As the world begins its slow pivot from managing the COVID-19 crisis to recovery and the reopening of economies, it’s clear that the period of lockdown has had a profound impact on how people live. The new consumer behaviours span all areas of life, and these rapid shifts have important implications for retailers and the consumer goods industry.
ERP systems help consumer industries understand market trends. Additionally, it allows consumer marketers to identify opportunities in this competitive era of business. The consumer goods industry needs ERP the most because it handles a wide variety of products. It is essential to realize that consumer goods include all products that are directly consumed by customers such as electronics, edible goods and other products consumed daily. Instead of selling a lot of products, they face too much competition and complexity in managing these items. To be a successful consumer product brand, you must be able to add value to your products and services. Besides, it would help if you kept up with the changing needs of your customers. Earn more profits by reducing your operating costs.
Here are some of the main consumer goods modules that Odoo provides to users to improve their business system:
Odoo Inventory Management
Odoo is designed to manage dual inventories, allowing users to trace full suppliers to customer traceability easily. Accordingly, all data will be recorded and updated according to the user's settings. With Odoo ERP Inventory, Odoo ERP helps businesses simplify the inventory management process. This module handles daily operations in a warehouse and makes inventory management simple. Odoo Inventory app also allows tracking the inventory levels and inventory location in real-time from a centralized system. It's important to realize that tracking gives you the critical information needed to control the movement of items in real-time in stock. Odoo's inventory management plays a crucial role in supply chain management by monitoring and controlling the storage and movement of materials (input and output). Reduced chance of having incorrect inventory count and damaged inventory. This inventory module gives you more control over inventory, and stock will increase your competitiveness. The inventory module and the warehouse management module are responsible for managing multiple warehouses and multiple locations.
Odoo Customer Relationship Management (Odoo CRM)
Odoo Sales Management
The survival of the business depends significantly on the sales stage. All activities in the business are intended to complement, promote an increase in sales, and gain profits for businesses. Therefore, the sales stage is critical and invested by firms. Most of the decisions made in any retail company are always to improve sales and increase profits.
First of all, ERP allows retailers to perform analysis of customer trends as well as past sales. As a result, they have a clear understanding of the product and its position in the market. Also, they learn about the popularity and demand of the product that helps them decide which products they should promote more and which should remove. Various sales factors are smoothly managed by one ERP system. In other words, ERP software helps to control prices, sales, offer discounts, and more. Another critical point of this module is the demand forecasting module, which allows you to track past trends and then will enable you to forecast future demand with higher accuracy easily, and it also makes it easy to manage salespeople in your team. More sale, more profit and more success; this is exactly what the consumer goods industry wants.
Odoo Finance & Accounting Management
In the current situation, accounting data is synthesized from invoices and vouchers gathered by department departments for the accounting division to collect and reflect on the books. Thus, the enterprise will encounter some problems.
Poor finance and accounting management leads to the decline of the business, and automation can streamline the entire financial transaction process and save time. The Odoo accounting module provides a transparent and comprehensive record-keeping system. The financial accounting system makes it possible for you to offer accurate data, and you can also limit unauthorized access to critical information. Easily create accurate, on-time financial statements and comply with accounting standards. Another important point, accounting automation reduces paperwork, and data entry leads to error-free data entry. Odoo is globally compatible as it supports multiple currencies. Gain complete insight into financial processes and improve business profits.
Reference
1. https://www.youtube.com/watch?v=3gYOJV6bDbQ
2. https://www.youtube.com/watch?v=Zj8_8Uh3EAo
3. https://www.odoo.com/
4. https://www.technaureus.com/retail-industry-erp-for-retail-industry-odoo-erp-for-retail-industry/
About us:
Will Nguyen, Business Analyst
Will is an IT business analyst at High Tech Masterminds. He also supports digital marketing and market research in Australia. In addition, Will is a financial consultant with 3 years of experience in the field of consulting financial plans for customers and product promotion.
High Tech Masterminds Pty Ltd is an Official Odoo partner in Australia. We believe that every manufacturing business can benefit from modern information systems and digital technology in its digital transformation journey. You can book a free consultation session today with one of our experienced consultants (No salesperson!) to talk about how digital technology can help you scale up.
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Enhance sale & Reduce operation cost with Odoo in the Consumer Goods industry