Diamonds are Forever.
A statement that is both a promise, a belief, and a name of a James Bond movie as well. But, what makes the diamond truly worthy is when it is encrusted in jewelry. Be it artisanal or a timeless piece; the jewelry industry is always going to bloom.
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However, when it comes down to manufacturing it, seldom do we think about what costs surround it. While it is easy to lament precious metals and stones’ prices, we do not see the real factor at play. The craftsmanship, the planning, and the manufacturing activities that go into it take a lot of precision and detail.
It might seem hard to fathom, but for a diamantaire (french for the diamond dealer), this craft is just another part of their process of resource planning and allocation. A well-oiled manufacturing process bringing in gems and stones for business is what the jewelry business revolves around. Hence, every business unit needs an ERP, i.e., Enterprise Resource Planning.
It might seem something very technical that requires an astute understanding of many concepts like lead time, process planning. However, in reality, the business owners do it unknowingly. Despite their best efforts to veer away from the modern era of automation of process planning and allocation, many business owners refuse to join the bandwagon.
In India, 6-7% of the GDP comes from the jewelry industry, out of which 90% are small-time business owners. An ERP software solution can solve almost 80% of their problems which revolve around the customers, vendors, and laborers.
The most significant benefit that an ERP can make is reducing the paperwork and easing the entire process of documentation with digitization. The digital footprint will quickly help you track the progress and even monitor every step of the process without actually diving into the dirty work.
While the benefits of adopting an ERP in the jewelry business are many, the primary one is the peace of mind it can give you. Besides that, you also get to enjoy other benefits. Some of those are:
- Order Management – From the time you receive an order to the time it is delivered to the client, the ERP can easily manage the entire workflow. Multiple queries and various order quantities are not a challenge for an ERP system that is adept at handling numerous orders simultaneously.
- Inventory Management – For any business, whether it’s an airplane manufacturing plant or something as small as a microchip for a computer, inventory is imperative. Even if it’s a lean manufacturing model, some stock is needed. Using an ERP module for supply, you can easily track how much material you have left. Over time, an estimated timeline of when it will be depleted depends on the past usage records.
- Maintenance of Data – Every company has some proprietary data that gives them the edge. From a unique manufacturing technique to a personal tool for a particular design, the jewelry industry has its hidden gems. To keep that data protected from prying eyes both within and outside the company, the ERP can be set up with privilege settings. Furthermore, rights can be granted to only select staff, which can help your data stay protected.
- Production & Manufacturing – Ultimately, it boils down to how well optimized the production and manufacturing processes are. Using jewelry manufacturing software, you can easily lay down a framework for the production and manufacturing activities. This will help in standardization and increase the overall consistency of the final jewelry products. At least for the products that are high in demand.
- Retail – The one thing that keeps any business alive is sales. And until you can come up with a way to track the details in real-time, an ERP will help out. It will help maintain the sales records, transactional details, client details, and cross-reference to the order and other supplies necessary for fulfilling it.
- Ornaments Price’s Fluctuation – In the ever-changing economy, it is only natural that prices of ornaments and jewelry fluctuate. Thankfully, all ERP systems are made with consideration to fluctuations. Hence, you always have the fallback cushion to adjust to inflation or deflation of prices and keep your business afloat without any major hassles.
- Tracking the resources – To ensure on-time delivery to clients, a tracking process is needed at almost every turn. However, instead of just mundanely going to separate workstations to track the progress, you can directly use the jewelry ERP software to track the resources and the work progress. Each part of the process can have a separate updation method that links to the primary motive and can help you determine the entire working process.
- Supply Chain Management – In crude terms, Supply chain management is the work path that everyone has to follow to go from raw material to final product. While it can take months to plan a prototype and reach the final product stage, the jewelry ERP software can do it in a matter of minutes. Along with labeled BOM sheets, it can also generate various permutations and combinations to go about your task, along with the one that is the best.
- Process Management – Tracking every process of manufacturing or operations is a tedious task. Even if you have had great years of experience, this task still seems daunting since you have to coordinate with many people to run a tight ship on things. With ERP jewelry software and a well-trained floor manager, all process management processes can be streamlined and adhered to with standardizations.
- Billing Processes – A lot of times, human error does creep in when it comes to billing. Despite our best efforts, we end up getting under the gun. Hence, an ERP with set billing guidelines can automatically generate invoices, send them to the client and even inform you about a new incoming order or a prospective sale.
- Automation – Filling in reports and going over mundane tasks that are repeated every day manually can be automated easily. When the jewelry ERP software uses the process planning and supply chain algorithms, it automatically lays down places to have automation. Ranging from filling reports to automatically updating an order’s progress, automation with ERP is like its second nature.
The bonus of automation is that most people can quickly free up more bandwidth for productive work to help the business thrive and grow.
- Waste Management – It is not a false fact that even in the jewelry industry, wastes are produced. Whether it is precious metallic waste (something like the shards in the Gold Rush age) or cut diamond waste, its management must be performed. Using jewelry ERP systems, the trash can be minimized and even eliminated if the team adheres to the practices and precision standard of the ERP process plan. Furthermore, the waste that is produced can be put to reuse via reuse or remelting.
- Increased Productivity Schedules – Thanks to COVID-19, instead of just the numbers being pushed out, a laborer’s overall productivity is being brought into question. Thanks to the jewelry software process planning module, the business and laborers’ overall productivity can be increased by up to 30% in some cases. Hence, an ERP module even helps in increasing the overall productivity of the entire manufacturing process.
- More Profitability – Once the timelines, guidelines, and aspects are adhered to religiously, the business automatically starts to boom. This boom not only results in financial freedom but also brings a lot of eyes on you. However, running the company is being served since profitability increases without compromising the delivered quality.
Other benefits help you clear the bandwidth of expanding your business or job. That can even be that dream of owning something to call your own. Furthermore, this can even pave the way for a relaxation day besides Sunday, all within the confines of your office cabin.
However, since the jewelry rates are always in flux and standing at an all-time high today in 2021, do not let your hair down completely. Pandemic has made a lot many sectors and industrial lines of work uncertain. But by adopting jewelry software in your company, you still can hope to maintain consistency in your operational activities.
Did we miss any benefits on how jewelry ERP software can help the jewelry industry? Let us know in the comments below.