Effectiveness of Odoo Inventory Management

Inventory management is considered a complicated job for business owners and storekeepers. When the business is growing in the future, the quantity of goods in stock is also increasing, making it more challenging to manage the warehouse operations efficiently. Effective warehouse management ensures that goods are sold or imported without confusion because the loss in warehouse management is the concern of many businesses. This article will explore the concepts of Odoo inventory management and effective warehouse management practices, which will help you manage your inventory more efficiently and save time in your business.

Follow the First Import - Export rule 

This is a fundamental principle in inventory management. First In - First Out is simply the items you import first need to be exported first and vice versa. This method applies to products that are perishable or have a short shelf life and other items such as technology or fashion items that should comply with the above principle. Although these products do not wear out or expire, they are also very susceptible to outdated fashion.

 Establish optimal inventory level 

Inventory norm is the number of goods that are always maintained in the warehouse to ensure timely supply as soon as there is a need for use, at the same time helping to maintain continuous and seamless business operations. Inventory management will become more accessible and more efficient if you set the maximum and minimum inventory levels for each product, meaning that the quantity of a particular item can never be less than the minimum norm or exceed the maximum norm. To optimise inventory, you need to base on the following criteria: 

• Actual inventory of goods in stock 

• The number of customer orders 

• The goods supply process from the suppliers 

Warehouse management by barcode 

Make sure all items in your inventory have been labeled and barcoded. Managing the warehouse by barcode will help you save more time in finding the right product. When goods have barcode stickers, you need to use a scanner and scan the code on the product, and you can immediately add outstanding stock fluctuations quickly on management software, thereby avoiding errors due to wrong input of goods data. 

Inventory check regularly

It is recommended that an inventory check is carried out every six months to ensure that the quantity is consistent with the stock of goods and the quality (damage, deterioration, packaging). 

For inventory check to be done quickly, you must have a better more organised way of arranging your warehouse. You may consider stocking your products in your inventory by commodity group or product groups. 

Lean Manufacturing Model 

The lean Manufacturing governance model will help manage the source of goods and materials in the warehouse to meet the demand in the market. At the same time, reduce the inventory of too much wasteful. Outstanding advantages when using the Lean Manufacturing model. It can have the following benefits. 

• Reduce loading and unloading time, goods rotation 

• Minimise time to search and check inventory 

• Shorten production and service delivery times 

Be flexible in handling situations while reducing pressure on input resources such as human resources, machines, and equipment

Use software to manage inventory 

Warehouse management is a critical job of every store. To sell products effectively and generate detailed statistics about what went in and what went out from the warehouse, it is necessary to closely and carefully monitor the quantity of goods in the warehouse. The application of management software to replace manual recording of data will help businesses reduce many mistakes and unnecessary losses. Pick a logistics management software with low investment cost and ease of use that will maximise your support in minimising the waste of resources.