Beyond ringing up sales, a top-notch POS system can be a true business partner that consolidates various operational tasks in one platform. This feature-packed solution doesn’t only process payments — with the right tools, it can help you manage your business more efficiently by automating time-intensive tasks and transforming data into valuable insights for smarter decision making.
Here are five ways that a POS system can simplify your business processes.
How You Can Use a POS System to Streamline Management
1. Real-Time Inventory Management
One of the most valued functions of a good POS software is its automated tracking of sales and stocks. Every time you make a sale, it records the transaction and updates the quantity of your inventory, keeping your data synced both in the front and back ends.
This cuts down on the risk of human error because your staff members do not need to manually input or write up the transactions. It can also help reduce the number of times you’ll need to conduct a physical inventory check, which is incredibly time-consuming and labor-intensive.
According to the National Restaurant Association, approximately 75% of inventory shrinkage in restaurants is due to theft. With a POS system tracking every order processed and action made at the till, you’ll be able to keep a closer eye on the stock levels.
2. Stock Control
Because it tracks every transaction and keeps a running record of what’s on-hand and what’s been purchased, POS software can alert you when items have fallen below a certain number of available units and are due for re-ordering. It can also keep valuable information like how much you’ve paid suppliers for a product in the past, enabling you to make better deals for your future orders.
One study shows that 66.3% of customers leave a store without buying anything if they don’t find what they need, emphasizing the importance of understanding what your customers are looking for. A POS system provides insight on what items are selling well versus items that are stagnating on the shelves, which enables you to make smarter restocking decisions to anticipate your customers’ needs.
The data may even be filtered according to time, letting you pinpoint sales trends, particularly for seasonal items.
3. Employee Management
A reliable POS solution can help you manage your staff’s attendance by logging their shift schedules and days off. You can also identify the business's peak hours and high-performing employees based on transaction history.
This will inform your staffing decisions as you may opt to increase the headcount or utilize your most valuable employees during active hours.
Some POS systems come with mobile functionality, allowing employees to communicate with each other remotely in the store. This improves customer service by reducing the instances of an empty floor and unattended customers.
For example, if used in a restaurant setting, the waiters can send instructions to the kitchen via the POS system, ensuring that the orders are communicated clearly without having to leave the front of the house.
4. Customer Relationship Management
If you’re looking to establish a loyal customer base but don’t know how to, your POS system is a great starting point. It enables you to track customer information such as names, contact details, and purchase history, which you can leverage to deliver better customer service.
You can even tailor your marketing strategies based on consumer interests, and whether they are a new customer or a long-time patron.
A smart POS solution can additionally empower you to foster loyalty among your returning customers through loyalty programs and point systems. You’ll be able to pinpoint your most frequent customers and top spenders, who you can reward with discounts or freebies.
5. Report Generation and Analytics
Analyzing data and creating reports can be tedious work that many entrepreneurs don’t have time for; you have a business to run, after all. A multi-function POS system can do the work for you by crunching the data it collects into understandable and insightful reports that can inform your business decisions.
Generate inventory reports that show the amount of stock on hand, which products are due for re-ordering, and how much you’ve paid suppliers for stock in the past. Track your sales performance across a given period, compare sales numbers of one quarter versus another, and identify your best-selling and worst-selling products or categories.
Understand what goes on at the till such as the payment method that your customers primarily use, the numbers of sales that have been voided, and transactions that issued refunds or discounts. Monitor your employees’ activities, like days and hours worked and the number of sales processed, to make smarter staffing choices.
A POS system is all about improving efficiency and productivity — both of which are vital to the success of any business. And as your team and offerings grow and expand, you’re going to need more laser-focused ways of keeping the business running like a well-oiled machine.
Thankfully, the right tools can make it easy and take much of the grunt work off of your plate. Don’t just work harder. Work smarter.
If you’re ready to take your business operations to the next level, talk to True POS. From our affordable and customizable payment processing solutions to our reliable customer service, this one-stop hub for POS solutions takes care of the nitty-gritty so that you can stay focused on growing your business.
Get a free quote today!