Inventory Management with Odoo

Any company that uses an inventory management system is aware of its potential for increased revenue. For those who are debating whether to invest in inventory management software for their company or not. To help you make a wise choice, we've listed some benefits of the inventory management system below.

Benefits of Inventory Management Software

EFFICIENCY & PRODUCTIVITY

Companies need inventory. However, the game is risky. Products lose their appeal with time or expire. For businesses, this translates to unsold inventory and a possibility of experiencing a cash flow crisis. The latest statistics monitor sales. They help to discover patterns and make sure that productivity and efficiency are maximised. Companies have the authority to monitor product batches, expiration dates, and purchasing choices.

REDUCCING EXPENSES AND INCREASING SALES

Sales are exciting, but swings can make you feel really anxious. Things can get problematic with just one prominent person giving some unexpected PR. Without inventory management systems, attempting to forecast future buying trends frequently leads in a warehouse covered with dust. Software maintains track of changes. You have more control over costs and sales as it separates out anomalies from patterns.

Task Automation

Manual labour is one of the major drains on productivity and efficiency. Manual inventory management is especially prone to mistakes, and even little inaccuracies can have significant effects later on. By automating manual processes, valuable resources are released along with time and waste savings. The gift of time is undoubtedly one of the finest benefits of inventory management software despite the fact that there are many others.

Never running out of stock to ensure customer satisfaction

The customer is the most important factor in the equation, regardless of whether your business is B2B or B2C. Predictability, dependability, and clarity are valued by customers. The system that enables this is one benefit of inventory management. Software for inventory management keeps an eye on things. It guarantees the availability of products with a high turnover rate and generates seasonal product alerts. This offers companies the assurance they need to make promises they can keep.

WASTEAGE MANAGEMENT

Poor efficiency costs money, whether it be in the form of wasted time, stock, or warehousing space. Every second counts and every square millimetre of space matters within a building. It's risky to leave decisions up to chance. A view of the organisation that is not always available in a spreadsheet is provided by inventory management software. It points up areas that need improvement and offers data flows that make judgements possible with assurance and clarity.

How Odoo can HELP

Automate RFQ

Setting a re-order point helps you prevent out-of-stock situations as well as overstock ones. When the stock is close to run out, this software notifies the person in charge, at which point the process of refilling the stock starts.

Tracking

When a product is located in a space like a store or warehouse. Asset and inventory tracking technologies like barcode, QR code, RFID, etc. can be used to track it. They are useful for giving current location.

Optimization

Metrics for inventory optimisation include accurate stock cover, reorder point, and reorder quantity. These metrics are beneficial for optimising inventory.

Accurate Inventory states

This software offers statistics and analytics that are useful in figuring out where you've spent your money and what the results were. It provides a thorough view of inventory management, to put it briefly.

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Conclusion

Stock control is a challenging task. But properly managing stock is a far harder task. However, as your stock plays a crucial role in your company, you must try to increase its efficiency if you want your enterprise to succeed.

The benefits listed above are not the only ones you'll enjoy when you have a stock & inventory management system in your stockroom. As a result, using Odoo for inventory management can help you manage your goods more effectively.

The implementation of the Odoo ERP is a specialty of Iconic Bizz. All services, including requirement gathering, implementation, and post-implementation support, are offered in one location. To learn more, get in touch with us.

Inventory Management with Odoo