ERP FOR THE JEWELLERY INDUSTRY
ERP FOR THE JEWELLERY INDUSTRY
A prominent part of the Indian GDP is the jewellery and gem industry in India contributing to nearly 6 – 7 % of the country’s GDP. In addition to their contribution to the GDP, the GOI has made Jewellery and Gen stones a prominent the export area since the world’s 95% diamonds. Today, we can witness more than 5 hundred thousand players in the Indian market, most of them being small players.
In such a competitive environment, to survive, every business is focused on improving their productivity and reducing costs. Best ERP software for the Jewellery industry is designed to serve the brands as a great asset in Jewellery Shop Industries as it is proven to support in Manufacturing, Wholesaling & Retail sectors of the industry. With the best ERP software, every business related to the industry can benefit as the industry is wide and has different transactions taking place with a different type of customers.
With an ample of transactional data in the jewellery business – customers, vendors and labours, every brand should ask themselves an inevitable question to grow. Is the traditional way of recording and tracking the business data still a profitable option? The answer is No. One cannot depend on the manual way of tracking all the data today. Hence ERP would be a great change in these sectors. An ERP software 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.
WHY ERP IS NEEDED IN JEWELLERY MANUFACTURING?
Being a one-stop solution for managing and accessing different aspects of the business in a jewellery manufacturing company from the raw materials to bills, ERP for jewellery industries assist with:
Design Setup: The initial step for every jewellery manufacturing is the style setup where the brand can have an insight into the management of each aspect of the design and allows user to define and setup vendor-specific values for various style parameters. From the style code generation to tracking different vendors for the style, diamond and colour stone to proposal creation, lock production style so that the authorised person can edit the same and view the history of the modified styles.
Apart from easing the styling process, the ERP for the jewellery industry also offers a comprehensive bill of material consisting of casting, diamond, colour stone, finding and labour detail.
Inventory Management: The well-designed ERPs are focused on the satisfaction of the needs of the people and create and maintain receipts, issue, transfer and physical inventory entry. With their integration of sales, purchase, gold, contractor and production module, each aspect of the inventory can be tracked along with reports that are based on stock in hand. Wanting to know where the inventory is possible now as the ERPs offer the information about the inventory going from one production stage to another.
In the manufacturing aspect of the industry, the ERPS for jewellery industry are equipped with various other features like workflow setup, manufacturing Tracking, Job duration and material tracking, job splitting and labour costing. With efficiency in mind, the creators of the ERPs focus on purchase and supply management Customer and Vendor Management, jewellery sales tools, accounting, timekeeping, real-time reporting, and customer portal.
Jewellery manufacturing trading 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 the 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. A large amount of stock is important to buy during the decrease so that the company will benefit in the long term. This surely can’t be achieved with the ancient model excel and spreadsheet. You must in need of an automotive system that will alert you whenever the rate is favourable for you, whenever a customer’s payment will be due, etc.
ERP can be the best solution for Jewellery industries for managing the small as well as large business transactions of the industry. ERP software provides a solution for the small business and increases profit because of the better Operational Efficiency and feasibility.
BEST ERP FOR JEWELLERY MANUFACTURING
PIRO ERP: With a focus on the manufacturing process, PIR ERP has been a prime solution provider as a jewellery ERP software solution. PIRO ERP helps in integration with QuickBooks and e-commerce solutions to help the jewellery manufacturing brands in managing all business processes. One can avail the features of this prominent ERP with the different plans available that are tailored to small businesses to large enterprises.
Tiara ERP: A well-known name in the ERP for the jewellery industry has been making the brands have efficient working since its inception. The brand has been catering to the manufacturers, wholesalers and retailers in the jewellery industry backed with features like BOM, Design and SKU manufacturing, estimating, sales order management, material requirements planning, vendor management, production planning, inventory control, RFID and Barcoding along with accounting.
Tally, ERP: Being a renowned brand in the inventory and finance management of various businesses in different industries has also extended their hand in the business process management software industry with the Tally.ERP. This ERP software for jewellery industry has been allowing the management of data as it can be accessed from a browser, on any device anywhere over a fully secure connection, Tally Business allows in getting the updates about business information in one click, creating and issuing professional GST invoices, viewing, tracking and reordering stock in a matter of seconds.
The ERP allows the users to make smarter business decisions with insightful reports while managing multiple companies, branches and godowns, tracking overdue payments, tracking outstanding and send reminder letters for overdue payments, reconciling bank accounts, automatically reconcile bank statements with books of accounts, and file accurate GST returns.
Ornate ERP: Just as Hallmark is a paramount symbol of quality in the gold and as silver jewellery, Ornate has gained the status of being most effective as well as a profitable system of managing jewellery business houses, diamond jewellery wholesalers and manufacturers across India, What makes this ERP stand out is its ability to offer the diamond technology solutions that allows the jewellery retailers and wholesalers to manage offices/stores using a customizable web-based ERP software made specifically for the jewellery industry.
Online Munim: This ERP software for your jewellery business has established its name as an essential in managing stock/inventory with bar-code or RFID tags, sending promotional or transactional SMS to your customer’s, creating customized invoices, tracking a sale, supplier stock and orders, credit or debit notes, other expenses, GST & accounting reports and much more.
In the digital world, jewellery-barcode/ RFID Tag’s are essential. ERPs allows the customization and printing of the tags by thermal or laser/ink-jet printers. The jewellery reports by the ERP showcases jewellery stock report for its users
From stock reports, you can check Available / Less / Most Selling stock list and the total wholesale or retails stock with filters to jewellery catalogue search jewellery stock with images or by price range like e-commerce portals and also check the product information & price quote.
The ERP software offers solutions designed for both retail & wholesale business. In the wholesale stock purchase or sell in bulk quantity, in retail stock manage by tags, Catering to the Indian market, they offer GST-R1, R2, R3 Reports by tracking the purchase, sell or business transactions automatically generation.
Managing each department manually can be a gruelling and tedious task especially when there is a ever-changing price that adds to the difficulty. Automating all these processes with ERP will not only help in saving time but also improving the efficiency of the business. One should focus on deploying a comprehensive jewellery software from the best ERP for jewellery manufacturing mentioned above and manage every facet of a jewellery store efficiently.