ERP Solution
Unlocking Efficiency: Revolutionize Your Business with Odoo ERP System
- By Naveed
- Time 8:35 am
- Date June 22, 2023
Introduction
Neo Ventures Limited is a company that imports a variety of products from different parts of the world and sells them to dealers in Bangladesh. This case study focuses on the challenges faced by Neo Ventures Limited in their traditional business processes and explores their journey towards automation using the robust Odoo Enterprise Resource Planning (ERP) system.
Highlights
- Odoo has already become the preferable ERP solution for small to large businesses just like – Neo Ventures Limited successfully shifted from manual operations to automated processes, utilizing Odoo ERP Solutions for Sales, Purchase, Inventory, and Accounting.
- Automated VAT calculations and streamlined tax payment through customized reports, saving time and facilitating financial audits through Odoo ERP solutions.
- Odoo’s API integration enabled seamless selling, automating order management, and enhancing operational efficiency.
- Odoo’s tools optimized stock control and prevented stockouts by providing accurate inventory valuation.
- ERP implementation improved inventory control and streamlined logistics by enabling efficient tracking of product receipts, transfers, and delivery orders.
- ERP automation eliminated manual approval processes, reducing bottlenecks and improving operational efficiency for Neo Ventures.
Challenge
Neo Ventures Limited previously their whole business process was running manually resulting in inefficiencies, errors, and a lack of real-time visibility in their trading operations. Therefore, they recognized the need for automation to streamline their operations and overcome the following challenges:
Calculating and Submitting VAT for Imported Products
Since they engaged in import activities across multiple regions and sold products to various dealers in Bangladesh, it was necessary for them to submit VAT (Value Added Tax) to the government based on the volume of their imported product list. However, Neo Ventures Limited encountered difficulties in accurately calculating and submitting VAT for their imported products. The manual process of preparing the VAT, known as the Mushok report, proved to be time-consuming and challenging for them to manage.
Manual Sales, Purchase, Inventory, and Accounting Processes:
The company heavily relied on manual methods to handle sales, purchase, inventory, and accounting tasks. This is why Neo Ventures Limited needed to automate these processes to enhance efficiency and gain better control over their operations.
Defining Original Prices and Profit Margins for Products
As Neo Ventures Limited imported products from different regions, various costs were incurred for LC (Letter of Credit), including insurance, product weight costs, and other miscellaneous product costs. Consequently, they faced challenges in defining the original price and profit margin for each product within their extensive product lists. That is why they needed a solution that could streamline this process and provide insights into pricing and profitability.
Integration of Odoo ERP System with Selling Process
Neo Ventures Limited previously sold their products through a mobile app, which was entirely managed manually. To automate their selling process and improve efficiency, they aimed to integrate an Odoo ERP system.
Manual Inventory Valuation: Neo Ventures Limited struggled with manually tracking and valuing their inventory. This led to inaccuracies, potential stockouts, and difficulties in optimizing their inventory control. They needed a solution that would automate inventory valuation and provide real-time visibility into stock levels.
Tracking Product Receipts and Orders: The company lacked an efficient system to track product receipts, internal transfers, and delivery orders. This resulted in limited visibility, increased errors, and inefficiencies in logistics and order fulfillment. They required a solution to streamline these processes and enhance overall efficiency.
Manual Approval Processes: Manual approval workflows caused bottlenecks and delays in various stages of the business processes. This slowed down operations, increased administrative
overhead, and decreased overall efficiency. Neo Ventures Limited sought an automated approval system to streamline workflows and reduce approval time.
Solution
Mushok Report Automation:
To streamline the Mushok report system and automate VAT calculations for Neo Ventures Limited, Odoo was configured to generate customized Mushok reports according to the specific requirements of a trading company. As part of the ERP implementation, we developed 10 different Mushok reports in compliance with the regulations set by the Bangladesh government. These reports automatically calculate VAT based on the purchase and sale history of each imported product.
Mobile App Integration for Streamlined Sales Process
To enhance the sales process, we seamlessly integrated Neo Ventures Limited’s mobile app with the Odoo API. As a result, they can now conduct sales directly through the system, with all sell orders and historical data from the mobile app automatically synchronized and recorded in the system.
Automated Inventory Valuation: Odoo provided tools for automated inventory valuation, allowing Neo Ventures Limited to track and manage their stock levels accurately. This helped optimize inventory control, prevent stockouts, and improve overall supply chain management.
Enhanced Tracking of Product Receipts and Orders: ERP implementation enabled them to keep proper tracking of product receipts, internal transfers, and delivery orders. This ensured better inventory control, minimized errors, and improved overall logistics and order fulfillment processes.
Elimination of Manual Approval Processes: Odoo ERP system facilitated automated approval workflows, eliminating the need for manual approvals at various stages of the business processes. This streamlined operations, reduced bottlenecks, and improved overall efficiency for Neo Ventures Limited.
Benefit
Improved Efficiency and Streamlined Operations for Neo Ventures Limited with Odoo ERP system
By adopting Odoo ERP and leveraging its comprehensive features, Neo Ventures Limited achieved several benefits-
- Streamlined VAT calculation process through customized Mushok reports in compliance with government regulations
- Successful automation of sales, purchase, inventory, and accounting processes with Odoo
- Time savings and reduced errors in VAT submission
- Streamlined sales process through mobile app integration with Odoo API
- Automated order synchronization, improving order accuracy and efficiency
- Optimized inventory control with automated inventory valuation tools
- Prevention of stockouts and improved order fulfillment
- Enhanced tracking of product receipts and orders
- Minimized errors and reduced processing time
- Automated approval workflows, eliminating manual approvals
- Streamlined operations, reduced bottlenecks, and improved overall efficiency
- Increased productivity and reduced costs
- Improved business operations for Neo Ventures Limited
Result
By leveraging Odoo’s comprehensive features and successful automation in their regular sales, purchase, inventory, and accounting processes, Neo Ventures Limited achieved the following business impacts:
Smooth operations
Enabling them smooth operations, effective dealer-wise sales analysis, efficient territory management, and successful implementation of incentive plans.
Streamlined tax payment process
The automated Mushok reporting system streamlined the tax payment process, saving time and resources. It facilitated financial audits and ensured compliance with government regulations, minimizing the risk of penalties and legal issues.
Accurate Expense Calculation and Profit Margin Analysis
Furthermore, the ERP implementation enabled them to accurately calculate all types of expenses, helping them define the original price and determine the profit margin for each product within their bulk product lists leading to Enhanced Financial Decision-making.
Improved order management
Integration with Mobile App Improved efficiency in order management, resulting in faster order processing and increased sales revenue.
Improved customer satisfaction
Enhanced Tracking of Product Receipts and Orders facilitated enhanced efficiency in logistics and order fulfillment resulting in reducing errors and improving customer satisfaction.
Streamlined workflows
The elimination of manual approval processes streamlined the flow of tasks and reduced processing time. It improved communication and collaboration between teams, leading to faster decision-making and increased productivity.
The implementation of Odoo ERP system brought significant improvements to Neo Ventures Limited, leading to improved financial compliance, performance efficiency, reduced manual intervention, and overall improved business operations for Neo Ventures Limited.
Services We Provide
Brain Station 23 is focused on delivering tailored services to meet the unique needs and expectations of their clients. Here we provided ERP to our client.