Making important purchases are in no way a new concept for you as a small business owner. You must, however, err on the side of caution, as you do not have the financial resources to make a rapid recovery from a costly mistake. This means that it is imperative that you perform an in-depth ROI analysis in each purchase you make, whether its new décor for your store or a new point of sale (POS) software solution.
You wouldn’t make a major purchase for your family without an investment of thought and research, and the purchase of a POS solution is not any different. As you go about the process of selecting a POS solution, there are some well-known point of sale system advantages and disadvantages to consider. Doing this research ahead of time allows you to not just become well-versed in emerging POS technologies, but will greatly aid in the selection of an insightful POS consultant. With this list in hand and a knowledgeable POS partner at your side, you will easily design and implement a POS solution that stimulates growth.
Cloud-Based POS Solutions: Should Your Head Be in the Cloud?
The cloud has quickly evolved from being a place to store files into a data and business management platform. An important part of selecting the POS functionalities you need is to determine if cloud-based POS computing is the right fit for you. While different business types, sectors, and physical locations can be key determining factors for going to the cloud, there are a number of other considerations to keep in mind.
- Do you need advanced data management and security?
- Do you need mobility?
- Are appointment bookings or reservations important?
- Is a multichannel approach something you would like to engage in your business?
If the answer to any of the above questions is “yes,” then a cloud-based POS solution will be the most advantageous choice for you. The advantages you gain by being able to project your brand anywhere—while having it always be accessible—are too great to ignore. Although a cloud-based approach does come with a learning curve, modern and intuitive apps help to flatten that curve. This gives you an inviting, easy-to-use solution that is built to drive your business forward.
Business Data Is Important, But Can I Manage it All?
A key selling point for many POS platforms on the market today is their ability to capture data from any portion of your business. Sales transactions, inventory, menus, appointments, and staff payroll all generate their own forms of data. Sifting through all of this can feel overwhelming, if not impossible, to most small business owners—especially when you need to do so quickly and without any advanced programming.
Determining the benefits around having a ton of information at your disposal cannot be discussed before looking at some of the areas of risk this data brings along for the ride. Too much information can put you in a state of “paralysis by analysis.” You must ensure the safety of personal customer information, adhere to PCI requirements in all three key data states, and have a business continuity plan in place should you lose access to your business or your data.
In order to fully realize the next-gen advantages that a POS software platform can deliver, there are a handful of important features that any solution must offer.
- Data encryption in all three data states. Your POS platform must encrypt data, whether it is sitting still, being used, or is being transmitted.
- Reporting must be advanced under the hood, but easy to use from anywhere, including through the use of an app on a smartphone or tablet.
- Data must be compatible and consistent across the board. This allows you to create reports across many areas of your business. For example, you can use sales data and staff schedules to easily determine who your most effective sales teams are.
These will work to ensure that you do not get bogged down with useless information while keeping data highly accessible and protected in almost any scenario. Following these few guidelines will help you to limit any solutions that could put you in a disadvantaged position while giving you high levels of data analytics that were once solely reserved for large businesses.
How Can a POS Solution Improve Business Relationships?
Building business relationships with all parties you engage with is an advantage that must be taken seriously during your POS solution search. It is important to remember throughout this process that this includes more than just your customers. Staff and suppliers must be kept in mind as well, and your POS system must have the functionalities required to ensure that these relationships are all kept healthy.
Misaligned POS features can quickly turn a promising technology platform into one that forces you into the damage control role. Mismanaged invoices, late payments to suppliers, or inaccurate paychecks are just a few examples of ways that having the wrong solution in place can sink your business. Any POS solution you consider must include these transparent, forward-thinking items if you are to seize a competitive advantage in your business sector.
- Online or app-based scheduling. Staff can easily see when they need to be there, or block out times they cannot work. Customers can easily place dinner reservations, while salons and spas can automate their booking processes.
- Integrate inventory and sales data with app-based mobile devices. This game-changing combination makes accounts receivable and inventory a breeze while providing suppliers with accurate orders and timely payments. Inventory leakage is greatly reduced, thanks to the advanced ability to monitor voids, deliveries, exchanges, and returns.
- Data integration for a personalized, customer experience. You can pinpoint each customer’s exact preferences in your business to design specials and promotions for each of them with a few taps on a screen.
- Concise management of customer loyalty programs. Your POS platform must give you the tools you need to create and run an effective and inviting customer rewards program.
This handful of items goes a long way towards building the transparences that consumers and business owners alike are driving forward. The establishment of strong relationships will aid in strengthening your brand while expanding its reach. Getting to this point requires you to take a deep look into all of the available POS features available. But thankfully, there is a way to save yourself time and money in this process.
Weighing Point of Sale System Advantages and Disadvantages
Adding a cutting-edge POS platform to your business gives you a competitive edge. Gaining understanding and knowledge around all of the moving pieces that are within a modern POS platform can be confusing and time-consuming. So when the time comes for you to build a strategy around what you need—while avoiding mistakes that can erase many of the advantages that POS technology can offer—that’s where professional support comes into play.
Here at talech, we can provide you with the expert POS consultants you need to drive your POS project forward. Besides time and cost savings, we give you advanced levels of training on your new solution so that you and your staff can use it to its highest capabilities. By the end of your implementation, you will emerge into the business world projecting a new air of confidence that will be backed up by a highly functional, sophisticated POS software solution.
We at talech want to assist customers that have been financially impacted by COVID-19, in light of restricted movements in cities and towns across the country. We have launched a number of initiatives to help customers during this time. Click here to find out more or reach out to our Support Team at email@example.com.
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