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Fink’s Jewelers Engages NetSuite to Outshine the Market

By David Rodman, SVP of Global Customer Success, Oracle NetSuite—Apr 11, 2023
Fink's Jewelers

It all began on the streets of Roanoke, Virginia.

Founded in 1930, Fink’s Jewelers has always put a premium on building strong customer relationships and delivering great products. To survive the Great Depression, Nathan Fink, a starving pharmacist, pushed a cart around downtown Roanoke selling jewelry on credit. As the popularity for his products increased, Fink opened his first store.

Today, the business is owned and operated by the third and fourth generation of the founding family and serves the Southeastern US with quality pieces ranging from engagement and wedding rings to watches and bracelets. It operates 10 stores across three states and has growing ecommerce and private-label businesses.

 

Having a Great ERP Should Not Be a Luxury

In the last year, Fink’s has experienced exceptional growth and achieved up to 70 percent more revenue in 2022 than it had in the previous two years. The performance of its business fueled high inventory turnover, but its existing system, which is based on manual processes, was creating inefficiencies. To support its growth and its expanding product portfolio, Fink’s needed to make a change.

“We needed a powerful inventory management system with the ability to log new items with minimal administrative burden,” said Todd Stafford, Vice President of Information Systems, Fink’s Jewelers. “Essentially, our legacy IT had lost its luster. We needed our system to match the quality and the style of our business.”

 

Choosing a Time Saving System for a Timeless Business

Fink’s evaluated Microsoft Dynamics and Oracle NetSuite, and quickly discovered that Microsoft Dynamics would not readily support specific processes, such as creating and printing the tiny price tags common among jewelers. After a careful evaluation, Fink’s replaced its existing systems with NetSuite.

With NetSuite, Fink’s has one source of the truth for its business and can maximize the value of its data by integrating its financials, inventory and order management, point-of-sale, and ecommerce processes on a single system. In addition, Fink’s is now able to automate inventory management, reducing the time spent logging new product lines from several days to a few hours, and is able to connect stores with its ecommerce platform to improve the experience it provides to its customers and ultimately increase sales.

“NetSuite has the cloud figured out,” said Stafford. “It is helping us get the answers we need to unlock growth.”

 

Having a Bright Future Together

The demand for Fink’s is stronger than ever. In the future, Fink’s plans to take advantage of NetSuite’s CRM capabilities to use sales data to forge stronger customer relationships and boost sales. Finks is also looking to generate new insights from its data to expand to new regions, broaden its portfolio, and continue to better unify its ecommerce and physical locations.

“We are always considering ways that we can evolve,” said Stafford. “No matter where or how our business grows, NetSuite will serve as the foundation for those plans.”

 

Learn more about Fink’s Jewelers