Inventory has always invoked feelings of dread and boredom in the minds of management and staff alike. Digging through dusty shelves, filling out tick boxes on a clipboard-bound form under bad lighting is a common perception of what taking inventory involves. It does not have to be this way, though, and having an inventory system that works in this way is a one-way ticket to financial losses and potentially the loss of your business.
While some of you have discovered that using your POS system as part of the inventory management process gives you an improvement in accuracy, the majority of small business owners are not using their POS solutions for inventory management to their fullest potential. How can this be corrected, without stepping outside of your budgetary limitations? Where can you turn to obtain the most effective inventory controls?
Improvements in Inventory Tech Make POS Upgrades a Mandatory Path
As the technology behind next-gen POS solutions has evolved, so have their ability to provide game-changing inventory management functionalities. These new POS platforms introduce better ways to keep tabs on your products and supplies, from when the shipment arrives until they leave your business in the care of a customer. The enhancements that a modern POS software solution can provide to you make upgrading a business requirement.
An innovative inventory management tool gives you the tools you need to determine product and services pricing. Tracking the costs of your products and supplies is crucial in determining fair pricing. You can enter in costs manually or import them from your suppliers, and see first-hand just how profitable each item is as priced. This gives you the insights you need to adjust pricing based on supplier cost changes, and to have them automatically reflected almost immediately at your payment terminals.
The reporting capabilities that come with many of today’s cutting-edge POS platforms give you an easy way to view inventory. Custom options in the reporting functionalities allow you to sort your inventory items by category, product, or supplier, and can allow you to see exactly which of your supplier’s products are yielding the greatest financial dividends. Your new reporting capacity also gives you an instant view into register voids and refunds, helping you to prevent product leakage.
How Does a Modern Inventory Management System Prevent Product Leakage?
Throwing a modern POS solution at the age-old problem of product leakage will revolutionize how you design your loss prevention strategy. Using a fully integrated POS solution allows you to implement an asset tracking system that uses all of the data your POS system has collected. Beyond giving you accurate product sales forecasting, this will also give you precise data that will quickly call out points of concern.
The best way to accomplish this is by leveraging a POS solution’s ability to track sales in real-time. Ideally, this high level of monitoring will be conducted automatically; tracking products and supplies as they move through your store. This presents you with instant visibility into where your products are placed. Also, when your POS solution blends the data of sales transactions into your inventory data, your system not only automatically removes them from your inventory stores, but can aid you in creating insights around product trends.
Integrating the data from inventory tracking into real-time sales data will give you the opportunity you have long sought in seeing the exact flow of a product into and out of your business. Establishing alerts so you know when refunded or voided items are not recovered into inventory, can allow you to act quickly and decisively to prevent a product from becoming lost. These functionalities all work together to enclose your business in a virtual force-field of product loss protections.
Utilizing POS Data to Limit Low-Turn Stock While Avoiding Low Inventory Embarrassment
Using your POS system to take control not just of your present inventory, but also for trend discovery, will turn the tables towards your favor. One key area of cost savings that can be improved using your POS solution is to reduce your low-turn stock. Using inventory data, you can create alerts to indicate when an item has been collecting dust longer than a specified period of time.
Merging this report into a sales report, you can quickly identify items that should be placed on clearance shelves and remove any intentions or processes to re-stock these items once sold. You will find new inventory and shelf space at a minimum of cost and effort, and achieve the ability to introduce new items that are related to your top sellers. Your customers will see you as someone with their pulse on the industry, and you will expand the reach of your brand.
The data used for these purposes can also give you a valuable gain in the prevention of running out of stock of popular items. By utilizing the monitoring and data management capabilities of an innovative POS system, you can create a low-count inventory threshold for each product and direct the system to automatically reorder. No longer will you need to take time away from the customer to check back stock and place orders for the products they love.
Can a POS Consultant Show you the Best Way to Use Your POS Solution?
Making determinations about how to utilize today’s POS technology to the fullest is a difficult challenge for any small business owner. Not only do you need to step away from your daily tasks to learn all there is to know about the changed POS market, but you must gain a solid foundation around how to integrate new POS functionalities without causing any downtime to your business or inconveniencing your customers.
Seeking the assistance of a POS consultant gives you a partner with the capability to handle the difficulties of a POS integration without your investment of time. They will introduce a system that pulls all aspects of your business inventory together into one, easy to manage, application. The solution they introduce will come with automated processes, such as low-stock ordering and transaction void alerting, helping you to stay ahead and minimize negative impacts to your bottom line.
Retaining an expert in POS and developing an accurate inventory management solution serves to build customer satisfaction while reducing your stress levels. At talech, we developed a POS solution that is geared for small businesses and easily integrates into your internal processes to give you a decisive advantage. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.