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Odoo Inventory Management - All You Need to Know About Features

 

 

Inventory management is a crucial business procedure for wholesalers, firms, and distributors in the goods trading industry. To maintain the company's efficiency and effectiveness, every part of the business requires a strong warehouse.

Every organization requires effective warehouse management and inventory management to ensure efficiency and usefulness. It's significant since it has a direct impact on every part of your company.


What is Odoo Inventory Management, and how does it work?

1. Traceability: Odoo Inventory connects with a bar code scanner system to improve product and stock movement traceability. Odoo's barcode application may be set up to take in products from inventory and track their movement.


2. Traceability: It always double-checks that each lot number and serial number belongs to a certain product and warns the user not to use them for anything else. For 360-degree traceability, Odoo inventory records and preserves a history of all warehouse strategies.


3. Clean and Quick: Odoo is a clean and fast-performing ERP thanks to its double-entry inventory management, flexible design, and modern user interface.


4. Several Warehouses: Users can manage many warehouses for the same organization in different locations using this module. As a result, users can properly oversee each of the warehouse's product movements.  You may also utilize Odoo to add several warehouse locations; if you have many warehouses, you can easily transfer data from one to the other.


5. Rules for Reordering: Users can create reordering rules for available products using inventory management. This prevents the company from becoming overstocked. This also allows users to choose a maximum and minimum stock count of the products included with this rule, as automatic procurement can be set up in Odoo Inventory Management when minimum stocking rules are used.


6. Support for Basic Operations: Odoo provides support for all warehouse activities, whether simple or complicated. It can, for example, control and manage incoming shipments, create inventory counts, manage scrap efficiently, and transfer stock, among other things.


Odoo Advanced Routing

Advanced routing facilitates operations such as:

Dropshipping: Customers receive products, orders, and customers directly from the supplier.


Cross-docking: With very little storage, users can unload the materials that have arrived, or they can transfer immediately to outbound gates if they like.


Strategies for putting things away and getting rid of them: The user can create their own ordering procedure, which includes picking, packaging, and shipping in a single step.


Push and pull routes: Users can create product routes to automate the movement of orders between warehouses or locations.



Features of Product Management

Product Type: Odoo assists a variety of product kinds with varying behaviors, including physical things, digital products, and services.


Custom Field: You can add as many custom fields as you want to address your business demands efficiently.


Multi-level Variants: A matrix can be created based on colors, sizes, qualities, and other factors.


Multiple Barcodes: If you want to implement specific behaviors, such as a customized promotion, you'll need to make bespoke barcodes with distinct codes.


Inventory Valuation: Inventory value is one of the most important elements of Odoo implementation management. When it comes time to forecast financial results, it makes it easier for businesses to value their unsold inventory goods.



The following key concepts are included in inventory valuation:

Costing Method: The costing approach is often referred to as the product category. Odoo WMS supports three product costing methods: FIFO, Average cost, and standard price.


Landed Costs: The landed cost function in Odoo allows you to include extra costs like shipping, insurance, and customs fees, among other things, into the product price. It aids in obtaining an accurate inventory appraisal.


Valuation Method: Continental accounting shall be utilized to keep a proper record of the cost of sold-out goods. You have two options for recording inventory valuation in your accounting books: manual or automated.



Final Thoughts

Inventory Management with Odoo The firm may achieve high potential and effortlessly manage their logistics, finance, and streamline their strategy using the Odoo inventory management system. Furthermore, it streamlines the process of keeping track of stock levels, resulting in increased production and efficiency.

With the adoption of Odoo inventory, any firm may profit from a variety of options. With the help of Odoo double entry inventory management, Odoo inventory management ensures total traceability from supplier to client.

Our main mission is to provide the newest innovations and consistency to our prestigious customers globally, therefore Geminate delivers the best business and end-to-end Enterprise solutions to our prestigious customers. You are free to discuss your concerns with our most knowledgeable and experienced consultants at contact@geminatecs.com.



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