If you’re a wholesaler, managing inventory is an important part of your business. You need to have enough stock at the right locations at the right times, so that you can sell those items to the retail stores you’re in business with.
In order to do this, you have to have inventory visibility. How many of each item do you have on hand? What are the locations of those items and which warehouses are they in? Does your inventory count change as items are purchased and sold?
To move from merely managing inventory to optimizing it, you also need full sales visibility. How many and what items are your customers buying from you? How does this vary in terms of seasonal changes? You don’t want to have too few items on hand because you won’t be able to keep up with sales, but you also don’t want too many because you’ll be wasting money and storage space. Combined sales and inventory visibility allows you to forecast the optimum amount of stock at any time. Ideally, you’ll want multiple reports showing the different aspects of each area.
If you have a small business, maybe you can handle inventory management by using spreadsheets or possibly even paper and pencil. However, the larger you grow, and the more inventory you’re dealing with, the more important it is to have a proper inventory management software in place.
Odoo Inventory Management Software
Odoo, an open source ERP software, offers a module for inventory and warehouse management that is fantastic for wholesale distributors. It allows wholesalers to handle their simple needs, but also the more complex. For the simple, Odoo’s inventory module gives you full traceability of inventory coming in and leaving. You can find the numbers and types of items in your inventory, and you can access more detailed information about specific ones. You can also identify warehouse locations, helping you ensure you have enough stock in the right places.
On the more complex side of things, you can set up reordering rules for automated replenishment, helping to prevent stockouts. Rules can be based on characteristics such as minimum or maximum quantities, as well as the lead time to purchase the relevant items. With some customization, you may even seek to base reordering rules on sales data (more on that below).
A Comprehensive Solution: Sales, Purchasing, Accounting, and More
Another benefit of Odoo’s Inventory module is that it’s fully compatible with the platform’s other applications. You can have a fully integrated solution with Sales, Purchasing, Accounting, etc. This prevents you from having to input the same data multiple times, saving time and money.
As we mentioned earlier, visibility in sales is important for optimizing inventory. Hence, having a combined solution for sales and inventory allows you to do this. It also allows you to, e.g. set up reordering rules based on your sales information.
Bista Solutions is an Odoo Gold partner, and has implemented Odoo’s inventory management module for many businesses in the wholesale distribution industry. We excel at learning about your business’s individual needs and developing and customizing the final solution for you. If you’re interested, message us using our contact form or give us a call at 404-631-6219.