What's the Story with Your Inventory?
Wednesday, February 22, 2017
By David Sexton, Jewelers Mutual Insurance Company
Even though there have only been a small number of start-up jewelry businesses launching in recent years, they do have some advantages over existing jewelers.
A key benefit is the faster adoption and ease of leveraging technology, which many existing businesses in a variety of industries struggle with.
With that being said, if you’ve been in business long enough, could you imagine returning to a time before computers? It’s a startling thought in itself, but don’t forget how quickly times are changing and what new types of technologies are available to solve common business challenges.
For instance, some jewelers might not even be aware of what kinds of resources are available to help their businesses today. Take inventory management software for example—it continues to expand its functionality to assist jewelry business operations on many levels.
Features that are revolutionizing business include:
- Anytime access with any device over the cloud
- Customer relationship management
- Pricing analysis
Benefits of knowing the ins and outs of your inventory:
- It provides instant access to vital metrics such as inventory turnover, revenue per unit, and gross margin
- It manages complete and accurate records, which will help if you have an insurance claim
With all the opportunities to grow your business and become more efficient, don’t overlook that last point.
Jewelry’s enormous value naturally makes it a target for crime and its small size makes it easy to lose during a shipment. Comprehensive records that are easy to validate will help the claims process move efficiently.
In addition to providing insurance that fits the unique needs of jewelry businesses, Jewelers Mutual encourages its policyholders to be proactive with inventory management—and software is only one solution.
Watch these videos and download a guide of how to track physical inventory so your business is prepared if you need to file an insurance claim.