The jewellery industry is one of the most sparkling industries which possesses of its rich heritage. The market has observed major changes in customer expectations and buying patterns which dictate that businesses have to be flexible and responsive to the changing trends and developments in the industry. To keep pace with the changing demands of customers, many jewellery brands are cruising their path to digital transformation.
However, jewellery brands are somehow little bit slow compared to other industries. But, they are quick in realizing that digitization can scale their business to greater heights and streamline the customer experience.
The jewellery industry is under extreme pressure to deliver high quality jewels, precious gems and other ornaments new at the right time in a demand driven sector.
With a growing competitive landscape in the jewellery sector, companies require real time insight into their performance and continuous improvement of quality, profitability and efficiency. They must be flexible enough, minimize their product-development cycle times and be responsive to important trends or else risk is being left behind by other jewellery brands. Thus, SAP Business One is needed for Jewellery Industry.
We are well aware of the fact that the market value of gold, silver, diamond, and other jewels keeps on changing with time. It is important for jewel merchants to purchase when the price is low and make as much as profit they can. It is possible to determine the most optimal time for buying jewellery such as gold, silver and diamonds by means of a purchase module. Besides, it monitors your repayments and automates purchase management.
SAP Business One for jewellery businesses provides an efficient way to handle and process sales orders of all types. By providing access to BI tools, jewellery businesses can effectively handle sales/purchase orders, view order summaries, reports, and purchase history.
Material requirement planning is a crucial step for jewellery manufacturers and distributors that helps them to plan the procurement process as per market demands effectively. Similar to the bill of material(BoM), it allows to create a list of raw material that is required and in what quantity.
SAP Business One implementation allows jewellery businesses to gain real-time insights into their financial processes. Monitoring of financial transactions and simplification of accounting and bookkeeping activities would be possible with the accounting module. Besides, it generates weekly/monthly reports to maintain a smooth information flow, thereby keeping you informed of the business ROI and monthly/weekly profits/losses.
Implementing SAP Business One software in jewellery business simplifies inventory management as it monitors inventory movements and stock levels. Here, the inventory module is responsible for managing stocks, organizing shipping schedules, and managing batches while continuously tracking inventory/stock movements.
In jewellery business, quality controls are extremely important and must be conducted with a high degree of accuracy and effectiveness. SAP Business One software development for jewellery businesses provides an efficient solution for quality control at various stages. Due to manual handling, it also eliminates the scope for error and guarantees high quality of jewels.
SAP Business One helps jewellers to know overstock and out-of-stock situations and gain real-time inventory status and monitor in-store sales related information. With high visibility and end-to-end inventory management, it becomes easier for jewellery companies to determine which stock levels at showrooms can be improved in accordance with real-time demands.
SAP Business One allows jewellery businesses to understand customer needs and buying patterns. It enables them to keep a close tab on their loyalty towards the brand, understand the frequency of jewellery and gems returns, and repeat visitor ratio, analyze sales and expenses according to seasonality, location, product type, and so on. Business managers can utilize filtering and use in-built business intelligence in SAP B1 to identify top-performing products, possible root causes of sales decline and move ahead in a clear direction.
The supply chain in Jewellery business is long and challenging, which involves miners, gemological scientists, certifiers, designers, shipping managers, wholesalers, retailers, insurers, and other interested parties. Usually, there are many versions of the same documents which often lead to confusion and unwanted delays. There could be a chance of fraud as jewels, diamonds, and precious stones can change hands in the big supply chain. One of the major advantages of SAP Business One is that it updates the record of transactions, helps to authenticate, monitors all the components in a piece of jewellery they have been used in consumer products such as diamond rings, gold rings, etc. since their extraction and manufacture.
SAP Business One entitles jewellers to manage many manufacturing plants, define work centre master, maintain cost/hour for each cost center and much more. It also helps to decide which diamond, gem or stone is driving more sales, repeat orders, and the one which is faltering sales and incurring the cost.
The jewellery industry can benefit form SAP Business One in infinite ways, and brands that are brands that are early adopters of digitization will have a significant advantage over their peers. SAP Business One allows easy management of various processes such as cutting, polishing, finishing, quality, and scrap value that holds high value in this industry. The ERP software is proven and affordable for all small and mid-sized Jewellers which allows them in vendor consignment, return management, sales order management, tracking orders, and Jewellery inventory costing.
Partner with Zyple Software to see the profit increasing in your Jewellery business as you automate every business process with smart ERP.