If you were to compare current point of sale computer systems with what they looked like a decade ago, it is easy to see how far they have come. The cash register has evolved from being a solution used solely for processing transactions to a system that is now at the center of the entire business.
A recent article from Payments Source examined how these systems have changed. There are now dozens of options available with a number of features that can all be used to improve efficiency and dive deeper into operations. This is all in an effort to better understand how your company operates best and what your customers want.
One of the biggest topics of discussion in the piece is the extended use of other benefits, specifically reporting. The piece touches on several different aspects of this, including data collection, analytics, inventory tracking and much more.
“Small business store owners should also be number driven, keeping up with sales reports, income statements, and even data that keeps track of which products are selling the best- and the worst,” the article reads. “It is also important for smaller sized retailers whose products are dependent on their local surroundings to customize these kinds of reports and data by date or product type: Holidays, natural disasters, and other uncertainties affect sales, which affect trends.”
It goes on to say that retailers can use new POS systems to better organize inventory and manage supplies. In many instances, this is something that is automatically built-in to the standard versions of point of sale software. Once the installation is complete, a few additional steps are needed to start a process where businesses can easily track all inventory and set up alerts that automatically fire when product levels drop to specific lows.
With all these reports being generated automatically, businesses can start focusing on improving other aspects of their company like customer service or making physical improvements to a store front.
In the end, the article calls an upgraded POS system the “single most important device in a store.” However, it can be difficult for companies to shift through all of the options that are available and make a decision on which bundle works the best for them. With the help of a retail solution provider, any company will be able to deploy a point of sale and inventory system that can make a real difference.