Before 2020, an Owner’s job in the jewellery industry was to focus on long-term strategy, performance, and the external environment. The COVID-19 pandemic has changed this. Now, Owners must make strategic decisions early and engage in major investments. They see IT as crucial to their success. The approach has shifted from using IT to improve operations to using IT as a builder of capabilities.
Owners and Digital Transformation
Digital transformation is the use of technology and data to improve business processes. It is not just about digitising existing processes but also about enhancing or reinventing them. The disturbance caused by COVID has prompted many Owners to think innovatively. Many jewellery businesses feel the pressure to implement new tools quickly to stay ahead of their competitors. This change helps organisations get closer to customers who are moving online, monitor product performance effectively, and ensure they meet customer expectations.
Owners and Technology Decisions
Technology choices are now a priority for Owners in the jewellery sector. A survey by KPMG shows how expectations for digital renovation are rising: 59% believe the pandemic has sped up digital transformation initiatives. 56% see cloud migration as essential. 43% expect an increase in process automation in the next year. 39% plan to invest more in artificial intelligence (AI).
Owners must invest in new software, such as ERP systems, automation, eCommerce, and AI. These investments are crucial for helping jewellery businesses adapt and recover. When making technology decisions, owners should make IT a top priority, balance investments between cost control and capability building, align IT with overall business goals, and manage IT initiatives separately to increase focus.
Owners and Software to Manage the Enterprise
Effective enterprise solutions should ensure cost-effective production and timely delivery. They must simplify daily operations and reduce complexity. It is important for these solutions to turn data into useful information, provide a clear view of the entire enterprise, and reduce decision-making time. Many consultancies recommend using best-of-breed applications, but this approach can create problems. Owners prefer a single solution that integrates all necessary information. They do not want to manage multiple vendors and contracts. An integrated ERP solution, let say, Suntech’s SUNFACET ERP, helps improve visibility and control. It simplifies management by using one system instead of several.
Delegating ERP decisions to technical staff may seem practical, but it removes the owner from leadership. The Owner must lead the selection process. This is especially important for small and medium-sized jewellery businesses, which have unique needs.
SUNFACET ERP provides specifically to the jewellery industry, including gold, diamond, and gemstone businesses. SMBs (Small and Medium-Sized Jewellery Businesses) cannot afford mistakes with ERP selection. SUNFACET ERP offers a cost-effective, flexible solution that reduces risk and speeds up deployment. The features provided by SUNFACET ERP are custom-made for smaller jewellery businesses, recognising their distinct priorities. SUNFACET ERP ensures continuous support, allowing Owners to easily access help after implementation. Choosing an ERP solution like SUNFACET, which offers both cloud and on-premise options, ensures flexibility. This is vital for jewellery businesses in dynamic markets like Dubai, Saudi Arabia, and Qatar.
The Owner’s Role in Business Renovation
The pandemic has prompted owners to rethink their software investments. Challenges have become more urgent, making digital transformation a priority. SUNFACET ERP supports owners in leading this change from selection to implementation. It is not just a technical project but a leadership task that requires buy-in from the entire organisation.
The success of digital transformation begins with the owner’s vision. With the right ERP solution, lets say, Suntech’s SUNFACET ERP can guide your team through new processes and ways of working, leading to a more efficient and competitive jewellery business.
Suntech Business Solutions in Saudi Arabia is eager to help you with SUNFACET ERP to lead your jewellery business to continuous growth and success!
For more information, please reach out to us:
Email: [email protected]
Phone: +971 50 123 4567
Website: www.suntechsolutions.com
