Table of Contents
Summary: This write-up throws light on the core functionalities that NetSuite ERP offers for the Jewelry and Diamond Industry, the challenges this industry faces regularly and the smartest ways to deal with them, and connecting to experts to achieve business strategic goals within a stipulated time and without a hitch.
NetSuite for the Diamond Industry is orchestrated to drive automation and integration across the company’s front-office and back-office processes. NetSuite ERP for Diamond Industry enables businesses to manage their entire business cycle. Leaders can manage right from customer service, support, and marketing promotions, to accounting and e-commerce on a single platform and in real-time.
NetSuite for Diamond Industry
NetSuite Financials comes with inventive capabilities to manage finance as it is one of those areas increasing in efficiency. Earlier, the diamond industry or diamond’s financial figures were computed only semi-manually and were tallied according to numbers from a month earlier. Eventually, this led to inaccurate and outdated reports.
With NetSuite financials, business executives and managers at Diamond Manufacturing Company or in the Diamond Retail Industry can monitor the company’s performance in real-time, with up-to-the-minute performance reports of branches and departments. This gives businesses in the Jewelry and Diamond Industry the ability to make more informed and better business decisions.
On the customer side, NetSuite CRM brings in advanced and adaptable capabilities to extend customer reach and elevate the annual sales graph. For the most part, this software solution helps connect all of branches of a company in the diamond industry. Interestingly, the sales and customer service representatives can access vital information about each customer and offer promotions according to the purchase history as well.
Challenges in Jewelry and Diamond Industry
- Jewelers or businesses in the diamond industry often create and produce their designs. This readily adds time to the final production process. Particularly, it gets excessively time-consuming in light of expanded supply chain disruptions and business challenges.
- Apart from Diamond Manufacturing Company, many of their retail counterparts are entering the e-commerce landscape to complement their brick-and-mortar stores. Meanwhile, others are paying attention solely to their online sales channels. However, many businesses are managing e-commerce operations with standalone online platforms. For the most part, these platforms hardly sync with back-end and brick-and-mortar operations. Eventually, it results in a fragmented sales experience for the consumer.
- Most companies in Jewelry and Diamond Industry rely on a combination of proprietary and homegrown software solutions to manage their multifarious operations.
- Many Jewelry and Diamond industry businesses still use spreadsheets to collect and share financial data and operational reports without having any way possible to share data across retail channels. For the most part, this error-prone approach often causes delays in data compilation and turning it into usable, actionable insights.
Core Functionalities for Growing Businesses in the Diamond and Jewelry Industry
For the most part, NetSuite Diamond ERP gives multi-channel jewelry and diamond retailers the technology enhancements required to grow their businesses. Business leaders can make the most of its native functionalities like multi-location inventory management, extended supply chain visibility, and yearly automatic upgrades ensuring customers are always on the current release.
Global Transactions Management
NetSuite for Diamond Industry offers extensive capabilities across multi-subsidiary, multi-location, and multi-entity accounting processes. With such capabilities, retailers can inventively manage stock across various locations, including owned inventory, consignment inventory, and jewelry received for repair. Undoubtedly, these are crucial functions for jewelry and diamond stores, where each location functions as its legal entity. Moreover, NetSuite can readily track and report intercompany inventory transfers.
Serial-Number Tracking
NetSuite ERP helps manage serial number tracking on finished items, stones, and settings as well as purchasing, tracking, and selling goods that carry serial numbers. Interestingly, NetSuite maintains and tracks specific gemstone attributes and stone certification numbers without any hassle. For businesses in the Indian market, you can connect with an official NetSuite Channel Partner like inoday, who can help you with NetSuite integration with certification for diamond and jewelry industry norms.
Extensive Inventory Management
Companies in the Jewelry and Diamond Industry need inventory management systems that can help readily catalog, track, and record the sale of their consigned products. Here, leveraging NetSuite for the Diamond Industry can let businesses manage and track consigned inventory and readily eliminate the requirement of spreadsheets, emails, and follow-up phone calls to check the status.
Why inoday to get NetSuite for the Diamond Industry?
At inoday, a globally accredited, official, #1 ORACLE NetSuite Channel Partner, you can avail of everything across NetSuite that you have been thinking of but could not find. For the most part, we have a team of skilled and certified NetSuite Consultants, who have engaged with thriving businesses and have helped them overcome mission-critical challenges offering their expertise in NetSuite ERP, industry standard-based practices, proven methodology, and experience.
We are globally acknowledged for being trustworthy and accredited NetSuite Partners, offering 16+ years of driving Digital Transformation via Cloud Computing Solutions. We are better known for delivering custom, company-specific, and industry-specific solutions that have let businesses drive scalability without any hassle.
FAQs
Is NetSuite good for big companies?
NetSuite empowers the most innovative, thriving businesses with power-packed, advanced technology. For the most part, NetSuite ERP is highly scalable, adaptable, customizable, and specifically orchestrated for driving business growth.
What is NetSuite used for?
NetSuite ERP is the leading integrated, cloud-based business software suite for businesses of all sizes and industries. You can leverage this software solution to manage inventory, financials, and e-commerce, and maintain customer relationships.
Is NetSuite a finance tool?
NetSuite financial management solutions drive extensive automation across core finance and accounting processes. For the most part, it provides detailed insights into business performance and drops down the risk of reporting errors. These capabilities give business administrators greater control of their financial assets.
For more details, write to us at info@inoday.com Or Schedule A Consultant Call
