With large amount of investment in inventory, you need to be aware of what’s working for you, information about your fast sellers, what stock is earning revenues, what mark-up you have on them, ageing of the items lying in the store and trends customers are looking for.
It is exhausting to get all these updated information instantaneously without software specially designed and developed for your business. With a system of integrated modules, Jewellery ERP software manages your enterprise and automates multiple functions such as accounting, financial management, inventory management, POS, and more.
Optimizing inventory levels
By using a centralized system for managing operations, organizations can cut down costs on double-handling and allows automation of certain manual daily tasks of reconciliation due to improved visibility. You can monitor the inventory performances by creating records through assigning SKUs, units of measure, serial numbers, lot numbers, and other attributes. Keep tabs on stock that are not profitable, and receive updated and accurate information on availability. With a comprehensive system in place, you can track items by buyer to identify top-tier customers, get the true cost to value, and eliminate gaps.
Better visibility for finance management
Inventory is a crucial part of the investment in most businesses. Hence, the detailed reports of inventory are important for the processes like revenue forecasting and financial reports.
With key updates on stock, orders, and customers in a single location, inventory management enables quality data collection. An ERP finance module helps in gathering financial data and generates reports such as ledgers, trail balance data, overall balance sheets and quarterly financial statements. Financial management can help automate or streamline investment decision-making by keeping tabs on various investments.
As the business grows, so does the inventory. However, many companies are unable to cope with this expansion. There is a lot of work involved when your inventory grows, and this only complicates things further if the inventory changes too. Fortunately, an ERP with Integrated Finance and Inventory modules can considerably help you to scale up as and when required, without much trouble. Forecasting allows users to come up with the most accurate forecasts possible. It fully supports a Sales and Operations Planning process to efficiently balance your organization’s Supply and Demand.
A single platform for all business operations
ERP inventory management systems are designed to reduce manual labour, by automating and streamlining processes – all of which goes hand-in-hand with growing a business – profitably.