Integrating Jewelry ERP with the Point of Sale (POS) software needs a different treatment as the rates of the main components of jewelry like gold and silver are very much dependent on the bullion rates which fluctuates constantly depending on various market factors. Jewelry also includes precious stones like diamond apart from the precious metals. Care should be taken to minimize wastage and a clear picture of the inventory and the various sales units must be chalked out that will lead to better profitability of the industry.
Components of Jewelry ERP
The jewelry ERP constitutes of the modules like customer management, product management, sales management, data of Goldsmiths, supplier management, rate management according to the market prices, management of the orders and delivery, preparing bills and invoices, tracking the purchase and managing cash, inventory management, taxes and discounts, maintaining purchase records, preparing sales and purchase reports, generating balance sheets, maintaining ledger etc.
The integration of the ERP with the POS has brought about a dynamic change in the retailing industry. In jewelry industry too the ERP integration with POS software is done through retail management system, which seamlessly integrates the financials, inventory, production and marketing, sales and the supply chain management. The POS software is such a package that has the features enabling easy installations in the globally located retail chains. This integration is a great time saver as it is totally devoid of any manual process, which hampers the sales and profitability.
The following ERP functions are enabled through the integration of the POS.
1. It provides the records of POS cash and the direct-indirect sales record, crediting the memo sales. Data regarding to stock must be saved and modified duly.
2. Speeds up the transactions through the instant POS and helps in the building of a good customer point.
3. It studies the buying patterns of the customers and generates the report on the price basis improving the sales.
4. The software provides the final pricing of the goods based on the bullion market values with day to day modifications.
5. Provides fast generation of reports to facilitate in quick decision making.
6. Easy maintenance of finance through the integration of POS with the finance modules.
7. Offer modified rates of products depending upon the geographical location and of the store drawing more customers.
8. Managing inventory irrespective of the geographical location.
9. Provides enough flexibility to be accommodated in big, small and medium sized organizations.
10. It is also able to take up web based orders, meet the customer demands and queries, updating the inventory due to web based orders and cross checking the inventory.
11. It also allows the access to the retail through the websites and web based orders from any part of the globe.