you can also track the status and quantity of your inventory in multiple warehouses.
Comprehensive Traceability with Batches and Serial Numbers Across Multiple Companies
As an upgrade, Odoo 18 continues to maintain full traceability with batch/serial numbers across multiple companies. When products are transferred between companies, serial and batch numbers are retained, ensuring uninterrupted and accurate tracking.
Conclusion
Odoo Inventory plays a vital role in managing warehouse and inventory, which aims to avoid out of stock and ensures the process of product operations seamlessly and transparently. Many businesses desire to leverage Odoo Inventory to accelerate efficiency and productivity as well as growth hacking.
This is all about outstanding features and benefits of Odoo Inventory to help both SMEs and large enterprises in streamline inventory management. Recently, Odoo 18 has launched with advanced features to support businesses. To leverage Odoo Inventory system, you need to deeply understand it and smartly implement it.
A1 Consulting is a leading Odoo ERP Partner in Malaysia with a pool of talents and comprehensive Odoo services. To find useful knowledge about managing enterprise and business operations, keep in touch with us!
