Why Your Jewelry Business Needs An ERP Software

With market trends changing at a faster pace, it has become a challenging task for the jewelry industry to keep up with it while trying to handle all the processes manually.

In addition to this, the odds of making mistakes because of manual management of essential information have increased leading to a massive loss in business profits.

This is why the ERP software for jewelry business has become the need of the hour!

By leveraging this software, jewelry businesses can maintain all their data under one roof. At the same time, they can manage and synchronize their transactions with complete ease.

In this article, we’ll be covering more information on why your jewelry business needs ERP software.

How an ERP System Can Help The Jewelry Industry

Here’s how the jewelry ERP solution can come to your rescue:

• Easy Data Maintenance
• Inventory & Stock Management
• Manufacturing & Production
• Supply Chain Management
• Billing Process
• Jewelry Price Fluctuation
• Process Management
• Tracking of Resources
• Retail

When compared to other small and large-scale businesses, the jewelry industry is quite different. This is mainly because it comprises market rate-based price values that keep changing on a daily basis.

It, therefore, creates issues in the sales order and the time of delivery, as the market rate of raw materials is likely to increase over a period of time.

For a jewelry business, it is crucial to purchase a huge amount of inventory when the rates are reasonable so that it can reap long-term benefits. But this cannot be acquired with those conventional spreadsheets and excel.

An automotive system will be your best bet, as it sends alerts when the market rates are feasible and whenever the payment is due.

This is where ERP software comes to your rescue!

Jewelry ERP solutions help you manage all your small and large transactions without a hitch. It helps you improve your revenue by offering feasibility and operational efficiency.

What Benefits Can You Reap from an ERP System

When it comes to promoting various departments of your business, such as CRM, Inventory, Sales, Accounting, Assets, Payroll, Manufacturing, and more, it can cost you a lot of time.

To ensure every process is handled smoothly while maintaining its efficiency, you will need an ERP system at the core of your business.

Here are some benefits that can reap by integrating an ERP software with your jewelry business:

• Easy to navigate
• User-friendly system
• Easy to retrieve data
• Saves time
• Exceptional inventory management
• Data tracking and strategic management
• Improved operational efficiency
• Stock transaction data management
• Enhanced reporting
• Developed and personalized UI’s
• Accurate transaction entries
• Separate transaction modules
• Improved billing process

What You Need To Consider Before Investing in An ERP Software

Here are the three important points that have to be considered if you are thinking of investing in ERP software.

• Prepare a list of features you require

Prepare a list of features with two categories, that is ‘Nice to Have’ and ‘Must Have’. In the ‘must-have’ category, add features that an ERP system must be equipped with to help you resolve or accelerate the business processes. On the other hand, in your ‘nice to have’ category, add features that can make your tasks a whole lot easier, but you can still do without it.

Making this list will come in very handy when narrowing down the potential ERP systems to the top 3 matches.

• Confirm if it is specific to a jewelry business

No two industries have the same business processes and systems in place. For instance, software used in the car manufacturing industry won’t work for your jewelry business.

The biggest disadvantage of leveraging generic ERP systems is, it becomes impossible for you to personalize it as per your specific business needs.

While normal management systems are perfect for large-scale businesses with standard processes ( these are more or less the same for most industries), it is not a wise decision to use it for an industry-specific business.

• Agility versus tailored programming

Even though you are using a jewelry-specific ERP system, you will have to make certain changes such as rearranging the fields on some forms or customizing the layout of your system.

This is why it is better to confirm that the ERP software you are willing to invest in can be easily configured as per your requirements.

When an ERP system can be configured as per one’s needs, it means the software has the potential to help you lower or get rid of customized development, and improve your business efficiency.

The Bottom Line

Although the normal ERP software was developed and leveraged during the ‘60s, mid-sized businesses could use them only from the ‘90s, whereas it was made available for small-scale organizations only recently.

But, at the moment, your focus has to be on integrating your business with an industry-specific ERP system.

If you’re a part of the jewelry industry, these systems can help you embed all your business operations from jewelry production to invoice generation under one umbrella!