.png){kind=small}
Odoo Inventory is a powerful Odoo module designed to simplify inventory management for businesses that deal with stocks and inventory. As the management of inventories is getting more complicated in modern businesses, this inventory system of Odoo is successfully helping businesses streamline operations and drive growth.
In this blog, you will get to know what is Odoo inventory management system is, its key features and benefits, and how it integrates with other systems to help businesses multiply profits.
To begin with Odoo’s Inventory module or Odoo stock tracking, let’s understand what inventory is.
Inventory is the sum total of all the items, products, or goods that you want to sell in your business. Overall, it includes all the items that you hold in your stock either for selling, reselling, production, or utilization.
What is Odoo Inventory?
It is a powerful tool inside Odoo’s MRP (Manufacturing Resource Planning) solution. Odoo is a cloud-based, open-source software that allows businesses to track all inventory-related data in real-time. It is designed to proficiently regulate stock levels, warehouse operations, and goods logistics. The good thing about Odoo ERP for inventory is that its operations can be fully automated so that you save time, money, and energy on inventory management.
What are Key Odoo Inventory Features?
Managing inventory can be tricky, but Odoo warehouse management is a complete packet of smart features that help businesses stay on top of their stock management. Here is the list of Odoo inventory features below:
Real-Time Stock Tracking
Odoo gives you live stock levels, so you always know what you have to order and reorder and at what time.
Multi-Warehouse Management
Inventory of Odoo lets you manage all from one place, providing smooth stock transfers and accurate inventory counts across locations.
Smart Reports and Analytics
Once you start using the inventory module, the key to information is in your hands. It provides detailed reports on stock movements, turnover rates, product demand, and more, helping you make better business decisions.
Hassle-Free Scrap and Return Management
If you are handling returned or defective goods, Odoo makes it easy to categorize and process scrap items and returns without disturbing your natural order processing.
Lot and Serial Number Tracking
This feature is beneficial for industries like food, pharma, and electronics, as it helps you track items by batch or serial number. With this, you are always aware of the product’s logistic status—where it's coming from and where it is going.
Customizable Workflow
Odoo ERP is not rigid. Your business may need 100 ways to work for 100 different types of cases, and Odoo understands that. You can set up custom approval steps, define picking rules, automate stock movements, and a lot more to match your unique business processes.
Mobile Access with Barcode Scanning
Today, every business has gone mobile, and thus the Odoo stock inventory mobile app allows barcode scanning and real-time stock updates, making warehouse management faster and more efficient.
Inventory Valuation
You can know the exact value of your stock. Odoo helps track inventory value using FIFO (First in, First Out) or average costing, which makes accounting and financial planning easier.
FIFO, LIFO, and Expiry Date Management
This stock inventory module supports FIFO (first-in, first-out), and LIFO (Last-in, First-out) stock valuations. It also tracks the expiration date of the perishable goods, helping you save money by selling the about-to-get expired products first.
Automated Reordering
With Odoo stock inventory, you will never run out of stock again! You can set up automatic reorder points so that when inventory reaches a certain set level, it will remind you to fill up the stock or even place an order for you.
Barcode Scanning
No more manual counting of goods and delays! The Odoo stock inventory module allows barcode scanning for the products for faster and more accurate shipping.
How Does Odoo Inventory Benefits Your Business
Order Fulfillment at Faster Speed
Odoo stock inventory updates you in real-time about the order status, so you can fulfill the customer’s order at lighting speed.
Seamless Integrations
You can integrate other odoo apps that are complimentary to your inventory business like Odoo Sales, Purchase, ECommerce, Manufacturing, Accounting, etc. This helps businesses keep every workflow running in sync and provide a seamless experience to customers with every order and that too without extra manual work.
Multi-Location Support
You can integrate other odoo apps that are complimentary to your inventory business like Odoo Sales, Purchase, ECommerce, Manufacturing, Accounting, etc. This helps businesses keep every workflow running in sync and provide a seamless experience to customers with every order and that too without extra manual work.
Better Supplier Management
This Odoo module helps you keep track of supplier performance, purchase history, lead times, and a lot more so that supply chain issues don't bother you and you are always ready to negotiate better deals.
Sustainable Operations
The Odoo module for inventory management helps businesses reduce waste, run businesses more sustainably, and cut unnecessary costs by streamlining operations.
Cost Savings
Odoo helps you keep just the right amount of inventory–not more, not less—saving storage costs and preventing lost sales.
Smarter Decisions
With real-time stock updates, you know what is selling fast and what needs restocking, thus helping you make smart decisions.
Integrations with Other Odoo Modules
The Odoo inventory management system can be seamlessly integrated with other Odoo modules, which means, businesses can combine and use all the Odoo features for their business operations.
Odoo Sales
Odoo’s sales module can be synced with inventory to check and obtain accurate stock levels.
Odoo Purchase
This module synchronizes your inventory levels with purchase orders that help you restock timely.
Odoo Accounting
This module on integrating with inventory helps track inventory costs and values directly in your financial records.
Odoo Manufacturing (MRP)
Manages raw materials and finished goods efficiently by integrating with inventory.
Odoo eCommerce
Connects inventory with your online store and keeps stock levels updated all the time.
While Odoo management system helps streamline stocks and warehouse operations, businesses managing physical assets like laptops, machinery etc can further enhance with Odoo Asset Management. To learn more about how Odoo Asset Management can benefit your business: Read here.
Odoo Stock Tracking- FAQs
Is the inventory module free?
Just like other Odoo modules, the stock inventory module offers both the Community version (free) and an Enterprise version (paid). If you are looking for advanced features like multi-warehouse management, barcode scanning, manufacturing integrations, and more, you can get the Enterprise version with a subscription fee.
Is it worth buying the inventory a paid version?
Yes, Odoo’ds module of inventory is highly regarded and admired for the flexibility it provides, ease of use, and powerful features in inventory-dependent businesses of all sizes.
What are the 4 types of inventory in odoo?
Odoo stock tracking allows the creation of different types of inventory locations such as:
1. Internal locations: These are the actual storage locations within your company—warehouses, stockrooms, or retail stores.
2. Customer locations: When a customer orders a product, Odoo moves the stock from your internal warehouse to a customer location to indicate that it has been sold.
3. Supplier Locations: You order 100 units of a product from a supplier. Once received, the stock moves from the "Supplier Location" to your warehouse.
4. Virtual locations: If you transfer stock from a warehouse in Maharashtra to one in Uttar Pradesh, Odoo temporarily places the stock in a "Transit Location" until it arrives at the destination.
Conclusion
Odoo’s Inventory Management Module is a versatile and powerful inventory tool that will help your business (with varied locations) unify, track, and simplify warehouse operations. This Odoo module is a must-have tool for your business that will help you drive growth with advanced features and a user-friendly interface, saving time, reducing cost by 20%, and making smarter decisions
Are you looking for a smarter way to manage your inventory?
At Cloud Science Labs, we specialize in helping businesses implement Odoo services and its various modules, like inventory. We streamline operations and scale the tool to fit your business inventory needs. Our team of Odoo experts is here to guide you every step of the way to harness the power of the inventory.
Explore Odoo for Inventory today!
Contact us today to schedule a consultation or email us at digital@cloudscienclabs.com.
Comments