Jewelry business deals with expensive items on a daily basis where the loss of even a single item can be costly. As a result Jewelers need to keep track of their items for both accounting as well as insurance purposes. However, this can be a challenge given current business practices. For example, it is common industry practice to move all items from the display into vaults every night. In addition to this daily movement, items may be periodically sent to shows or exhibitions. Every time items are moved they need to be counted and stocked.
Since currently items are tagged either with printed tags or bar-codes, each item will need to be manually handled to be counted. Often, this operation has to be performed using employees and resources that could otherwise be used elsewhere. The current processes for inventorying jewelry are manually intensive and hence can be expensive and prone to errors. Thus there is a need for instant capturing of jewelery item data based upon RFID technology framework. This would enhance the systems efficacy considerably.
Tracking jewelry inventory is benefited by the use of RFID:
- The high value of the jewelry items makes the loss of even one item potentially very expensive, thereby making it easy to quickly recognize an ROI.
- Since many jewelry displays are set up daily and then stored in safes in the evenings, there is ample opportunity for loss of product.
- Due to the fluctuation in jewelry value as the price of gold fluctuates; the insurance costs of inventory can vary. It is critical to maintain accurate inventory in order to maintain accurate insurance records.
- For some stores, the jewelry inventory can be consigned inventory. Again, it is critical to maintain clear records of inventory as the value of the jewelry fluctuates.
- Jewelry sales require one-on-one attention of the jewelry sales person who tends to be highly specialized. Any time a sales associate is not working on mundane tasks such as inventory tracking is time they have freed up to spend working with their customers.
In the current scenario, presumably there is already a software running having a back end database maintaining item data, manual stock details and other transactional processes.
Thus a solution needs to be built to integrate RFID solution with the current database back end and business logistics in place.
- As a first step, a RFID tag with a unique serial number is attached to each item in the inventory. Next the item, its serial number, description, attributes and picture are entered into the middle ware software database that runs provided with the system.
- After this the system is ready for inventory operations.
- Trays containing Jewelry can be placed on the RFID antenna.
- All RFID tags attached to the items are instantly read and the records for any associated items are immediately updated in the database.
- Reports can now be generated in the software and help provide an up-to-date record of all your inventory.
- Perform Quick and Easy Daily Inventory and Reconciliation making the daily chore of inventorying when moving items between the display cases and vault a snap. RFID provides accurate and up-to-date inventory data.
- Reduced Labor Costs and Errors by saving time taken to do inventory with RFID and reduce human error.
- Receive Alerts and Warnings based on Inventory Data which can be configured and receive alerts by email or SMS whenever an high/low inventory threshold is reached or when a specific item is missing.
Main Features of pro Jewel 5025
- RFID tags specifically for Jewelry items
- Customizable database maintains records for individual pieces
- RFID-based reader and antenna help automate inventorying of Jewelry
- Up-to-date Inventory reports by item type, price, quality, location or any other relevant attribute
- Alerts on inventory exceptions delivered by email and SMS
- Simple solution can be deployed in hours
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