Quick Fact: By 2026, the jewellery market is projected to have grown from its current value of over 230 billion dollars to around 307 billion dollars.
Yes, we understand your desire to take advantage of the ever-expanding jewellery industry.
With ERP for jewellery industry by your side, you can adapt to the evolving landscape and gain a competitive edge.
If you are reading this blog, it is likely that you have already done some research on the many jewellery software options.
We’re here to help if you’re not sure whether you should invest in an ERP right now.
Let us walk you through the main benefits of using an ERP over alternative solutions.
This will assist you in deciding whether to move forward with an ERP or not.
6 Compelling Reasons to Implement ERP for Jewellery Industry
1) ERP for Jewellery Sector is An All-In-One Solution for You:
ERPs offer services for the various types of jewellery businesses, including manufacture, wholesale, bullion dealing, and retail.
Therefore, if you are into one or more of these industries, you have access to a complete all-in-one system with ERP.
You can use it to get a thorough view of how your jewellery business is doing both overall and sector by sector.
Due to the interdependence of all business processes, a system that can streamline everything is necessary.
With an ERP for the jewellery industry, you can efficiently manage all your business activities, from the minute details to the big picture.
For instance, without precise sales data and Jewellery Inventory Management Software, management of inventory may suffer from a lack of knowledge.
On the other hand, ERP for jewellery industry helps you ensure that enough jewellery products or jewellery designs are present at the appropriate location at the appropriate time.
The precise data of various materials, such as gold, metal, diamonds, etc., can be tracked by their weight, purity, quantity, design, etc.
Also, Coordinating the many warehouses and transactions with jewellery retailers and wholesalers in various regions is also easy with an ERP system.
ERP is All-In-One Solution Because It Has these functionalities:
- Centralized inventory management
- Custom dashboards & shortcuts
- Document management
- Automated reporting and analytics
- Automated accounting
- POS Support
2) Inventory Control and Material Requirement Planning at Your Fingertips:
An integrated surveillance system can be added to an ERP program to handle the needs for jewellery inventories.
It will coordinate jewellery item batch management, stock handling, and the tracking of raw materials and finished goods.
Effective inventory management includes alerting you to dead stock situations. For instance, based on current market trends, the ERP software for jewellery business can also consider the requirement for modern and stylish jewellery designs.
For efficient material requirement planning, ERP systems assist in organizing the procurement process based on demand and order.
The system enables efficient preparation of the Bill of Materials (BOM). Additionally, it aids in the creation of the list of ingredients and raw materials, such as gold, silver, diamonds, etc.
A complete ERP for jewellery industry can control, track and efficiently manage your jewellery firm’s front and back-end operations.
ERP’s Robust Inventory and Planning Features Can do the following:
- Automate real-time inventory tracking
- Manage Orders
- Manage inventories from multiple channels
- Unify and secure inventory data
- Manage Supply chain
- Manage manufacturing
- Precise inventory reports and analytics
- Customized stock alerts
Wondering how can you implement an ERP system for your booming jewellery business?
For the past 30 years, our ERP professionals have offered consulting to a number of devout jewellers like you. Get all of your inquiries resolved right away!
3) A Jewellery ERP Assures You of Quality at Every Step:
As a part of the jewellery business sector, you are aware that in the jewellery industry, quality inspections are crucial and are performed during all phases of processing.
The use of an ERP solution for jewellery will ensure quality control throughout all processes. The visibility, monitoring, and proper application or creation of the materials, products, and procedures are all made possible with the use of an ERP.
You may automate audits and checks of incoming jewellery raw materials with ERP software to ensure they adhere to the established quality standards. ERP is equipped to handle almost everything that a jewellery manufacturing software does.
This will provide a design devoid of flaws and dents and guarantee that it passes the pull tests. Various quality control settings and checks can also be used to evaluate the jewellery material’s quality.
Additionally, ERP for jewellery industry by ensuring that they are free of dirt and other impurities aids in the refinement of commodities like gold and silver.
