Look Today, we are having a fast pacing business scenario where each entrepreneur is striving hard to increase their profit with all means they can. Initially, things in inventory went out manually and then the intervention of software took place, which had a great impact on the businesses. Then to further ease up things ERP came into the place where the different departments of an enterprise can work effectively with no barriers. Odoo is a proven open-source ERP software that makes the ERP available for small to large businesses effectively.
AI with its varied dimensions is bringing changes in all scenarios with different turns. It can be seen that AI can also bring about revolutions in odoo by further soothing their customers. The surveys and analysis by the IHL which is a global research and advisory firm for industries can clearly understand the need for AI.
Recent analysis reports by the IHL show retailers are missing around $1.1 trillion in sales because they don’t have on hand what customers want to buy in their stores. It can also be seen from the reports that due to out-of-stock concerns customer loyalty is also diminishing. The figure below shows a glance at the scenario of how stocks are affecting sales.
The need for smart inventory is turning out to be the need of the hour to be in pace with the current trending world.
Incorporating data science and AI and business into the Odoo inventory module will help to achieve exponential productivity. It can be done by using the below system architecture where our Odoo and AI engine work together for better results.
The AI and business engine will make use of past Odoo data regarding sales to learn the model and it can generate the demand forecast by classifying the products in the best way. We can also make use of service-level data for more optimized results.
We can automate the process seamlessly by pulling the data from Odoo and doing analysis on it and getting a shape for downstream processing.
Once we are done with this, we can look at the classification and demand forecast and push the results back into Odoo. And integrate with this which makes it highly productive and makes our system ready to go out of the box.
Once this idea is on to the system, we can have a business flow as shown in the figure.
The automated process can classify the products based on demand characteristics and service levels like how much they use and how much money they tie up. And it can predict a forecast demand by creating overstock and understock analysis. This understock analysis can be fed to the purchase planning process which lets you rapidly generate purchase orders. And also share them with the people and feedback to the Odoo system.
The key features that will be available in an AI-supported Odoo inventory will be
- Incorporating the forecasts and inventory analysis in product view where we can have an efficient monitoring
- Optimized results based on both forecasts, and computed service levels.
- Smarter procurement of purchase planning
- Under and overstock analysis for visibility and control