Every business owner is similar in that they have to have some kind of inventory management system in place. The differences come when the methodologies are closely examined, yielding a wide variety of systems ranging from clipboards and spreadsheets to product scanning and automated database queries. The simple fact is that, regardless of what your system is or how advanced it may be, your inventory management processes are most likely due for an overhaul.
A deeper dive into your inventory controls may clearly show that your improvement focus should target your inventory processes, but how? Finding a simple inventory management software solution can be as easy as turning to your point of sale system. The benefit of using your POS software tools as an all-in-one business solution will help you take control of your inventory.
Having all of your business tools in one easy-to-access solution greatly improves efficiency and reduces the amount of time required to manage your business. A POS system that includes a modern inventory solution gives you three important cost-saving benefits immediately and helps you to open doors to opportunities that may not have been available to you. These important benefits form a solid foundation that shifts your business from neutral to drive.
Accurate Following of Inventory from Point to Point
A key advantage of using an inventory management solution that comes as an integral part of your POS platform is the ability to seamlessly monitor products. The products you offer can be watched from the moment they are ordered until delivery to you. Staff can easily scan items into your POS solution, and have the ability to add new items into your POS system without having to run and find a computer or you to address the new item.
The moment an item is entered into your inventory, your POS system begins to track a variety of data points, including:
- Shelf age
- Online viewing statistics
- Expiration or use-by dates
- Sales information
These all combine to give you easy to view, real-time information about how well each product is performing. This helps you to reduce your ordering of perishable items if they lag in sales, or to quickly change gears should your customer’s taste in clothing lines suddenly shift. In all cases, the ease in which your inventory and sales data can be merged into customer information gives you clarity about the shopping habits and tastes of each individual customer.
Integrating Inventory and Sales Data for Proactive Customer Engagement
It is imperative to lean on all of your data when designing your product and service offerings. Perfecting your platform of offerings is only possible when you can quickly see how all areas of your business are performing. An advanced POS solution will make it simple for you to mesh real-time inventory data and the data from sales transactions. From this, you will be able to develop an in-depth understanding of what is working, and what needs to be retired.
The ability to swiftly see purchasing or ordering trends allows you to proactively adjust your customer offerings. In turn, this gives your customers a high degree of confidence in your ability to provide exactly what it is they are looking for. Also, the information you analyze in your POS platform will allow you to create a personalized shopping experience for each customer, including individually targeted specials or buy one, get one deal.
Integrated sales and inventory data gives you one more way of building positive customer engagement. Online ordering gives you an easy way to engage in multichannel sales. With a next-gen POS solution in place, you will gain additional points of data from online sales, such as viewed items statistics. This gives your customers more convenience when doing business with you, while you enjoy a significant lowering of inventory maintenance costs.
Save Money by Reducing Inventory Investment and Storage Costs
Cost savings can be achieved not just through proactive, data-based product and service changes. A modern inventory solution will lower the costs associated with maintaining the inventory you have. When your inventory controls are seamlessly integrated into a modern POS platform, including handheld barcode scanners and precision data accuracy, you immediately gain the time staff previously spent hand-counting items on your stockroom shelves.
Restaurant owners see a significant reduction in the amount of money that ends up in the dumpster. The ability to monitor ingredients by their use-by date or expiration dates ensures that the food you serve uses the freshest of ingredients. You also gain the ability to track ingredient usage and stock levels down to the ounce or gram level, allowing you to determine if any kitchen staff is overusing items during food prep and to set automated reorder thresholds.
Salons and spas can gain cost benefits by investing in a cutting-edge inventory solution. Like those in the foodservice industry, many of the products used by salons and spas have use-by dates that must be monitored. They must also track product usage by the ounce or gram, making a fully integrated inventory management and POS software solution a game-changing investment.
Let Us Build your Simple Inventory Management Software
Rarely do small businesses have the time or manpower to walk through a stockroom counting everything on the shelves or inboxes. And as margins grow smaller for businesses, cost and time savings must be found in every nook and cranny possible. This is why it is important to implement not just a powerful inventory management solution, but one that seamlessly integrates into all of your business processes. A dynamic POS solution can help you streamline all of your business operations and make inventory management a breeze rather than a burden.
When you partner with talech to modernize how your inventory management is handled, we start by first understanding your business challenges. We can then work with you to apply a simple inventory management software solution that provides you with a cutting-edge system that is both powerful and easy to use. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.