#7 - How to manage the inventory of a jewelry business automatically?

How to manage the inventory of a jewelry business automatically?

Timestamps:
0:00 Start
1:00 Tracking your inventory is a complex problem and is particularly important in the jewelry industry because of high value items
1:21 Inventory tracking the heart of your business
► 49% of small businesses don't track inventory
► Benefits of an inventory management system
► Optimal levels of inventory
► Reduced inventory losses
► Prevent excess inventory
► Increased visibility
► E-commerce management
3:38 Inventory and sales
5:56 Inventory and manufacturing
► Minimum inventory method
► Job based reorder method
► Automated inventory movement
► Inventory loss tracking
8:53 Purchasing automation - Just In Time
10:06 Pricing and inventory management
10:55 Pricing formulas are always updated
11:52 Inventory and accounting
► Inventory and accounting kept as separate systems
► Quickbooks and PIRO
13:31 [Conclusions]

- Have you ever met the problem where you couldn’t tell what raw materials or products you have in your inventory?

- Have you ever been in the situation where by the time you collected all this info, it would be outdated because in the meantime other inventory movements would occur?

- Is it difficult to calculate the total value of your actual inventory? Or is it difficult to calculate how much raw material you will be needing for the production of your jewelry orders for the next day, next week or the next month?

Inventory tracking gets a particularly high importance in the jewelry industry because we’re talking about high-value items and materials. Whatever type of business you may be working with – whether it's a manufacturer, retailer, wholesaler -, tracking your inventory is crucial. You might say that this is the heart of the business that makes everything else go around. It correlates with manufacturing, sales, stocks of raw material, reordering, consignments – therefore it cannot be handled as an isolated feature. This is why legacy inventory software systems aren’t suitable to complete this complex task, because they aren’t dynamically connected to the other activities - all inventory movements are typically entered by hand.

Some very suggestive data related to this: in US among small businesses, 46% did not have an automated inventory management system. http://www.waspbarcode.com/small-business-report.

So what are the benefits of an Inventory Management system that is integrated with your production management or Enterprise Resource Planning software? This our today's vlog topic.

About myself:

Over the past 10 years, I focused my efforts on identifying and developing technologies and solutions that will drive jewelry companies forward in the near future. Under my direct supervision, our talented software engineers continuously work on innovative tools, like our flagship ERP system, PIRO; business automation tools; e-commerce platform integrations; mobile apps, and a number of other new initiatives that will help jewelry manufacturers, retailers and the jewelry industry as a whole.

I started this video series to offer information for jewelry businesses out there that are struggling to implement technology solutions that can clearly grow their businesses and run more efficient operations.

Connect with me on LinkedIn:
https://www.linkedin.com/in/zsolttorok/

Visit my website:
https://www.gopiro.com/

Download this super useful E-book for jewelry companies:
https://www.gopiro.com/e-book

PIRO is an innovative jewelry software specifically developed for the jewelry industry, allowing seamless management of manufacturing, retail and wholesale operations by combining functionality, ease of use, and flexibility. PIRO Retail is a next-generation POS system for manufacturing jewelers.

Видео #7 - How to manage the inventory of a jewelry business automatically? канала Next Level Jewelry with Zsolt Torok