Update Your Store's Information Systems

In this time of accelerated change -- where information goes global in a blink of an eye -- you need to be sure that your business' information systems can keep pace. Jewelers of America’s resident education and management expert David Peters notes that technology -- while critical -- is not the only component to a store's successful information system. He says information systems are made up of any process that involves the gathering, screening, analyzing and use of information that may affect your business.

Peters shares the following tips to update your information gathering processes:

• Avoid the “shoebox” system. As a professional business, a bunch of files and invoices in a drawer won’t cut it. Plus, there are no assurances that all the critical information is there.
• Use technology to automate all inventory, sales and other financial processes.
• Use technology to track customer purchases and behavior.
• Integrate employee opinions and perceptions into your information system. To do this, you can ask salespeople to ask standard questions during the sales process or offer customers the chance to leave feedback.
• Use a wide variety of information sources to generate data on which to track your store's performance: magazines, newspapers, books, mystery shoppers, U.S. Department of Commerce, trade publications, local business associations, chambers of commerce, etc.