To predict the demand for jewelry items in the future, you must have knowledge of product performance of the past. And that is one of the important functions of a well-designed jewelry software program.
Of course, no matter how well designed, a jewelry software program cannot totally eliminate intuition and luck. But having a well-organized and accurate history of sales provided through jewelry software reports, will take much of the guesswork out of inventory management.
A jewelry software program will help you look at a number of forecasting factors such as product history and the expected demand. The reports generated by your program should give you an in-depth analysis of numbers, both for historical sales and ongoing sales curves. At the very minimum, you should be able to rely on your jewelry software reports for 60% of your forecasting decisions with 20% based on experience and 20% on intuition.
Naturally, the more you become familiar with your jewelry software, the more reliable your inventory planning will become. You will never obtain 100% accuracy but 90% is an achievable goal.
DON'T BE TIMID ABOUT CUSTOMIZING YOUR JEWELRY SOFTWARE
Jewelry software programs are customizable. So after purchasing a good jewelry software program, it will probably need some tweaking. For example, every jewelry store has it’s own forecasting process to suit it’s particular needs. Therefore in order to be successful, the program must work for you...not you for the program. So don’t hesitate to adjust the jewelry software program to fit your exact needs.
You will probably find customizing easy with any of the top jewelry software programs now on the market. Not only do the developers want you to customize their software but will help you do so. A well-written and easily understood manual is a must for this activity. Lastly, a good customer support program should back the software.
USE YOUR JEWELRY SOFTWARE PROGRAM EVERY DAY
Inventory management should never be a once a month or once a week activity. You should be looking at the figures generated by your jewelry software program every day. This will help you develop a more accurate understanding of your daily business flow, be able to quickly spot the need for inventory adjustments and greatly increase your forecasting accuracy.
Remember, a well-designed jewelry software program is the first step toward reducing overstocks and preventing out-of-stocks. You will find it to be one of the best inventory tools available for the successful operation of a jewelry store.