Ever since the global jewelry business went online two decades ago, the jewelry sector has achieved greater heights of profits and market share. The global jewelry market made a business of 279 billion US dollars in 2018 and is expected to reach 480 billion US dollars in the year 2025 despite the pandemic phase in between.
To manage to sell such a delicately valuable item online while also addressing other business procedures such as quality control, sales order management, workflow management, etc., requires a one-stop software for seamless operations. A good jewelry ERP software can help you do just that.
With the tremendous growth in the jewelry market, a cloud-based ERP software or ERP integration can help the owners to leap ahead of time. An ERP platform will assist with the comprehensive design of various operations. Design selection to quality control and ERP software works as an all-around control and monitoring system from designing.
If you are still confused about investment in this tool, then let us look at some of the benefits of using jewelry ERP software for your business.
10 Benefits of Using a Jewelry ERP Software
#1. All-Inclusive and Customized Tool for Your Business
The new-age jewelry management software programs are more effective in streamlining business processes for a brick-and-mortar jewelry shop and an e-commerce jewelry store. Such software is highly scalable and helps you adapt the business growth in whatever direction it goes as a whole.
Every feature can be customized and mapped to a specific business activity carried out in the business through the software. Its easy configuration and personalization help you control your jewelry business’s nitty-gritty through such software that makes it convenient to manage a business.
#2. Easily Manage All Orders
Jewelry manufacturing businesses manage all types of orders, from standard jewelry requests to custom orders. ERP software can help a jewelry company get rid of all the worries related to order management.
Implementing an ERP system will help in the systematic arrangement of manufacturing orders from the retailers. Owners can also access sale orders, purchase orders, and order summary without any delay.
Also, you can sort the work orders into some of the following categories –
- Jewelry repair orders
- Work orders
- Billed and unbilled orders
#3. Material Requirement Planning
With customized jewelry orders streaming into your business, the next thing you need to worry about is the Bill of Material required. Thankfully, there are many jewelry ERP software available in the market that can address this need while also helping you with order management. These software will help you plan the procurement process based on your customers’ orders received and demanded by your customers.
The software will also help you list various sub-components required like gold, gemstones, diamonds, etc. You can further specify the quality of metals and gems that you need. Additionally, the quantity of metal necessary for manufacturing each jewelry can be labeled easily using certain features available within the software.
#4. Work Scheduling Results in Increased Efficiency
The best jewelry software will help you to prepare an effective work schedule and optimize workflow. Such software also helps in calculating the potential of the workforce needed based on work center capacity.
Jewelry ERP software apps come in various modules that can help to manage everything related to work schedule such as,
- Work Centre capacity
- Working hours management
- Time management of employees
- Rescheduling of work
You can schedule work hours and plan the force as per the seasonal requirements. This will help reduce wastage of time and increase efficiency and ensure that you meet all the deadlines.
#5. Administer Financial Accounts Effortlessly
Good jewelry ERP software will give you clear insights into the financial status of your jewelry business. Through these insights, you can look into diverse financial aspects, and verify the profitability of your organization, track down the profits, product lines that contribute to significant gains, losses, if any, etc.
Many jewelry ERP software help export financial data and quickly generate reports for a smooth circulation of information while filing taxes and audits.
#6. Smooth Customer Relationship Management
Customer relationship management is a crucial part of any business. Developing and implementing a marketing plan helps obtain new clients, and it also helps maintain relations with existing clients.
Jewelry ERP software will simplify the entire marketing process by developing a complete database of marketing resources. You can prepare marketing collateral for existing and potential customers, strategize marketing campaign plans, control lead management, etc.
You can also evaluate and audit your past marketing campaigns and realign your marketing efforts wherever necessary.
#7. Keeps the Data Secure
The security of data is one of the major concerns in any jewelry business. A good ERP software will help you to keep the data safe and secure. Most of the software employs end-to-end encryption technology that keeps data safe from any intrusion.
#8. Quality Control
Quality Control is an essential part of any jewelry business as it is for pharmaceutical companies. You need to conduct quality checks at various jewelry processing stages.
Checking quality is critical to avoid any design errors, dents, low quality of material, etc., which can be done by incorporating quality control settings, quality points, and checks at various stages.
You can monitor the progress and documentation of each piece of jewelry that is manufactured and processed through your business effectively through ERP software.
#9. Easily Generate Reports
In the jewelry business, accurate and timely reports can bring about a difference between understanding what is going on in diverse areas of your business and promptly act on the issues.
An Enterprise Resource Planning software for the jewelry industry may help you generate your own reports and filter essential data based on multiple criteria in real-time.
#10. Inventory Management
A good ERP software can integrate flawlessly with a surveillance system to plan, manage, and monitor stock levels associated with the supply chain. It will help you check the inventory level, manage lots, and trace raw materials and products. This ultimately helps in optimizing inventories and also helps reduce material storage.
Utilizing an industry-specific ERP system can help you bring all your business operations under one umbrella. A jewelry ERP software does just that, starting from production to inventory control and sales invoicing.
Such a tool will help streamline all your business operations compared to managing different departments that are decentralized under one roof. Effectively streamline
Were you aware of ERP software programs available in the market based on your jewelry business until yet? If yes, then which one have you come across? Let us know in the comments below.
Check out our buyer’s guide on jewelry software to help you pick the best jewelry management software for a successful business.
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