When it has been observed by a business owner that the complexity of their current business processes is increasing and getting harder to track, they should think of a change. Some companies perceive such change in a way where Excel spreadsheets are made and kept aside. The critical data is often imported to a system that can automate almost all the processes which used to be done manually earlier. But, some smarter businesses seek to shift from their existing legacy system because it lacks functionalities, is not supportive, or for numerous other reasons.
Presently, the number of jewelry businesses are taking the benefits of e-commerce platforms and setting up their business online to sell their ornaments and stones. The time had passed when customers used to flock to showrooms in search of their favourite designs.
Currently, everything related to jewelry shopping can be done online, including product customization to ornaments engraving. At one end, this provides convenience to customers, at the other; it introduces numerous challenges to the jewelry industry. Jewelry businesses used to face immense challenges including management of inventory, automation of grading process and setting up the prices. The jewelers having an online presence may seek to resolve this problem with the help of a Cloud-based ERP Solution. The blog will help guide you on what should be considered while buying jewelry ERP software and what necessary modules are available in such systems. I will also suggest you the software solutions specific to the segments of the jewelry business.
- POS Software for Jewelry Retail Stores: An essential platform for retail jewelry stores can be a Point-of-Sale system that is reliable and may be most suitable for retailers and diamond traders, whose focus is tracking inventory levels and movements, marketing efforts, sales and most prominently running reports related to all the above aspects. So many choices are available in the present market, and you can find solutions from cloud-based to locally installed software. A top jewelry POS should have some essential features, like:
- Use friendly interface: An easy to use interface is what must not be underestimated while selecting a jewelry POS. Assuming that the maximum of the employees is not technically skilled, a user-friendly interface can be the key. It efficiently reduces the training time and helps to process quick sales which ultimately improves customer satisfaction level.
- Customer management: The system must enable you to manage your customers’ information, and also it shall provide the ability to overview their preferences, wish-lists and previous orders. Categorizing the customers and setting up pricing levels should be an integrated feature as well.
- Inventory handling: Distinctive product management without any fuss is the smallest expectation from a system, but still this proves to be a weak point of many POS software. Different products attributes can be distinct and require tracking and pricing distinctly as well. So, the POS must be able to handle this product attribute flexibly.
- Sales: Sales modules in a system should be capable of handling sales transactions more quickly. It should accept all payment methods and generate inventory movements for both sales and returns. It may be a plus point if the POS includes marketing tools for promotions such as gift cards and other ways.
- Reports and printing: Some vital reports, including inventory reports, employee sales and sales summaries are the ways of observing how retail business is performing. Your POS should be able to print catalogues, product tags and barcodes as all these can enhance the business automation capacity.
- Jewelry Inventory Software for Wholesalers: Spreadsheets may still be a widespread method for small businesses, but growing businesses need to keep up with all details with the help of an automated solution. So, this has been recognized by many companies that to take the company to the next level, a well-built, and optimized inventory software is the way. This type of software can easily manage product inventory and pricing and is capable of keeping track of customers and suppliers in an automated inventory tracking manner. Such software comes with some standard features including Tracking components (Bill of Materials); automatic product pricing; automated SKU handling and integrated RFID tracking; accurate inventory movement and reorder points tracking; customer and supplier management; automated purchasing management; sales tracking; in-depth reporting; and E-commerce integration.
- Jewelry ERP Software: Enterprise Resource Planning (ERP) solutions used to be robust systems that ensure full traceability to manufacturers, wholesalers and retails in the jewelry business, and can help increase productivity and sales, and minimizing waste. Along with driving manufacturing, inventory, consignments, CRM, purchasing, suppliers and sales, it also provides the security of data and controlled access levels to employees. Its key features include complete inventory management, customer relationship management, production and workbag tracking, accounting, supply management, reporting, POS, customer portal and website and e-commerce integration.
Although cloud-based ERP applications can be suitable for many jewelry businesses, its limitation arises from the vendor’s side as robust cloud-based solutions don’t found presently. Only a few industry-specific systems are available in the market, but their complex features make them lagging behind the already in use solutions.
Some Considerable Factors
Deploying an ERP solution is not similar to ordering a ready-made product online. You are required to take care of various aspects, such as:
- Technology and Expertise: You should not believe the claims of the IT companies in terms of technology and expertise, and you need to cross their capabilities and level of knowledge based on customer reviews available on trusted websites like Clutch and GoodFirms. A free demo may also be helpful for you in getting whether it would work well for you.
- Readily Customizable: At the time, you don’t need specific modules and features. Moreover, the design of the interface and dashboard should be suitable for your business and personal needs. A customizable ERP solution possibly helps you get a complete overview of all you need, and with this, every feature can be mapped to a particular process.
- On-Demand Accessibility: Ideal ERP software allows the business to integrate and also permits consolidation of critical data related to suppliers and customers from different areas of business. With ERP software, processing of vital data to boost efficiency and profitability can also be done.
- Complete Workflow Automation: In jewelry and diamond business, you cannot afford to waste time and effort as this business is labour-intensive. The chosen ERP solution should ensure automation of everything from beginning to end. Also, the ERP solution should provide real-time access to all the vital data related to business.
- Intelligent Reporting: Accurate and timely forecasts are significant in the jewelry business, as this makes you know what’s going on in the industry. ERP software enables own reports generations, and this also presents reports based on multiple criteria in real-time. Contemporary ERP software associates with a Managed analytics solution that ensures better reporting.
- Data Security: Cloud offers a greater level of encryption of data which an on-premise version cannot provide. You can attain better focus on your business operations by leaving almost everything on the cloud service provider.
- Cost-efficiency: Cloud ERP solution providers mostly base their operations on SaaS that make you pay only according to your use and also no upfront licensing costs involved.
Also Read: Popular Website Design Trends of 2021
Cloud ERP Systems are the modern solutions for online jewelry business, but they require some must-have modules which may include- Inventory Management, Production and Planning, Sales details. Now, it’s easy to understand how crucial it is to implement an ERP platform for a jewelry business. An ERP solution is capable of providing as per your exclusive requirements and helps you in the best way possible.