Case Study - Digitalization Of Key Accounting Processes

 

Background

A leading manufacturer of high precision injection moulded plastic components and mould designing for automotive & engineering purposes. Providing “One Stop Shop” to Customers i.e. from design to final product following the best Industrial practices. The company vision is consistently striven to become an industry standard for the Quality of People, Product & Process.

 

Challenges

•A significant and ongoing challenge is the inadequate material traceability within the delivery challans. The absence of a dependable and systematic method for tracking materials during the delivery process has given rise to a range of operational difficulties. This deficiency has hampered ability to accurately monitor material movements, resulting in delays, discrepancies in inventory, and a notable lack of transparency within supply chain.
•Another challenge was improper material accountability when sending components to subcontractors has become a pressing concern. The old system lacked a robust mechanism for accurately tracking the materials allocated for subcontracted work. This deficiency has led to challenges in maintaining material transparency and accountability throughout the process.
•A notable challenge within operations revolved around the inadequacy of standard procedures in the entire process, spanning from the generation of Delivery Challans (DC) to the closure of DCs. The procedures lacked the necessary consistency and efficiency required to facilitate smooth operations. This deficiency has resulted in challenges related to tracking, documentation, and timely closure of DCs.

 

What We Did:
Digitalization of Accounts operations:

The digitalization of Accounts operations, achieved through the seamless integration of the Odoo accounting module with invoices and delivery challan systems, marked a significant milestone in financial and operational efficiency. Our journey began with a thorough assessment of current financial processes, invoices, and delivery challan workflows. This involved a meticulous examination of existing systems and pinpointing areas where integration could yield substantial benefits.

With a clear understanding of requirements, we undertook a comprehensive evaluation of integration options. The Odoo accounting module emerged as the optimal choice, given its compatibility with financial management needs and its ability to seamlessly integrate with both invoicing and customized delivery challan systems. Customization played a crucial role in aligning the Odoo accounting module with the delivery challan. We established a structured approach to link data from both invoices and delivery challans with the Odoo accounting module. This mapping process enabled the automatic transfer of relevant financial data, creating a synchronized flow of information. Robust monitoring mechanisms were established to track the integration’s performance in real-time.

 

Digitalization of inventory management

Our initiative to digitize and enhance inventory management to improve material traceability and accountability, both for material inward and outward processes, through the Odoo inventory module, was a comprehensive and systematic endeavour. Our journey began with a thorough assessment of inventory management processes for both material inward and outward movements. This involved a meticulous evaluation of existing procedures, tracking methods, and the identification of areas where traceability and accountability could be enhanced.

With a clear understanding of material management, we embarked on selecting the Odoo inventory module as the ideal solution to improve traceability and accountability. To tailor the Odoo inventory module’s precise specifications, we initiated a process of customization and configuration that seamlessly integrated aspects like current stock capacity, destination, and delivery dates into the module.

The digitalization of inventory management, driven by the implementation of the Odoo inventory module, led to a substantial improvement in material traceability and accountability for both material inward and outward processes. This digital transformation facilitated the fulfilment of production demands, minimized inventory issues, and enabled informed decision-making regarding material procurement for both inward and outward movements.

 

Sustained Change – Our Journey

The sustained change through the digitalization of both accounts’ operations and inventory management, powered by Odoo software, has revolutionized operational efficiency and accuracy. It has brought real-time visibility, improved data accuracy, and streamlined financial and material management processes. This transformation has not only enhanced the ability to meet production and financial demands but also reduced errors and inefficiencies, making operations more agile and competitive. In conclusion, a well-structured and systematic approach, combined with the integration of Odoo software, has set us on a path of sustained change and digitalization, leading to a brighter future for the organization.

 

Key results