An ERP system connects every part of your business, from sourcing raw materials like gold and gemstones to manufacturing and distribution. This central platform makes processes smoother and gives you access to valuable real-time data. By using this information, you can make better decisions, manage resources more effectively, and stay competitive in a fast-paced market.
In precious metals industry, efficiency and streamlined operations are key to success. Whether you work with gold, diamonds, gemstones, or fine jewellery, Suntech’s ERP system. SUNFACET, can help you stay ahead by tracking important metrics and key performance indicators (KPIs).
Key Metrics and KPIs to Track with ERP for Precious Metals
- Production Efficiency
For businesses in the precious metals industry, the performance of equipment is essential. Production Efficiency, measured by Overall Equipment Effectiveness (OEE), shows how well your machinery and tools are working. High efficiency means fewer delays and better use of valuable materials like gold and diamonds, keeping operations running smoothly. - Throughput
Throughput measures how quickly raw materials such as gold or gemstones move through the production process to become finished jewellery or bullion. A higher throughput means faster production, better workflow, and quicker delivery to meet customer demands. - Cycle Time
Cycle Time refers to how long it takes to complete one full manufacturing process, whether it’s creating a diamond setting or crafting a gold ring. Shorter cycle times help you fulfil customer orders more quickly, keeping you competitive in the market. - Scrap and Rework Rates
In an industry where materials like gold and diamonds are expensive, it’s important to minimise waste. The Scrap Rate measures how much material is wasted, while the Rework Rate shows how many items need additional work to meet quality standards. Lower rates help to control costs and maintain high-quality products. - Inventory Turnover Ratio
Managing precious metals inventory efficiently is vital for reducing storage costs and maintaining liquidity. A high Inventory Turnover Ratio means your stock of gold, diamonds, or gemstones is moving quickly, helping you avoid holding onto items that might lose value. - Lead Time
Lead Time is the time between receiving an order and delivering the finished product, whether it’s a custom diamond ring or a bulk gold order. Reducing lead times helps you respond quickly to customer needs and ensures timely deliveries, which is essential for maintaining trust and satisfaction. - Downtime
Downtime, when production stops due to equipment issues, directly affects efficiency. By tracking downtime, you can quickly spot problems and improve maintenance, ensuring your production line—whether for jewellery or bullion—runs smoothly and reliably. - Supplier Performance
The quality and reliability of suppliers are crucial for smooth production. Tracking Supplier Performance ensures that your gold, diamonds, or gemstones are delivered on time and meet quality standards, helping you maintain strong relationships with your suppliers and keep production flowing smoothly. - Customer Returns and Complaints
For high-value products like gold and diamond jewellery, quality is everything. Monitoring Customer Returns and Complaints helps you identify and address issues, ensuring you continually improve quality and keep your customers satisfied. - Overall Cost of Production
Keeping an eye on the overall cost of production, from raw materials like gold and diamonds to labour and overheads, helps you protect profit margins. Understanding these costs allows you to find savings and improve efficiency without compromising on quality.
Suntech’s ERP system, SUNFACET, is designed to help businesses in the precious metals industry, whether you are a jeweller or bullion trader, track key metrics and improve productivity. With real-time data and advanced analytics, our ERP solution gives you the insights you need to make better decisions, improve operations, and grow your business.
Are you interested in taking your precious metals business to the next level? Contact us today for a personalised demo and see how our ERP solutions can transform your business.
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