Your inventory is your livelihood. The profitability and growth of your business, your team’s salary, and everything you personally earn from your enterprise can depend on you maximizing the sale potential of your merchandise.
There’s a lot riding on those products, so you need to know exactly what you’ve got in store, what else is on the way and, perhaps most importantly, who wants your wares and how much they’re willing to pay for them.
You can’t keep all that precious information in your head, and using separate software for inventory, sales, accounting, and tax commitments can muddle the true sales picture. It may be time to consider upgrading to a POS system with inventory management as a primary feature.
A POS Solution With Inventory Management Provides Unified Solutions
Every aspect of your business is connected, and it all has an impact on net revenue. The goal of a digital point of sale (POS) system is to recognize this reality and capture the intertwined nature of business elements within a single software platform.
A POS system with inventory management at its center makes sure you’ve got an up-to-the-minute understanding of what you’re holding, what’s been ordered, what’s just been sold, what hasn’t moved, and how much it costs you to sell each item in terms of staff, premises, and marketing costs, among many other variables.
The system sits in the middle of your physical and digital world. It acts as a register and a point of customer information in your shop, and as a one-stop software solution for all your accounting and sales information. You can access the digital side of things from any internet-connected device, and you and your team can access every feature of the instore display with the ease of a touch-and-tap iPad.
So, how does a POS system with inventory management improve your business?
- Rely on the cloud for data storage
- Streamline and automate purchase orders
- Maintain live inventory count
- Identify sales trends
- Personalize your business
- Maximize your customer options
- Analyze your entire enterprise
These advantages largely stem from a digital POS solution’s ability to bring every aspect of your business together into one highly accessible, cloud-based platform.
1. Rely on the cloud for data storage
Imagine being able to visualize the flow of inventory across your whole business. That’s what a cloud-based POS system with inventory management offers. Each separate stage of ordering, stocking, and selling your wares can be tracked across a series of linked software apps that display as a single platform online. You can access them from multiple devices, you can view and alter them at any time, and you can monitor live information from anywhere.
The cloud is third-party software storage and maintenance that lets you use the best business programs without a large investment or detailed IT knowledge. It’s a hassle-free way to oversee your entire business when, how, and where you choose.
2. Streamline and automate purchase orders
Computers and software apps spend all their time remembering, repeating, and analyzing patterns. When you apply this strength to your inventory you get a more efficient and streamlined system. A POS system with inventory management will include a detailed tracking system for every purchase order you make and can be used to automate deliveries and maintain stock volumes at optimal levels.
You could link the system directly to your sales register and make sure every product is reordered the moment it runs low, and every order of a slow-moving line is delayed until things pick up. It’s the 2020 way of optimizing your product spend.
3. Maintain a live inventory count
Inventory accuracy will save you money. A digital POS solution can keep a running live count of every product you stock because of the connections that run between its moving pieces. Every sale or write-off that goes through your POS register is accounted for across your stock count automatically so that you always know exactly what you’ve got in store.
This accurate count prevents you from promising customers products and alternatives you can’t deliver straight away and prevents the immovable stuff from taking up valuable floor and backroom space.
4. Identify sales trends
Keeping computer-accurate track of everything you buy and sell can be quickly translated into real-world sales trends. Simply by following along on your smartphone you can get insights into what is selling, when, to who, and at what kind of volume. These insights can in turn be fed back into your inventory management to increase or reduce purchase orders or to alter the prices according to demand.
If your inventory is your livelihood then sales trends are the health system that diagnoses how well your business is thriving.
5. Personalize your business
With a digital inventory management system in place you can quickly find out how your business decisions impact your bottom line. You can introduce customer loyalty programs, sales events, offer discounts to regular shoppers, run a comprehensive returns policy, and bundle products together to tie in with marketing strategies safe in the knowledge that you’ll get a quick verdict to their success or failure.
If, for example, you introduce discounts based on shopping frequency, your inventory management system should be able to tell how any increase in sales accounted for a reduction in individual product profit. It’s a scientific way to add a personal touch to your outlet.
6. Maximize your customer options
The more efficient your inventory management, the more product it can handle. If you’ve optimized your purchase orders against the popularity of products and the cost of getting them to your customers, staff training and the like, you can begin to introduce more variety. Better inventory understanding means applying depth to the lines that warrant the detail.
You can value-add to the customer experience by letting them tailor their favorites by style, shade, size, and more.
7. Analyze your entire enterprise
Every little detail of inventory control a digital POS system offers you is another opportunity to streamline your enterprise. The savings you make by automating your purchase orders, the time you save by connecting your tax commitments to your live sales register, and the staff resources you improve by introducing a touch-sensitive multimedia support system all improve your overall business.
Gaining Control Over Your Inventory With POS Solutions
With an interconnected POS system, you can identify bottlenecks and weaknesses in your way of working and find improvements. When your inventory is your livelihood it is only prudent that you manage it with the most accurate, comprehensive, and responsive system possible. A POS system with inventory management gives you more control over your livelihood.
When you partner with talech you gain total control over your inventory. From automated purchase orders to scientific sales analysis, our solutions offer you state-of-the-art business advantages. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
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