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Odoo ERP / Open ERP Software is an all-in-one management software that offers a range of business applications that form a complete suite of enterprise management applications targeting companies of all sizes. Odoo is an all-in-one business software including CRM, POS, MRP, Website/e-Commerce, E-invoice, Accounting, Warehouse, Integration, Migration, Project Management, and Inventory.
Odoo offers two separate versions of the solution; Odoo Community and Odoo Enterprise versions. The Community version is the open source version while the Enterprise version supplements the Community edition with commercial features and services. The Source code for the Open Object framework and core ERP (enterprise resource planning) modules is curated by the Belgium-based Odoo S.A.
Odoo / OpenERP is available in the cloud or on-site and is most suited for small to mid-sized companies. With more than a thousand downloads/installations per day, Odoo / OpenERP is one of the most used open source solution in the world.
What Is an ERP Software?
Also known as Enterprise Resource Planning software, ERP software is designed by companies to improve an organization's effectiveness. The implementation of ERP software allows you to benefit from many advantages, such as improving your company's productivity and business processes, and overall growth.
What Is an Open Source?
The Open Source ERP software is an ERP that can be downloaded and installed with the available modules is freely accessible over the internet. As a community edition, Open Source ERP was also coined where a pool of technical and functional ERP experts come together for a better ERP solution. Open source ERP software provides you with many advantages, one of which is the cost of the license and software.
Why choose Odoo ERP Software/ Open Source ERP?
Odoo has been a strong contender in the open source ERP category. Initially named as Tiny ERP and later renamed open-ERP, it was finally christened Odoo which reflected the multiple functions performed which are more than what a traditional ERP platform provides. These custom-tailored apps are off-shoots of the already existing 30 core modules that are standard issue with Odoo.
Odoo differentiates itself by being simple and intuitive. Their ideology is based on the fact that business software should cover complex needs without being complicated. Their mission as updated on their website is -“ to provide software that is intuitive, full-featured, tightly integrated, effortless to upgrade, all while running smoothly for every business, every user”. Some of the major reasons that make Odoo a competitive choice are:-
As Odoo is an open source software that can be freely downloaded from the internet there are no licensing fees or other hidden costs. It can be freely downloaded and modified to suit organizational needs. This ensures that the consumer has access to the complete source code.
Odoo is able to offer a high degree of customization to organizations. It can be implemented module-wise allowing organizations to have leaner ERP’s and implement required modules in a phased manner. This lowers the cost of implementation and more importantly it incentivizes smaller organizations to implement Odoo at an earlier stage and later upgrade their modules when required.
Odoo can be hosted on-site or on a cloud platform giving more leverage and cutting down costs. This saves time, manpower and infrastructure directed towards hosting it on a server.
Low cost of ownership
One of the essential factors that is highly considered in choosing an ERP software is its cost of operation and implementation per user. Since Odoo is an open source software, it can be scaled up to accommodate new users with zero cost. Funds can therefore be directed towards effective customization and implementation.
Since an ERP will integrate with a host of essential functions like accounting, sales, production, warehousing etc, it is very important that the platforms are customized to suit the organizational needs. Being an open source software, customization is one of the biggest strengths of Odoo ERP. A custom tailor-made ERP is better placed to support an organization and improve its efficiency.
Odoo allows for easier and efficient migration with already existing ERP systems paving the way for a unified & centralized ERP system which makes administration and management very intuitive and easy.
Collating data from multiple sources and directories into a centralized database makes it easier to generate insights and help in decision making. Data is also kept consistent and up-to-date facilitating a dynamic organization.
ERP software makes reporting easier and more customization. With improved reporting capabilities, your organization can respond to complex data requests more easily. Employees can also run their own reports from the system improving accessibility of data.
Flexible and Comprehensive
ERP software’s require a high level of integration with your organization which mandates that the software should be highly flexible to give a perfect fit. There cannot be any compromise on functionality and adaptability of the ERP in line with your business functions and processes.
With over a 1000 modules available on the Odoo market and new ones being developed almost every-day, the Global developer network is one of the most comprehensive networks that takes care of evolving needs of your business.
The biggest strength that Odoo has lies in its dedicated community that is actively developing new apps for use by the community. ERP systems are a long term investment with a considerably long time-period of application. Having a dedicated support staff adds to the long-term evaluation of Odoo. The community also serves as a measure of trust that has been garnered by Odoo.
An ERP system streamlines business processes, eliminating repetitive processes & reduces the need for manual data entry. Processes like approvals, requests, queries can be processed faster.
Odoo Versions & Editions:
There are different versions of Odoo Applicable & Available, such as Odoo version 14, which is likely the latest version of Odoo, and Odoo 15 that may be released at the end of this year, and older versions such as versions 13, 12, 11, 10 and so on... The latest version offers you new modules and features that can be updated according to the needs and requirements of the company. A new version is released by Odoo every year to make sure the system is up to track and satisfies business needs.
There are different editions of Odoo ERP that need to be understood before you seek for Odoo implementation and development, apart from the release of the new version every year. As follows, Odoo Editions are:
Odoo Community Edition : (Free Edition)
Odoo Enterprise Edition : (Paid Edition)
Odoo Enterprise Edition is a premium paid edition that provides you with advanced business functionality and software. Within the Community Edition of Odoo, these features are not available. Within the Odoo Enterprise Version, you can conduct advanced accounting, project management, warehouse & manufacturing, and inventory management functions. Once again, many Odoo Enterprise edition options are available that target small to large businesses.