Take it from us – the significance of Level of Sale (or POS) programs in enterprise can’t be understated. The event and evolution of the POS system has elevated quickly over the previous 20 years, benefiting the retail, leisure and hospitality sectors (along with others) by integrating cloud companies, cell and a mess of different useful options designed to enhance your backside line.
In the end, POS programs are about maximizing gross sales – one thing that they do in a mess of various methods. There are too many to say, however we’ve picked out 5 the reason why a enterprise wants a POS system so as to then decide how a lot cash you’re ready to spend on kitting out your corporation with one which fits your necessities.
1. Save money and time
If the previous adage of ‘time is cash’ is to be believed, your organization’s profitability can shoot up after getting a POS system. That’s as a result of you possibly can turn into extra environment friendly in a number of areas of the enterprise – not simply gross sales (although it performs a big half). Even changing into 10 per cent extra environment friendly in your operations processes on account of utilizing a POS system can have a big impact in your backside line.
Utilizing an environment friendly POS in your corporation will make you extra cost-focused and is usually a highly effective motivator in serving to your staff (and managers, for that matter) obtain particular person gross sales targets and targets, along with figuring out the place gross sales might be improved.
For instance, by means of means reminiscent of enhancing customer support. Firms that don’t trouble with a POS system (or implement one successfully) will typically endure from lengthy queues on the checkout; additionally they discover it tougher for cashiers to retrieve data for patrons who wish to discover out extra about gadgets. By being intuitive, at the moment’s cloud-based POS programs cut back danger by stopping frustration and minimizing the lack of time and productiveness, all for the good thing about the shopper.
2. Enhance performance and ease of use
You may drastically enhance the performance of your corporation by means of a POS. One of many fundamental methods that is doable is by deciding on a system that’s cloud-based, which lets you run the enterprise and retrieve stories and helpful knowledge from any location and on any gadget. That stated, employees can only make the most of a POS system’s useful functionality if it’s easy to use. Unlike traditional cash registers, which were not designed with ease of use in mind, POS systems are designed to be as useful as possible to companies within certain sectors.
For that reason, it’s worth doing as in-depth research up front as possible to determine whether a POS system has been designed for the sector that your company is based in. Ones designed for retail, for example, will offer inventory management functionality, while ones designed for restaurants will sport large interfaces that make it easier to book tables in darkened environments.
3. Reduce (or eliminate) employee error and theft
POS systems do a lot of the hard work for employees and their managers. Not only will they calculate all manner of sales-related activity, they can also hold employees to account and figure out which are performing best (and, conversely, which aren’t pulling their weight). They can also reduce error: if you are calculating stock takes or orders manually, then it means that your business is being exposed to unnecessary errors caused by your human workers.
This wouldn’t be a problem if it happened once a day, but when multiple errors go undetected it can add up. Additionally, POS systems can detect employee theft, which is the original reason that inventor James Ritty invented the very first POS system back in the late 19th century. Any decent small business POS has the data needed to understand the source of losses and determine where weaknesses are, and where action needs to be taken.
4. Get real-time actionable reports and data
Introducing a POS system will bring more data into your business over time that can be acted upon to reap rewards. After all, you cannot run a business based on insight and intuition alone. Through accurate data you can create successful strategies and make informed business decisions.
When you have sufficient data, for example, you can order in exactly the amount of actionable stock that a certain store needs (and has proved popular with customers). You will be then able to introduce price reductions and special offers on goods according to that data. A POS system will also offer analytics features that provide specific information, such as low stock count; best selling items; worse selling items; off-peak hours; and peak hours.
5. Improve the customer experience
Getting a POS can improve the customer experience greatly. That’s through features such as customer ordering and inventory tracking, which will allow you to look up and order products into a store from other franchise locations. Additionally, a cloud-based POS lets your workers provide customer service and sell items directly from the shop floor on a mobile device – such as an iPhone or iPad – which then feeds back to all other areas of your system.
A decent POS system will remember thousands of existing customer enquiries, meaning that other customers who have the same problems or queries can be served much faster than stores that would have to look up answers without existing context every time.