Smart Inventory

by
Odoo

5845.52

v 12.0 Third Party
Required Apps Inventory (stock)
Sales (sale_management)
Invoicing (account)
Lines of code 1344
Technical Name smart_inventory
LicenseOPL-1
Websitehttps://novobi.com
You bought this module and need support? Click here!
Required Apps Inventory (stock)
Sales (sale_management)
Invoicing (account)
Lines of code 1344
Technical Name smart_inventory
LicenseOPL-1
Websitehttps://novobi.com


Understand Your Demand

Take the guesswork and manual analysis out of your purchasing decision process and maximize profitability with data-driven Demand Forecasting.



Know Your Inventory

Minimize your understock and overstock risks with real-time insight into your inventory operations as well as automatic analysis of optimal Stock Levels and current Stock Health.


Plan Better

Save time by using our automated Purchase Planning tool that analyzes your demand forecasting data, inventory status, product cost, and lead time to recommend the most efficient supply chain route.

Smart Inventory for retail, eCommerce, wholesalers, and manufacturers features:


Demand Forecasting

Anticipate and maintain stock for thousands of items by applying demand trends to your inventory operations.


Inventory Insights

Access real-time and continuous monitoring and alerting for understock and overstock risks.


Purchase Planning

Make faster decisions about what products to buy, when, and from what vendors all while saving time and costs.


Intelligent Replenishment

Optimize reorder quantities with control parameters and overrides for thousands of products.

Ready to See for Yourself?

Take a tour of Smart Inventory to see its powerful features in action!

Copy Link to Request Demo http://bit.ly/3xmwEAH

Smart Inventory Features

Bringing the power of intelligence, automation, and integration to your inventory operations.

Understand Your Demand

  • AI-Driven Demand Forecasting

  • Historical Data Analysis

  • Pattern, Seasonal, and Irregular Demand Adjustments

  • Demand Type Classification

  • Product, Variant, and Category Forecasting

  • Model Recommendation

Know Your Inventory

  • Under/Overstock Risk and Value

  • Optimal Stock Levels

  • Stock Health

  • Total Inventory Value

  • Return Statistics & Snapshot

  • High-Performance Items

  • Service Level Reporting

Plan Better

  • Inventory Level Optimization

  • Product Comp Recommendations

  • Optimized & Automated Reordering

  • Make v. Buy Recommendations

  • Automatic Purchase Planning

  • Investment Report

  • Cost & Lead Time Analysis

Smart Inventory Pricing

With Smart Inventory you will have unlimited access to four powerful functions including:

  • Demand Forecasting

  • Inventory Insights

  • Purchase Planning

  • Intelligent Replenishment


Tier 1

$499/month

Subscription billed Annually

For Businesses with

Less than 10k Forecasting Units

Tier 2

$699/month

Subscription billed Annually

For Businesses with

10k - 49k Forecasting Units 

Tier 3

$849/month

Subscription billed Annually

For Businesses with

50k - 99k Forecasting Units 

Determine Your Number of Forecasting Units

Annual subscriptions are determined based on the number of forecasting units. To calculate your number of forecasting units, multiply:

Number of SKUs x Number of Sales Channels  x Number of Warehouses x Number of Forecasts per Month

For example, if you have 100 SKUs, 2 sales channels, 3 warehouses, and want to forecast weekly,

your forecasting units are 100 x 2 x 3 x 4 = 2,400. 

Omit any SKUs, Channels, or Warehouses that you do not want to forecast.  

Implementation & Customization

Smart Inventory requires a one-time implementation to ensure you're set up to be successful. This process includes everything necessary to get Smart Inventory integrated into your system and to get your staff ready to utilize it.

For businesses with additional requirements and needs, a custom solution is available.

Please note that custom Smart Inventory solutions are subject to expanded timelines and implementation fees. For more information or to request a quote, contact us

Implementation fee

From $10k

One time

Implementation includes:

A Dedicated Business Analyst to help determine your specifications

Proof of Concept prior to development

Development & Deployment of Smart Inventory

Training & Support

Custom Solutions

Please contact us

for Quote

For Businesses with additional requirements or other special considerations.

Let us deliver a custom solution!

Our business analysts and development team will help determine exactly what you need to utilize Smart Inventory to the fullest. Contact us to get started.

FAQs

Demand Forecasting

We offer basic models that can predict common demand patterns. Your business model and marketing strategy might lead to different demand patterns.

To take advantage of machine learning, we suggest having a data mining process to understand the data insights and improve accuracy. 

Demand Forecasting requires at least 6 months of historical data to be accurate.

Forecasting frequency can be configured at the product level to run daily, weekly, or monthly as required by your business needs.

Here is an example of a forecasting graph to show you what Demand Forecasting looks like at the product variant level:


The default is to run forecasts on the product variant level but this can be configured to the product level.

Yes. All of your forecasts can be viewed inside your instance of Odoo in the Forecasting App that comes with Smart Inventory.


Inventory Insights

Inventory Insights shows many key metrics beyond Odoo's inventory application including:

  • Understock risk

  • Overstock and excess value

  • Products near their reorder point

  • Products at proper stock level

  • Potential stock loss

  • Total inventory value

  • Return statistics

  • High-performance items

  • Overall stock health


Inventory Insights can be accessed from an easy-to-navigate dashboard in the Inventory application at any time. Key metrics are updated routinely throughout the day providing accurate insights during business operation without having to wait for a certain period -- such as your business day -- to end in order to generate and access reports.

