What is the Odoo ERP system?
On-Demand Open Object (or Odoo) previously known as Tiny Enterprise resources planning (ERP) and OpenERP was founded by Fabien Pinckaers in the year 2005. Since its release, Odoo has been one of the fastest-growing organizations with around 16,000 applications/modules in the marketplace.
Odoo is a business software embedded with various features within itself. Listed under ERP systems, Odoo allows the user to build websites and manage online operations using the cloud. Its user-friendly drag and drop editor makes it easier to manage loads of content.
A few of the features offered by the Odoo ERP are –
- Website applications
- Sales applications
- Finance applications
- Operations applications
- Manufacturing applications
- Human resources applications
- communication applications
Odoo ERP has the ability to handle various activities at a time and even automate sending and receiving invoices. Its user-friendly interface allows the user to organize the shop as per their own requirements including their personal choice of colors and sizes.
Odoo’s ability to integrate with various e-commerce platforms allows the user to reach and interact with multiple potential customers at a time and track pending shipments. This ERP also supports various gateways including PayPal, Buckaroo and Stripe, enabling the user to send automatic reminders to customers with pending payments.
Odoo currently has two versions – the community version and the enterprise version. The community version is the open-source version while the enterprise version comes with extra proprietary features and services along with the community version.
Benefits of the Odoo ERP system
Being an open-sourced software, various organizations and freelancers are able to develop Odoo applications and modules based on their requirements and choices. However, users skilled in open source technologies are able to modify Odoo’s source code as per their requirements. Furthermore, Odoo also provides various default features including sales and accounting.
Odoo’s extensible architecture acts as a boon to many small and medium-sized organizations. The Odoo framework consists of more than 30 crore applications/official modules and around 5000 community modules.
The user can place their modules and applications in the marketplace for sale and even allow it to be downloaded by the client for free. Apart from the default modules, Odoo has around 14,000 third-party applications and plugins available in its marketplace. Most of the applications are custom-built based on the user and client needs, making Odoo one of the most widely used open-source ERP systems in the market.
A few of the reasons why the Odoo ERP system is gaining popularity in the market are –
- Open-source software
- Flexibility
- Scalable
- Ready-made custom applications
- User-friendly interface
- Ability to easily integrate with third-party applications
- Highly modular
- Industry-specific modules
- Reduced implementation cost
- Reduced implementation time frame
However, despite all the benefits and features provided by Odoo ERP system if the user is inexperienced in modifying and customizing the modules it may lead to unexpected losses.
A few of the developer skills a user requires to customize/modify Odoo modules are –
- Knowledge in API framework
- Proper expertise in web technologies including XML, CSV, HTML, CSS and javascript
- Knowledge in Python
- Expertise in Postgresql
- Testing skills
A few of the techno-functional skills a user requires to customize/modify Odoo modules are –
- Knowledge of Odoo app store
- Proper parsing and feasibility analyzing skills
- The ability to assess business expansion
- Collaboration capacity with clients and developers
- Business functional knowledge
Furthermore, Odoo provides a list of default features for the users who are inexperienced and lack the developer and techno-functional skills to customize/modify Odoo modules. The users can just install the software package and straight away start using Odoo’s default features and modules.
A few of the Odoo ERP system’s default features are –
- Point of sale
- Accounting
- Human resources
- Project customizations and management
- Billing
- Manufacturing
- Inventory
The user’s in-depth knowledge of Odoo ERP’s business solutions allows them to offer the following services to the customers –
- Installation, configuration and customization
- Consulting
- Training support
- Maintenance
- Documentation
- Upgradation
- Modifying community modules
- Smart applications development
- Drafting videos on-demand
Future of the Odoo ERP systems
Odoo ERP is gaining popularity among the organizations and freelancers using the ERP software. The main reasons include its open-source software and considerably developed community. Records state that in Odoo ERP marketplace, it had over 1000 installations per day and has been increasing at a considerable rate since then. As of 2017, around 2 million users have been using Odoo ERP systems.
Odoo uses Python, a high-level object-oriented programming language, allowing it to hold a huge advantage over its competitors. This ERP system’s development impacts thousands of users worldwide – helping them with their business management.
A few of the reasons leading to the increase in Odoo ERP system’s popularity –
- A great community
- An increase in job opportunities
- Unique and exciting projects
- Career advancements
Odoo ERP system developers have stated that they will be releasing the following features in the upcoming version Odoo 13 releasing later this year –
- Odoo Bank
- OCR
- Accountant as a service
- Integration with requirement
- Internet of Things
- Enhancement in stock management
- Improvement in the maintenance application
- Track positions
- Record attendance
- Industry focus