Inventory Management Software
The Necessary Tool for the Growth of Your Business
Inventory management for business purposes is having the right products and quantities, at the right time and place with the best costs and prices. Considering this definition we need to track inventory from purchase, receipt in the warehouse, manufacturing (if it’s a part of your process) and finally to the sales and delivery.
Excel is the go-to solution for businesses who are just starting. But as Excel grows it becomes more of a liability than a helpful solution. So the majority of companies migrate their spreadsheets to a software that automates all their processes.
Odoo Inventory Dashboard
Inventory management software helps businesses handle their stock, orders, routings, tracking and more. It will speed up your entire workflow and allow you to create detailed reports.
These reports are instruments to help companies analyze weaknesses and strengths in real-time to make better and smarter decisions to improve performance.
A daily overview of reports will give companies better control and help increase your business intelligence and visibility.
Odoo 14 gives a forecast report where you can easily see what and when you need to buy your stock to fulfill customer demands. With Odoo you can also create and customize your own reports according to your company’s needs.
In the online world, customers expect a product to be available at every step of the buying process. So you need to make sure it remains available. An automated replenishment system is important so you’re never out of stock and to ensure you don’t lose potential customers.
Order management and inventory are important parts of the supply chain process. Doing it well means you have the correct quantities at the right time. You’re in control of how much product you have for sale and what your order cycles are. This is fundamental if your business is scaling fast.
If your business provides physical products inventory management is a must-have solution. Your goods are recorded and catalogued whether they're finished products or raw materials. For ecommerce, it’s usually the former. They have products ready to be sold. This also includes parts of a product to be assembled. You need to count the separate parts in relation to the finished product.
The most important step to make the wheels spin is the configuration of your products and that doesn’t mean only physical characteristics such as color, size and weight. It should also include organization characteristics such as the following:
- If the product is tracked and how
- What are its components?
- Where its location is in the warehouse
- Cost on taxes
- Its routes
- Replenish and put away rules
- Who the suppliers are
All this information will facilitate the automation.
How does Inventory Benefit My Business?
Inventory is a real-time evaluation of revenue your company is generating. If you can’t move a product from inventory, it’s clear your business is struggling to make sales. You have to adjust your operations or you won’t have bottom-line revenue.
Odoo Inventory Tracking
Some businesses have to move products much quicker than others due to the shelf-life of the products they sell. Too much inventory will add expenses because of ruined products. Not enough, and you’re at risk of losing potential sales and overall market share.
The best way to order stock that sells is to have inventory management software. It makes calculations for you and it’s not susceptible to human error.
Odoo Inventory Product list
You need the right amount of stock on hand at all times. Customers will buy elsewhere if you’re out of stock. When making your inventory order, your supplier may offer a special deal if you order large quantities. But is it worth it in the end?
Some business owners rely on qualitative forecast methods. This includes past performance and gut-feel to reorder and order inventory. Other business owners will rely on quantitative methods such as how products performed in the past with accurate data.
Here are some pros of having an Inventory management software for your business:
- Reduce risk of overselling
- Product information is always updated
- Decision makers have control over multi-channel order flow
- Improved back-end visibility for inventory management
- Improve supplier negotiations
- Data is synchronized across all platforms in real-time
- Helps select the best management strategies
- Increased visibility improves product organization
- Businesses don’t risk running out of stock or excess stock
- Improve sales by knowing what you can and can’t sell at any given time
- Greater cost reductions
- Inventory is valued and counted to see the company’s profits and losses
- A more organized warehouse
- Better customer service
Odoo Inventory App
There are a lot of solutions for inventory management to integrate with your ecommerce website or POS. All you have to do is select which one is a better fit for your business.
A software that gives you all the information you need, at the right place, is important so you don’t miss out on opportunities.
Odoo inventory app is a complete all-in-one solution for retailers, wholesalers or manufacturers. Additionally, it’s integrated with other helpful apps such as sales, purchases, POS, website functions and more.
You can also integrate other companies' apps with Odoo as marketplaces, carriers, SEO and other marketing tools. All your data is synchronized and updated in real-time and you can have it all on your mobile device.