5 Ways Watch Brands Maximize Profits with FINS Cloud Based ERP

5 Ways Watch Brands Maximize Profits with FINS Cloud Based ERP

As profit margins tighten and competition heats up in the watch industry, properly managing inventory and resources is more essential than ever. The winners in the business are the brands that can lower costs, streamline operations and effectively connect employees, clients and production.

ERP business management software is an integrated software solution that can manage and simplify complex business tasks and provide valuable tools for managers and boost profits. An industry-specific ERP connects every person, every department, and every process throughout the entire enterprise with the essential information they need to do their job more efficiently.

Luxury brands have been slow to adopt ERPs due to the cost and complexity of implementation. But now FINS, the first ERP and Lean Manufacturing management system designed specifically for the watch industry, makes it easy for any watch brand to take advantage of the latest tools to run their operations faster, leaner and with valuable business analytics that deliver more profit.

Cloud-based ERP systems have many advantages over legacy systems and traditional business structures…

Remote Access – As digital disruption changes every industry and the world goes mobile, having the ability to access the company’s sales and supply chain remotely is critical. Management and sales teams can use an online portal to check stock, place orders, monitor production and trace individual orders.

Fully integrated, real-time systems such as FINS for the watch industry, deliver the most up to date production information and offers the flexibility to work from anywhere around the globe, something extremely useful for distributed teams and brands with multiple offices in different locations.

Seamless Collaboration – For medium and large scale watch brands, the ability to communicate strategy and business goals to all employees across a network is essential. All team members can utilize the ERP system at any time with access to critical business information. Communications are no longer dependent on time zones or multiple points of contact.

In fact, with FINS for the watch industry, remote salespersons or distributors can place orders directly online which automatically initiate a production order and prompts the system to procure the required components, update inventory, and begin manufacturing. The ability to quickly react to market demands in a fast-fashion manner, means putting products in front of consumers before the competition.

Big Data – The latest business ERP systems gather multiple data points and performance metrics and provides the kind of business intelligence that watch brands can use to better understand market trends and adjust strategies to capitalize on them.

The FINS ERP system is always working in the background, using a complex algorithm to analyze previous and current orders to calculate components consumption based on sales data, replenishment times, and best sellers. The system quickly identifies non-turning inventory and prevents costly overstock and non-essential inventory.

Reducing Hardware Costs – In the past, on premise ERP systems required costly investments in hardware, manual installation and expensive maintenance and upgrade costs making it difficult for smaller brands to implement.

Using an online ERP system such as FINS solves this costly problem. The initial investment is low because it doesn’t require proprietary on premise hardware. Instead, it is a modern SaaS (Software as a System) that can be integrated with legacy ERP systems or used as a standalone system through an online portal. It is ultimately configurable and works with mobile devices. It’s intuitive, easy to use and requires minimal staff training.

Future-proofing Business – Today, business moves at the speed of digital and brands that fail to modernize quickly get left in the past. For any brand, from upstart to industry leaders, companies need to adapt to be successful. By taking advantage of new tools and technologies, watch brands can future-proof their operations with flexible tools that can grow and adapt as the company does.

The FINS cloud-based ERP is constantly updated to take advantage of the latest digital tools for manufacturing and production. No new investments in hardware or software are required and the system can grow to support any number of employees, offices, or distributors. It supports the best lean inventory practices and any number of catalogs and watch collections.

As the only Cloud ERP and Supply Chain solution designed specifically for the watch industry, FINS gives watchmakers the tools they need to create a flexible, efficient system to control and optimize every aspect of the watch business. FINS is adaptable, upgradable, and flexible. It uses the latest in manufacturing protocols and internet technologies to prepare watch brands for the future.

Ready to see how FINS can help grow your Watch Business?
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The FINS manufacturing software solution for the watch industry.