Inventory management is one of the key features in an Organization. A lot of activities takes place in the inventory management hence, an efficient software like Odoo Inventory Management is absolutely necessary and significant for the inventory process. The process is highly flexible and robust for managing the inventory processes like maintaining the products, tracking the inventory levels. The inventory management supports multitasking by managing the functions in manufacturing department as well.
The master data contains the products that are produced by a Company. Every minute detail of the product is stored.
The product can be categorized into
- a product that can be sold
- a product that can be purchased
- a product that can be extended
The product type must also be mentioned along with the reference number.
The attributes of the product like,weight,brand and dimensions can be stored along with the respective values.
Sales details for the corresponding product like,
Invoicing policy : whether it is an ordered or a delivered quantity.
Re-invoice policy : if it has no cost or contains a sales price.
E-mail template : the template of the E-mail that has to be sent when an invoice is sent to the customer.
eCommerce data such as,
Website : on which website the product has to be published on.
Categories : under which category the product fits in.
Alternative Product : an alternative for the current product.
Accessory Product : additional product that might be required for the current product.
Vendor information can also maintained for a product such that the Company can save the data of their vendor for further reference.
Vendor name : name of the vendor.
Price : price of the product.
Validity : validity of the product.
Vendor product code : the code of the product.
Coming to the inventory information, data such as what routes can be taken and logisitcs data can be stored.
Routes: whether it is Manufacturing product or made to order.
Manufacturing lead time : the time for manufacturing in days.
Logistics information like Weight, Volume and the the employee who is responsible mus be entered.
Accounting information such as the Income account and expense account can also be maintained.
In addition to all this, the following information can also be tracked :
- The number of units sold and purchases for every product.
- Product moves meaning, when the product moves from one warehouse to another along with the details such as the name of the product,quantity,from and to location and the reference number.
- In how many other product the current product is used in. For example, if the current product is a Bolt, it will be used in Desks,Chairs, etc.,
- Bills of materials that were used.
- The number of products present On Hand.
By all this, every data of the product can be stored and tracked. This makes sure that no data is lost from manufacturing to delivering it to the warehouse.
When a specific item is bundled with related variants to form one whole distinguishable product is a product variant.
The data for the same can also be stored similar to storing the products. The product on hand and the sold and purchased product details are also maintained here.
Reordering rules will be run automatically when a stock reaches a minimum level. It makes sure that the purchase of the product is triggered and acts accordingly.
For this, the minimum and maximum quantity must be entered compulsorily along with the name of the product,of course!
Once the rules are set, the scheduler has to be run manually and from then on the rules will be applied automatically.
The lots and serial numbers for the products can be saved here which will contain the best before date,removal date and the end of life date. The name of the product should also be mentioned along with the quantity.
When a product is moved from one location to another, a lot of data has to be collected and sometimes misplacing of the same can occur. To prevent all this, the entire process is stored here.
Partner : the partner name
Source location : the source location from where the product was sent.
Destination location : the location the product was sent to.
Operation type : the warehouse information.
Along with this, the product information is stored like,the name, the initial demand of the product and reserved & done amount.
Shipping policy for every transfer of the product is noted.
A batch or a bulk of products can be stored as per requirement. The employee who is responsible for the batch can also be included.
The relevant details such as the Reference,Source document,Creation and Scheduled date can be saved.
An inventory can be created for a specific group of products or for one single product alone. By this, reserved or special inventory can be stored.
Inventory adjustments can be made for the following types:
- All products
- One product category
- One product only
- Select products manually
- One Lot/ Serial Number
Corresponding details are collected simultaneously like, if one product category is selected, the category of the product has to be mentioned.
Once this is done, the Start Inventory button can be clicked and it moves in stages such as:
- In Progress
The scrap orders data can be maintained on this screen.
Product : name of the product
Quantity : quantity of the product
Scrap location : the location where the scrap is sent to
Once the above details are entered,the data is validated.
As and when the inventory process takes place, configuration can be done simultaneously. Like, the product categories can be maintained separately. This makes sure that the data is set clear without any confusion and this can again be incorporated during the process or creating products and maintaining the data
- Warehouses: to store the details of the warehouses
- Location : the different source and destination locations
- Rule : the reordering rules
- Routes: the routes for the products and the process
- Product categories : the category for every product
- Attributes: the attributes of the product
To keep track the whole process and the products efficiently, reports are generated automatically as and when a product is moved from one place to another or the products that are maintained in the inventory.