Manufacturing and distribution are the cornerstone events in any company. Jewellery industries are highly volatile and subject to market fluctuations leaving the need for a stable ERP software system that is capable of handling all the day-to-day processes.
There is no room for mistakes or manual errors as it will highly impact the revenue. This blog discusses the need, features and benefits of having a Jewellery ERP software.
Is Jewellery ERP System a Necessity?
The niche nature of the business is the primary reason to go for an ERP system. Unlike other businesses, the market value of gold keeps on changing everyday and timely updates of the price is key.
It is crucial for Jewellery businesses to make the purchase when the rates are low and thus enjoy the profits in the long run. Understanding the needs and analyzing the demand cannot be done through a spreadsheet. Here comes your call to action.
With an ERP system, it is possible to automate purchase when the market prices are down or when the payment is due. Jewellery ERP systems can manage both small and large transactions seamlessly. It helps double your revenue with enhanced operational efficiency and feasibility.
Reasons to Choose Jewellery ERP Software
• Manage Data Easily
• Seamless Inventory and Stock Management
• Enhance Operational Efficiency in Manufacturing and Production
• Advanced Billing Process
• Automate Supply Chain Operations
• Track Jewellery Price Fluctuations
• Resource Management
• Manage Retail Processes
Top 5 Features of Jewellery Software
1. Manage Purchasing and Raw Materials Cost
Commodity purchase costs can be recorded at the point of sale and metal fix pricing can be handled inside the system for accurate costing.
2. Waste Management
Ability to monitor the amount of by-products and scrap produced during the manufacturing process and log pricing for based metals. Manufacturers can adapt the 'Lean manufacturing' strategy as the system aids in the optimization of existing processes to reduce waste at all levels of the industry, including raw materials, human capital, and time.
3. Introduce Traceability into Batch Production
Any master batch record produced in the system is assigned a unique identification number, allowing batch manufacturing of specific sizes or styles to be tracked methodically. From the time the product is created to the time it is sold, the ERP system has absolute traceability. For costing purposes, the products used in manufactured goods may be specifically matched to purchase orders.
4. Electronic Data Interchange (EDI)
Purchase orders, invoices, and delivery notes may all be exchanged automatically with ERP. It has the potential to increase accuracy and eliminate the need for users to re-enter data.
5. Manage Inventory
Track small and valuable items easily. ERP ensures the flow of stock data across all the departments. Inventory and pricing details can easily be fetched by the company’s eCommerce site or Sales points. This streamlines sales data and stock levels making it easy for the business to attend to the demand accordingly.
Jewellery ERP Checklist
• Core Features: Every business is unique. It is important to write down all your custom requirements or features that you would like to add in your ERP system. Are you a wholesale buyer or do you manufacture and provide retail services? All these questions need to be answered before finalizing an ERP software to reap the most benefits.
• Personalization: Shaping your ERP system according to your business needs is simply necessary. When you customize your requirements according to the configurations of the ERP system - you have a hard time adjusting to it.
• Cloud ERP: Understand what cloud truly is and how the cloud based model is financially and functionally beneficial. On-premise systems drive your IT costs and simple accounting tools cannot drive your operations to efficiency. Choose a true cloud system like Oracle NetSuite for end-to-end ERP services.
Top Benefits of Jewellery ERP
1. Point of Sale (POS)
ERP helps in real time updation of prices in the POS software as well as analyze demand surges.
2. Alerts or Updates
Schedule automatic alerts for low prices, inventory, upcoming seasons or new promotion schemes.
3. Manage Catalogues
Regularly update product catalogues with the latest pricing or product changes. This ensures that your sales team stays updated always.
4. Barcode Management
Create a unique identification number to keep track of your inventory and monitor the status of all the items in realtime.
Cloud ERP systems like Netsuite provide advanced reporting mechanisms. Align your budgets accordingly and steer clear of compliance issues.
6. Customer Relationship
Provide a world-class experience for your customers with personalized promotions and offers custom delivered to the customer through mail or text to build a harmonious relationship.
Predict demand surges with the help of business intelligence and plan your year accordingly.
ERP systems now take care of all the back-end operations and help businesses stage a functional e-Commerce site.
Netsuite ERP for Jewellers
Oracle NetSuite is the #1 cloud ERP software with extensive customization capabilities. It has served several medium and large Jewellery businesses and phenomenally increased their ROI.
Mavrik Jewelry is such a grand example of Netsuite’s success within the Jewellery industry.
NetSuite seamlessly manages all your operations right from financials to your e-commerce store operations. If you own multiple subsidiaries across the world - NetSuite OneWorld will transform your business and boost your efficiency.