For any jewellery business, the phrase Enterprise Resource Planning(ERP) may sound intimidating. What comes to your mind if the term enterprise pops up? Project? Business? Planning?
Technically, yes. But de facto, enterprise means “a for-profit business.”
Enterprise resource planning (ERP) is a process used by companies to manage and integrate the important parts of their businesses. ERP applications are important to jewellery business because they help them implement resource planning by integrating all of the processes needed to run their companies with a single system. A jewellery ERP software system can also integrate planning, purchasing inventory, sales, marketing, finance, reporting, and more.
With this in mind, we have come up with 7 questions that every jeweller should ask themselves if the existing system is not complementing their business plans.
1. Does your current system covers all Your Business processes?
An ERP system binds together all the business processes with a unified interface. This enables jewellers to get a birds eye view of the business by consolidating all their data across various processes into one single application. It ensures tight integration and synchronization of the following processes:
Jewellery ERP Software automates common procurement processes. Think about the time that goes into purchasing, creating tracking numbers, filling orders, making a purchase history, and contacting suppliers. ERP automates all these tasks and provides you with real-time data.
b. Inventory and Material Requirement Planning
Jewellery Software will have oversight over the inventory and assist in various business processes. ERP will also amplify the way MRP works by forecasting material requirements for your jewellery business to maximize the rate of production and reduce wastage.
c. Customer Relationship Management
ERP Software helps jewellery businesses to pitch the right products to their customers by keeping a track of customer history in terms of orders, purchase trends & important events. This improves conversion rate and build a healthy company-client relationship.
d. Finance & Reporting
An ERP software with an inbuilt robust financial module helps in keeping track of the finances and prioritize funds. Integrating the finances of different business processes helps data accuracy and comply with regulations and reporting requirements that have become more stringent.
e. Branch Management
Keeping a track of inventory, receivables, payables across all branches of your business is a challenge. ERP Technology in Jewellery Inventory Software integrates all branch locations onto a single cloud-based system and keeps track of your business processes across various branches under one roof.
2. With the evolving technology, is your existing system complementing your future business goals?
An ERP should work in line with your business goals. With businesses growing at a fast pace and technology evolving day by day, the system being used to manage it should be scalable and efficient to handle the ever growing business requirements.
a. Scalability and Efficiency
Whether your Jewellery business is small or big- ERP grows with it. This requires for an ERP solution ought to be able to take on new demands and augmentation to the increased usage and the amount of data.
b. Real-Time and Mobility
A prominent advantage of ERP is that it can provide service wherever and whenever you need some. You can access your data from any workplace and from different devices, like your laptop, tablet, or mobile phone. ERP for Jewellery should make business information omnipresent and accessible 24/7, thanks to its mobility.
3. Does your existing software supports global operations?
a. Taxes and Regulations
An ERP software with a global tax engine helps business manage their global operations and comply with local tax authorities and compliance.
A multi-lingual module in the jewellery business software give users the ease of using the system in the local language which helps them compete in the global marketplace.
An ERP software with a multi-currency module enables to expand your operations. Translation of the currency and management of the currency becomes simpler with ERP having multi-currency features.
The key to a successful growing business- is right ERP software.