Odoo is one of the most sought-after ERP software platforms that is extensively used by businesses belonging to different industries. It offers a number of fully-customizable modules that help streamline complex business processes, enabling organizations to achieve higher levels of productivity.
Talking about modules, Odoo vendor management system has become increasingly popular across manufacturing, eCommerce, and other similar industries. In this blog post, we shed light on the importance of Odoo vendor management system with a focus on the key benefits it delivers to enterprises.
Also, Read Custom Odoo ERP Development For Warehouse Management
The Need For Vendor Management Software
In today’s competitive business landscape, many organizations require vendor management software to efficiently run their operations. Besides, it helps control overhead expenses and enables organizations to steer clear of the common risks associated with vendor management. Furthermore, a vendor management software system lets you find the most suitable vendors for your business with a better scope for price negotiations.
Other crucial benefits of implementing vendor management software include seamless vendor onboardings, faster order fulfillment, improved procurement and warehouse management, better shipment tracking, and inventory control. In the following section, we shall explore the significance of Odoo ERP development for vendor management.
How Odoo Helps Improve Vendor Management?
The Odoo vendor management system enables users to track vendor payments, inbound/outbound shipments, procurement status, stock updates, and more. Besides, it helps create segments for different types of vendors including domestic vendors, import vendors, and freight vendors. In the following section, we shall see how we can create a vendor on Odoo and use its features to efficiently run routine vendor management processes.
Creating Vendor Entries In Odoo 14 and Above
Creating a vendor entry in Odoo is fairly simple. In Odoo 14 and above versions, you just need to fill up a vendor form containing several fields including company name, company address, contact information (contact number, email etc.), company website, and vendor tags. You may even create multiple contacts within a single form. Here, you need to provide an automated invoice address, contact address, delivery address, and other addresses for each of your existing contacts.
Also, Read Odoo CRM Software Development For Sales Pipeline Management
Odoo Vendor Portal: Key Features and Benefits
Given below are the key points of benefits of Odoo vendor portal:
- It provides a common interface to manage vendor RFQs and POs.
- Enterprises may use it to send product RFQs to multiple vendors at the same time. You may also send RFQs to vendors directly on their website portal.
- Admins have both centralized and decentralized access to the list of all registered vendors.
- Enterprises may easily register new vendors as vendor portal users via the backend of Odoo vendor portal. In fact, there is a separate portal dedicated to the selected vendors.
- Create RFQs of a product and send it to the registered vendors on their website portal.
- All the sent RFQs as well as responses from vendors are easily accessible through the Odoo vendor portal.
- With Odoo vendor portal, enterprises may choose to set auto-approval settings for quotation from the backend. In so doing, the best quote offered by a particular vendor would be auto-approved without any manual intervention.
- Admins may easily view the status of submitted quotes directly from the portal.
You may also like to read Odoo PLM Software For Product Lifecycle Management
Closing Remarks
Here we have discussed some of the key features and benefits of Odoo vendor management system. In addition to the aforementioned benefits, the vendor portal also provides features such as automatic email notifications, instant quote status, and a separate portal for suppliers on Odoo’s website. Above all, the vendor portal facilitates an effective purchase management process for admin users.
Why Choose Oodles ERP For Odoo Application Development?
We are a seasoned Odoo application development company that provides end-to-end ERP software solutions using Odoo. Our development team is skilled at using the latest tech stack and agile methodologies to build custom enterprise solutions from the ground-up. Apart from Odoo, we also specialize in using other popular open-source platforms like ERPNext, Opentaps, and Apache OFBiz. To learn more about our Odoo application development services, drop us a line at [email protected].
