The jewellery industry is one of the thriving sectors across the globe that never loses its substance. Jewellery businesses have existed for centuries and yet they remain one of the most profitable businesses worldwide despite increasingly volatile market conditions. However, it is critical to keep pace with rapid technological advancements and get rid of the manual ways that are error-prone. That said, most jewellery merchants, manufacturers and distributors use ERP/CRM software solutions to streamline their day-to-day operations and customer-facing activities. Besides, it helps them gain a competitive edge and is conducive to sustaining the cut-throat market competition.
In this blog post, we shed light on the importance of custom ERP software development for jewellery businesses. Subsequently, we shall delineate the ideal approach for ERP development and implementation to extract maximum benefits from it.
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Why Does Your Jewellery Business Need an ERP Overhaul?
In the jewellery business, it has become difficult for manufacturers and distributors to keep up with rapidly changing market trends. Besides, the intensifying market competition calls for proactive measures to put a damper on the potential bottlenecks. It is, therefore, essential to develop and implement custom-tailored ERP solutions to gain control over day-to-day operations with effective tracking, shipping, scheduling and customer service management.
Jewellery manufacturers and distributors can leverage ERP features for inventory tracking, stock management, shipping, purchasing, and resource management. At the same time, ERP software development for jewellery businesses facilitates seamless data access with top-tier data security and aids in enhancing operational efficiency.
Benefits of ERP Software Development For Jewellery Businesses
Below are some of the key benefits of custom ERP software development for jewellery businesses.
Purchasing Management
We are well aware of the fact that the market value of gold, silver, diamond, and other jewels keeps on fluctuating with time. That said, it is crucial for jewel merchants to purchase when the price is low and make as much profit as they can. The purchasing module helps identify the most ideal time to buy jewels like gold, silver, and diamond. Besides, it keeps track of your repayments and automates purchasing management.
Order Management
ERP software development for jewellery businesses provides an effective way to manage and process sales orders of all types. By offering access to BI tools, jewellery businesses can efficiently manage sales/purchase orders, view order summaries, reports, and purchase history. At the same time, it significantly improves customer service management and aids in delivering maximum customer satisfaction.
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Material Requirement Planning
Material requirement planning is an important step for jewellery manufacturers and distributors that helps them effectively plan the procurement process as per market demands. Similar to the bill of material (BoM), it helps create a list of raw material that is required and in what quantity.
Financial Accounting
ERP implementation enables jewellery businesses to gain real-time insights into their financial processes. The accounting module could be used to keep track of financial transactions and streamline accounting and bookkeeping tasks. Besides, it helps generate weekly/monthly reports to maintain a smooth information flow, thereby keeping you apprised of the business ROI and monthly/weekly profits/losses.
Inventory Management
Implementing ERP software in your jewellery business streamlines inventory management as it keeps track of inventory movements and stock levels. Here, the inventory module is responsible for handling stocks, organizing shipping schedules, and managing batches while continuously tracking inventory/stock movements.
Quality Control
Quality checks are increasingly important in a jewellery business and must be carried out with sheer accuracy and efficacy. ERP software development for jewellery businesses provides an effective solution for quality control at different stages. It also eliminates the scope of error due to manual handling and ensures the top-notch quality of jewels.
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The Final Words
These were some of the key features and benefits of custom ERP software development for jewellery businesses. All things considered, ERP development and implementation has become a requisite need for businesses to get by routine operational complexities. Nevertheless, it is critical to choose the right software platform to extract maximum benefits from ERP. At the same time, it is equally important to partner with trusted professionals to develop and implement ERP software. Instead of hiring an in-house team of ERP developers which is both costly and time-consuming, it is advisable to outsource a trusted ERP development company.
Avail Our ERP Application Development Services To Strengthen Your Jewellery Business
We are a seasoned ERP application development company that excels in providing 360-degree enterprise solutions with a focus on implementing next-gen software technologies. Our custom ERP development services cater to the varying industry-specific needs of our clients through value-driven software solutions that are easy to scale. We use open-source platforms like ERPNext, Odoo, and Apache OFBiz to build custom ERP applications at competitive prices. Our custom ERP software solutions are conducive to achieving higher levels of business performance, productivity and profitability. To learn more, write to us at [email protected].
