What is ERP for Jewellery Industry
ERP systems are business intelligence software used to integrate all the functions of a business, including manufacturing, supply chain, sales, finance, and human resources, into a single platform, providing real-time visibility and control. ERP software for jewellery industry is developed exclusively to cater the needs of jewellery industry including wholesalers and retailers.
Jewellery ERP software is a cloud based or premise based centralized system which jewellery designers use to operate their business processes efficiently and error free. It consists of financial accounting software, stock management, money lending techniques, purchase management, order management, karigar management, barcode billing software and GST billing software. Thus, jewellery software helps businesses to productively manage their day-to-day operations.
Jewelry manufacturing ERP is used by manufacturers to simplify tasks like stock audits, procuring resources, creating catalogues with images, maintaining the product quality, updating items along with their prices, labeling jewellery items, and more. All the manufacturing requirements can be managed well with the help of manufacturing ERP software.
The jewellery software is also used by jewellery retailers as a comprehensive jewellery shop software to efficiently manage and optimize their everyday store operations with AR Automation. It enables them to make all the processes fast with RFID-based billing, easy to use mobile apps, quick access to financial transactions, which enables business growth and in-depth analysis.
ERP software for jewellery industry helps to create better consumer relations by sending customized invoices, efficiently manage purchase orders, facilitate returns and maintenance repairs services for customers. Further, jewellery software assists in maintaining all accounting statements for bookkeeping.
Its functionalities help shop owners with inventory management, karigar account, invoice generation, real-time order tracker, manages antique jewellery, customer data management, multi-store operations management, data analysis, and maximize profits.
Overview of Jewellery Industry in India:
Jewellery businesses are the largest in India contributing nearly 6 – 7 % of the country’s GDP. It is also the largest jewellery stock in the world with 29% of the global jewellery market in India.
India is known for its traditional and prime jewellery designs, which are popular across the world. The jewellery industry in India is primarily export-oriented, with the US, UAE, Hong Kong, and the UK being the major export destinations. The jewellery retail is also a significant contributor to the country’s economy, with a turnover of around $45 billion in 2019-2020.
Further the industry is highly fragmented, with a large number of small and medium-sized enterprises (SMEs) operating across the country. The sector employs over 4.64 million people, making it one of the largest employers in the country.
Challenges faced by Jewellery Business:
The retail businesses being so fragmented and demanding, faces several challenges that impacts its growth and profitability. Some of the key challenges faced by the industry are mentioned below:
1. Un-organized Sector:
The un-organized market is one of the biggest challenges of jewellery industry. There are a large number of small and medium-sized enterprises operating in this sector, which makes it difficult for the businesses to compete with larger players in the market.
2. Lack of transparency:
The industry lacks transparency, as many small businesses are running in un-authorized way and on cash basis, leading to lack of information and details.
3. Complex Supply chain:
Jewellery industry has a complex supply chain as multiple intermediaries are involved in the process. So, it becomes difficult to track the items and ensure quality delivery.
4. High Inventory costs:
It involves a high level of inventory holding costs, which impacts its profitability. A jewellery inventory software can help in maintaining the associated costs and take care of the stocks.
5. Increasing competition:
With increasing E-Commerce industry, the jewellery industry is facing increasing competition, making it difficult to compete in the market.
6. Increased sources of investment:
The increasing interest of people to invest in digital gold bonds and other investment funds is a cause of high tension. The physical gold market is highly affected, as traditionally it would gain a lot of profits, as people first priority of investment would be gold. Also, the growing interest of people in diamond jewellery is a matter of concern.
How ERP software for jewellery industry can help?
Jewellery Industry is different from the other commercial small & big businesses as it contains the price values based upon the market rate which vary day by day. It hence raises same problem that the sales order does not coincide with the state of delivery since the price of the raw materials may be increased in the due course of time.
There is a need to keep a close eye on price fluctuations so that it helps the company in long term. Which cannot be achieved with the ancient excel model, manual entry and spreadsheet. You must be in need of a business management software that will alert you whenever the rate is favorable for you, whenever a customer’s payment will be due, etc.
Jewellery billing software can be the best solution for Jewelry industries for managing the small as well as large business transactions with costing maintain purity wise. An ERP software provides a complete solution even for the small business and increase profit because of the better Operational Efficiency and feasibility.
Quick Benefits of using ERP for jewellery industry:
- Manages Ornaments Price’s Fluctuation
- Useful for user to retrieve information easily.
- Smooth billing processes.
- Better Strategical Management for tracking data.
- Well Maintained Stock Transactional Data.
- Customized and Developed UI’s for the modules as per Requirements.
- Have Point of Sale (POS) system for smooth checkout process.
- Stores and manages customer and shop’s data.
- Automatically generates and sends invoices to customers.
- Tags different jewellery pieces with price and specifications.
- Offers various payment options to customers.
- Tracks and manages all the sales and store expenses.
How ERP for jewellery business helps to overcome the industry challenges:
Jewellery ERP software provides a comprehensive solution to tackle the challenges faced by retail business in the sector. It can help the industry in the following ways:
1. Streamlined operations:
Jewellery ERP software helps businesses streamline their operations by providing real-time visibility and control over all aspects of their business. The jewellery management software helps businesses optimize their processes, reduce costs, and improve efficiency.
