In the world of automation, business owners can expect a manifold increase in their revenue if they opt for suitable software and technology. Point-of-Sale (POS) software is one of those essential business tools. It has become mandatory in the sales industry, whether you happen to be in offline retail, online retail, wholesale, distribution, or any other type of sales business.
Installing a suitable POS system can assist you with sales, customer experience, staff management, and inventory management. You can expect a rise in profits, a decrease in expenditure, and an enhanced user experience. But what are the parameters that should be considered before investing in a POS management system? There are multiple parameters related to various operations. Here, we will lay emphasis on the inventory.
Inventory is a prominent aspect for any small, medium, and large-sized retail business. It directly influences sales, customer experience, and ultimately, the growth of your organization. Before you invest money in a POS platform, consider following essentials necessary for effective inventory management.
#1. Custom Reporting
An advanced retail POS software renders immense scope for improvisation as per your requirements. The predefined attributes may not fulfill your demands. In this case, you can alter the attributes or add new ones. For example, if you are in apparel retail, you can segregate apparels according to categories like men, women, kids, and unisex. You can further assign subcategories in the men’s section like particular brands, sizes, seasonal wear, upper wear, bottom wear, and so on.
When you have the option of adding custom attributes, it becomes easy to manage the inventory. You can generate inventory data reports at your convenience, whether it’s weekly or monthly. Moreover, you can filter data so that the published reports emphasize specific attributes for a targeted analysis.
#2. Detailed Analytics
When you have the provision of getting detailed data, you can perform in-depth analysis to manage your business. Reporting and analysis allow you to make decisions that keep your business on track, eliminating roadblocks pertaining to sales. For example, a sales report on the net sales achieved in different stores (if you have more than one location). You can determine the performance of each location and your online store, thereby, strategizing your next move. If the sales of a particular brand are low in one location, you can accordingly move the stock to the other location where the sales are high.
Similarly, you can manage incoming stock by dealing with vendors. Based on the sales and quantity, you can negotiate with the vendors and obtain the best quotes. The capable retail POS software allows you to save these reports on the cloud or local drive, share it with your peers, and edit information as per your requirements.
#3. Complete Inventory Control
Managing inventory is not just about the stock, it involves staff management, regulating stock movement, and performing periodic audits. You can completely monitor and manage inventory so that you deliver a seamless user experience and generate maximum revenue. Besides the incoming and outgoing stock count, the retail POS system allows you to alter attributes according to occasions like holidays, end-of-season sales, events, and so on.
The right POS system will be able to manage the most complicated inventory with utmost efficiency, whether it’s indicating low stock levels, outdated stock, or low performing stock. Other than these, you can perform full or partial inventory audits, thereby, ruling out possibilities of discrepancies.
#4. Weeding out Discrepancies
Although the possibility of software errors is minimum, discrepancies may arise due to system errors or human errors. Due to these discrepancies, customer experience may get hampered or your balance sheet may witness errors. You must ensure that the retail POS software is capable of citing these discrepancies. For example, if the system shows a negative inventory for a particular product, it is possible that there is a mismatch between two products in the inventory. To eliminate quantity discrepancies, the POS system should perform a post-cycle count periodically to furnish real-time data at all times.
#5. Ease of Use
For effective inventory control, it is recommended to analyze the ease of use of the POS system. For example, the software should be compatible with different devices like desktop, laptop, and mobile phones. This renders flexibility as you can monitor operations from anywhere. Along with the system, the service provider must ensure proper training of the staff so that they can use the software without any problems.
Integration of other apps in the POS system is highly desired because other processes have a direct influence on inventory management. For example, if you rely on a shipping app to manage shipping jobs, you must ensure compatibility between the POS system and the app. This ensures that inventory gets updated regularly, every time a product is shipped, canceled, or returned.
A perfect POS system is the one that caters to your requirements. Check out all the features before you finalize the right fit. Although every store operation is a priority, inventory management should be at the top of the list because most of the issues arise in this segment. Besides other aspects, make sure you have considered the aforementioned POS system essentials for efficient inventory management.
If you need a user-friendly point of sale system that will manage your inventory in real-time, give you the data you need, and be available anywhere, you’ve found it.