IoT in Jewellery Manufacturing
In the last decade or so, the jewellery manufacturing industry has witnessed a lot of disruptive innovation with advancements in technology. Earlier, it was restricted to proprietor-run or family-owned entities but today the jewellery sector is transforming by leaps and bounds and aligning itself to the world’s rapid growth and consumerism, more specifically, the adoption of IoT and artificial intelligence to provide actionable insights and enable more informed decision-making.
The jewellery manufacturing industry has a lot to benefit from the potential of data-driven insights and advanced analytics. Here, let us look a bit more into how digital technologies, IoT-enabled analytics, and predictive techniques can be leveraged by the jewellery industry to scale the business to greater heights.
- Digital technologies: These include techniques like laser-cutting for decorating and engraving and the production of wax models by digital means. CAD (computer-aided drawing) and CAM (computer-aided manufacturing) are technologies that have revolutionized the industry as they allow jewellery designers to map their designs via a computer and assess the technical and aesthetic aspects of the new piece before investing time, effort, and money into drafting a final product. Similarly, 3D printing technology takes a software blueprint and builds a physical jewellery piece layer by layer, allowing the manufacturer to create a final product with a smooth finish and cut the production time by half.
- IoT and advanced real-time analytics: Techniques of IoT-enabled analytics coupled with creative visualization and machine learning have critical applications in the jewellery industry. Some of them are –
- Inventory Optimization – Jewellers need to maintain a high-value inventory of their accessories and pieces. Both out-of-stock and overstock is not good, and reordering can be complex to manage as any delay in restocking can result in business loss. By integrating analytics into the in-store sales system, a real-time inventory status can be obtained along with other valuable indicators which will allow retailers to transfer slow-moving items between stores and optimize stock levels in showrooms following the real-time demands and trends.
- SMART IoT-based Jewellery – With the rise of digitalization, consumers are now interested in jewellery that goes beyond aesthetics. A blend of IoT and fashion have led to SMART (self-monitoring and reporting technology) products in the form of wearable jewellery pieces which can perform functions ranging from making phone calls to monitoring one’s sleep and stress levels. IoT has disrupted the industry by creating jewellery designed with an equal focus on style and usability.
- Customer Profiling – Real-time data analytics can help jewellery brands discover key performance indicators (KPIs) and information about their customers as soon as they occur on social media and e-commerce websites. These include ones like customer engagement rate, transactions, visits, interactions, product returns, frequency, brand loyalty, and repeat visitor ratio. They can also give instant information on when the company has been mentioned online, the route that was taken by the user to reach the website, and which pages and PPC campaigns are performing well or poorly. This can allow companies to immediately alter marketing strategies and content in response to the data received and maximize their profit potential.
- Sales Analysis – A complete sales analytics and expense report derived from data collected can help analyze sales and expenses according to location, product type, season, etc. A sales analytics dashboard allows one to measure and monitor sales performance by product categories, groups, showrooms, regions, and sales personnel. Business managers can thus identify sales laggers and their root causes so that the relevant solutions can be put in place.
- Outlet Performance – Businesses with multiple outlets can harness the power of advanced analytics to analyze data and derive useful insights on performances at different outlets, areas that need improvement etc. Management Reports can be generated from the data visualization dashboards and new approaches can be taken by the management based on these insights
- Marketing/Branding Solutions – Data that shows the information on funds spent on various marketing and branding strategies can be obtained via a data visualization tool so that one can identify the most effective marketing techniques and gain insights for future planning.
- Predictive Maintenance – IoT-driven data analytics can provide predictive maintenance solutions and help avoid manufacturing equipment failures and high maintenance costs. It can also help reduce staffing by automation of the assembly line, increase the efficiency of production, reduce costs and increase overall revenue.
- Remote Monitoring – IoT-enabled sensors and devices can help monitor and track the jewellery pieces while they are being transported to the stores, alerting the handlers to any possible damage and theft which can otherwise deal great losses to the business.
Jewellery manufacturing has been supported and enhanced by various technological advances over the years. IoT and data analytics in particular have proven to be valuable innovations that will continue to revolutionize businesses in the industry going ahead.
Read our blog on IoT in Insect Farming here
Want to integrate IoT-enabled analytics into your own jewellery business? Thingstel’s next-generation devices, visualization platforms, and customizable analytics modules come with increased intelligence, reliability, and improved accuracy specifications. Our technologies can empower and strengthen your business, providing you with a wide array of solutions ranging from predictive maintenance to remote monitoring to real-time analytics and data visualization. Reach out to us in case you have any questions or simply want to know more!