Inventory Insights can be viewed in an easy-to-navigate visual dashboard providing an overview of key metrics with the ability to view deeper information as necessary.


Yes, the system continually monitors your inventory operations throughout the day and allows you to generate real time alerts so you can make adjustments as needed. 

Stock Report automatically categorizes your inventory into three key groups:

  • Enough: You have enough inventory on hand

  • Order: You need to order inventory to maintain optimal levels

  • Urgent: Inventory levels urgently need to be replenished

This allows you to make decisions regarding your purchasing and sales efforts based on real time insights into your inventory levels.


Purchase Planning

Yes, forecasts from Demand Forecasting are one of the parameters considered when automatically generating purchase plans. This applies a layer of intelligence to the recommendations with consideration for upcoming demand based on historical data and projected consumer behavior.

Yes, draft purchase plans are automatically generated for you based on a combination of system recommendations and parameters that you define for your business. While these plans are automatically generated, manual approval is still required to process the purchase order ensuring that no purchases are made without knowledge or approval by stakeholders.

Purchase Planning generates recommendations based on several key parameters: 

  • Cost analysis

  • Available vendor discounts or incentives

  • Vendor lead times

  • Time implications

These parameters and more are utilized to automatically generate recommendations that optimize for cost and time.

Yes, Purchase Planning allows you to easily import and export to Excel for portability and accessibility of your purchasing workflows. This allows you to integrate with existing manual workflows if necessary for your business needs.

While Purchase Planning utilizes powerful automation to save time and energy resources, you are able to make changes, pause, or stop the workflow as necessary.

Intelligent Replenishment

Demand Forecasting is one of many important parameters utilized by Intelligent Replenishment to define and maintain optimal inventory levels to prevent over and understock situations from occurring. Intelligent forecasting utilizes historical data as well as future trend analysis to ensure you have the right stock levels to meet your expected demand.

While Odoo allows you to set reordering points for continual purchasing, Intelligent Replenishment adds a layer of intelligence to the workflow. This helps the system account for anticipated changes in demand, supply chain implications, and vendor performance to prevent costly over and understock situations as opposed to relying upon static rules.

Intelligent Replenishment automatically optimizes reorder points or generates new reordering rules as market demand changes. This will also provide you with the option to generate purchase or manufacturing orders when reordering rules are triggered.

Intelligent Replenishment defines optimal inventory levels based on demand forecasts, service levels, supplier lead time, inventory cost and more. You are also able to make adjustments to the definition of your reorder points based on additional business parameters. As a result, the risk of over and understock situations is automatically reduced.

Reordering thresholds can be configured at the individual product level or in product batches depending on the level of granularity your business requires to stay on top of demand.

While Intelligent Replenishment utilizes powerful automation to save time and energy resources, you are able to make changes, pause, or stop the workflow as necessary.

General Questions

No, the various modules within our Smart Inventory suite are not optimized to function as standalone products due to their integration requirements.

Yes, Smart Inventory runs inside and can be accessed within your Odoo instance in applications such as Forecasting or on top of existing Odoo applications such as Inventory. It is not an external application.

No, Novobi's implementation team will work with you to ensure your instance of Smart Inventory is properly initialized for your unique business needs. This ensures optimal performance of the system.

Questions? We've got answers.

Connect with our team for answers to your questions about Smart inventory.

Email: contact@novobi.com

Call: 512-522-2837

Copy Link to Chat with Us http://bit.ly/2RPrMDU
Ready to See for Yourself?

Request a personalized demo of Smart Inventory to see its powerful features in action!

Copy Link to Request Demo http://bit.ly/3xmwEAH

About Novobi:

Novobi is an Odoo Gold Partner based in Austin, TX that has been building digital solutions since 2008. We specialize in Data Analytics, Cloud, and ERP solutions with a 100% customer retention and success rate over multiple years.

We help you make the most of your Odoo solution. As gold partners with more than 7 years of Odoo experience, we are dedicated to helping you make the most of Odoo. We craft solutions that enhance Odoo's native functionality to help bring your business to the next level.

We combine powerful solutions with a personal touch by providing a service team that will see your implementation to successful completion as well as ongoing support for our products.


Copy Link to Learn More http://bit.ly/3dJQE8N
Copy Link to See What Makes Us Different http://bit.ly/3eoWjQE
Odoo Proprietary License v1.0
This software and associated files (the "Software") may only be used (executed,
modified, executed after modifications) if you have purchased a valid license
from the authors, typically via Odoo Apps, or if you have received a written
agreement from the authors of the Software (see the COPYRIGHT file).
You may develop Odoo modules that use the Software as a library (typically
by depending on it, importing it and using its resources), but without copying
any source code or material from the Software. You may distribute those
modules under the license of your choice, provided that this license is
compatible with the terms of the Odoo Proprietary License (For example:
LGPL, MIT, or proprietary licenses similar to this one).
It is forbidden to publish, distribute, sublicense, or sell copies of the Software
or modified copies of the Software.
The above copyright notice and this permission notice must be included in all
copies or substantial portions of the Software.
THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR
IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT.
IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM,
DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE,
ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER
DEALINGS IN THE SOFTWARE.

Please log in to comment on this module

  • The author can leave a single reply to each comment.
  • This section is meant to ask simple questions or leave a rating. Every report of a problem experienced while using the module should be addressed to the author directly (refer to the following point).
  • If you want to start a discussion with the author or have a question related to your purchase, please use the support page.