2. Increased transparency:
Jewellery management software helps to increase the business transparency by providing complete view and real time updates of business transactions. It also helps to identify any fraudulent activities and maintain a record of the same.
3. Simplified supply chain:
Supply chain management software provides visibility and real time updates into inventory levels, tracking orders, and managing vendor relationships. This helps businesses optimize their logistics and minimize costs.
4. Reduced inventory costs:
Inventory costs are reduced with the help of jewellery inventory management software.
With serialized inventory management, businesses can manage all vendors data, track inventory through identification number, and get notified when the stocks replenish. Moreover, jewellery software can be integrated with accounting and inventory management software and with e-commerce platforms to streamline the overall business operations.
5. Improved competition:
Comprehensive jewellery management software helps businesses stay competitive by providing real-time insights into customer preferences, market trends, and competitor analysis.Lead management system tracks all the leads and stores customer preferences for future needs.
One such best jewellery software is Sage X3 & Sage 300 that would be a great asset in Jewelry Shop Industries as it is a proven support in Manufacturing, Wholesaling & Retail sectors of the industry. As we know there would be an ample of transactional data in jewelry business – customers, vendors and labors – ERP would be a great change in these sectors. An ERP solution maintains your data and at the same time all the transactions can be well managed and synchronized with no need for manual documents and papers.
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Jewellery ERP for manufacturers:
Jewellery manufacturing is a vast process, with different layers of operations. Jewellery design software and manufacturing software is a powerful tool with reporting and analytical measures which leads towards better decision making and being profitable.
Further the Warehouse Management System is a boon for the manufacturers to maintain their stocks and look after the forward backward traceability of the stocks.
With Fixed asset management software, it becomes easy to look after the assets and track their performance which helps in improving the machine efficiency. With the use of this, the system downtime is also reduced.
It comes with modules and features which are mentioned below:
- Catalogue & Quotation Print & Email
- Receive Customer Order Item Wise
- Order Status at Every Stage of Production
- Procurement software
- Melting, Raini, Machining, Polish, Cutting, Soldring
- Process Transfer & Losses
- Karigar management
Jewellery ERP for wholesaler’s:
Jewellery software for wholesalers comes with customized modules including inventory management, order management, customer management, and accounts payable software. With ERP one can keep track of inventory levels and customers in real time. It comes with following modules:
- Purchase
- Stock inventory
- Customer reports
- Suppliers and karigars
- Real time analytical Reports
- Security
It consists of status of stock in hand (Wt. and Pc wise), stock summary, stock ledger, bills outstanding’s, customers payment trend, customer wise profit & loss, interest calculation, supplier’s ledgers, finance reports books, multi-level passwords for security,
The handling and cost effectiveness of bulk purchase of bullion gold and ornaments is also managed well with jewels software.
Jewellery ERP for retailers:
The retail showrooms are the crucial part of jewellery business, as it is the visiting place and represents the business in front of customers. Thus, an effective software is needed to take care of all the operational activities, inventory, orders and customer satisfaction.
Jewellery retail software helps you manage and optimize all aspects of your store, from customer management to, marketing techniques and stock details. The jewellery store management software looks after all the operational activities and the billing procedures and detail are accurately handled by jewellery billing software.
It comes with following features:
- Provides technological advantage
- Can Split the data into separate companies as and when required
- Use of RFID Tags for quick Stock Tally & Multiple Tags Issue
- System for old gold purchase and loss calculations
- Complete entry like Sale, Purchase, Returns, Payments, Bhav fix etc. on a single screen
- Bill Due Date & Reminders
- Deals with all orders related tasks.
- M.R.P. Calculation & Cost Rate Calculation
Key features provided by ERP for Jewellery business:
1. Barcode management:
The ERP barcode management offers features such as selling price, item code, quantity, weight, size, and more to store the item details. One can easily speed up billing process with direct scanning barcodes, RFID codes and split tags.
2. Rate Management:
With jewellery billing software, one can adjust the prices of the items and the average cost is also displayed to aid profitable selling prices.
3. Sales Analysis:
With sales management system, one can view an in-depth analysis of the top selling products and the items which are average. which helps in reviewing the consumer preferences and updating according to it.
4. GST Reports:
Generating of GST reports, balance sheet, profit and loss report, can be done in just few clicks with accounting software.
6. Karigar Management:
With specialized module management can Check & Simplify complex Karigar accounts on different criteria (Gr.Wt., Fine Wt. , Dia./Stn Quality).
7. Gold Hallmark Jewellery:
With jewellery software easy management of Purchase, Sale & Stock catalogue of Gold Hallmark Jewellery can be done.
8. Mortgage Management:
With jewellery software you can search all girvi records specified by client names and details. Through it you can easily manage updates delete suppliers or craftsmen, and keep track of your gold, silver and cash balances.
Conclusion:
ERP for the jewellery industry helps businesses manage their operations efficiently by providing a comprehensive view of their supply chain, inventory, sales, and financials. The software solution helps businesses optimize their processes, increase operational efficiency, reduce costs, and improve customer service.
Sage Software Solutions is a such best jewellery software which is quite user-friendly, helps in saving costs, provides multiple branch management and money lending modules.
One can get customized modules with SAGE X3 & SAGE 300 according to their business requirements.