An ERP Ensures Quality Checks By:
- Providing accurate data
- Process Automation
- Establishing Standardization
- Ensuring regulatory compliances
- Centralizing inventory control
- End-to-end traceability
- Faster Audits
4) Jewellery ERP Solutions Facilitates Easy and Secure Access to Data:
The ERP software consolidates all services into a single database with a single information source that provides accurate and up-to-date data.
You receive a more logical product; as a result, free from the excessive expense of additional programs and frequent updates and maintenance.
Answer this… How long does it take you to find out what your typical profit margin is from your jewellery sales? It might take a while for you to realize that you need to manually update your spreadsheets and papers.
Your workers must have rapid access to vital information if you want to boost output more swiftly than ever to outperform your rivals.
For instance, when using an ERP for your jewellery business, managers and other staff members may quickly get the precise information they need. ERP has all features that an efficient jewellery retail software has.
Furthermore, to promote customer satisfaction and expand sales opportunities, the staff concerned can view customers’ transaction histories in real-time and respond to their inquiries without contacting another department.
You’ll reduce costs and the number of staff interactions by automating tasks. You can save some money and time by bundling services.
Because everyone is using the same platform and can get the information more rapidly, ERP for jewellery industry also enables a reduction in intermediaries. It will be easier to complete the tasks faster.
Key capabilities to keep your data safe and easy to access:
- User-based permission
- Customizable access control
- Identity verifications
- Login updates and automated alerts
- Rapid incidence response
- Strong encryption
5) ERP Provides Insightful Report Generation and Finance Management:
Strategic insights into the company’s financial situation are shared through an ERP jewellery solution. To assess the company’s overall profit, various financial factors are considered, such as product lines or other business reports.
This facilitates the information flow needed to calculate the revenue that will generate profits in a given year. With report generating, ERP software aids in bulk analysis of sales and performance just like jewelry wholesale software.
This helps your jewellery business in making plans for upcoming initiatives and projects. The reports are produced based on work hour management, product order, sales and marketing, and production processes.
All of these are accessible with a single click thanks to ERP support. For comprehensive information, the software also provides cost, workforce, and waste-generation analyses.
Top ERPs for jewellery industry enable the incorporation and evaluation of every business-related component.
Some key capabilities of ERP in this area include:
- Real-time and accurate financial reporting
- A current audit trail
- Quicker financial closure
- Accurate costing of jobs and inventory
- Financial information relating to manufacturing processes
- Inventory expenses related to particular jobs
6) Efficient Management of Repair, Maintenance, and Workforce:
To maximize labor and working hours, machinery and tools in the jewellery business must be properly maintained. It enables companies to get time-based maintenance warnings and generation requests for urgent repair work.
The maintenance calendar and handling both internal and external maintenance systems are two things that cloud-based ERP’s is adept at.
To maximize productivity, organizations must have a productive work schedule. Calculating the future workforce requirement based on the work center capacity will be made easier with the help of an ERP for Jewellery Industry.
With effective work planning and labor management, the technique prevents wasting time and resources for your jewellery firm. It is simpler to meet deadlines with effective time management.
Some key functionalities of ERP in this area are:
- Assistance with organizing maintenance teams
- Requesting maintenance is simple
- Management of equipment and equipment classifications
- Perform a performance analysis
- speedy configuration
- simple documentation
- Support for quick scheduling
- Work planning and scheduling
- labor management and analyses
A Quick Summary for You
Your jewellery business’s production, planning, purchasing, manufacturing, sales, distribution, accounting, and customer support are all managed by a single information system ERP.
There are many reasons for which small and large jewellery businesses adopt ERP for jewellery industry., we discussed a few of them here. ERP solution is also considered one of the best types of bullion software.
The primary goals of the solution are to enhance departmental collaboration and streamline business procedures by giving quick access to information about all activities. Businesses use ERP software because it makes it possible to integrate their information.
You can even customize the features of ERP as per your jewellery business requirements and goals.
To help you get started, we have free access to WinGold Next ERP, the leading ERP for jewellery industry.