Time is always of the essence in any business, but especially for small- and medium-sized businesses that have to juggle multiple tasks at any given moment. To combat this, technology can be introduced to help build efficiencies into each process.
For example, a modern POS platform will typically include a sophisticated online inventory tracking system as part of its features, delivering the time-saving results you need. In it are many key features that will augment your ability to streamline your inventory management strategy.
Introducing Automation Into Fundamental Inventory Tasks
Automation was once reserved for larger-scaled businesses with a ton of IT resources at their disposal. However, due to recent innovations in POS technology, automation is now available to businesses of all sizes. New functionalities are specifically scaled with small- to medium-sized businesses in mind and can provide the same cutting-edge automation capabilities that corporate giants have access to. Possessing the next-gen ability to automate much of your inventory management allows you to:
- Add new products. Instead of manually entering new products into your inventory system, new items are automatically entered the moment they are scanned.
- Synchronize sales and inventory data. Inventory sounds simple—you receive an item, then someone buys it. But what if there is a return? Or an exchange? Or maybe the sale needs to be voided because of a cashier or customer mistake at the counter. These will contribute to discrepancies in inventory unless data from sales and inventory are fully synched.
- Customize reporting to yield the exact information you need.
- Monitor inventory. You can observe how your products move throughout your business, eliminating the time-consuming “sneakernet” approach of having to track items down.
- Make automatic updates to online platforms. Has a product been discontinued? Are you out of an ingredient for a popular menu item? You no longer need to try to recall everywhere your menus are posted and revise/replace each file. You can simply make the appropriate menu or listing changes in an app and it will automatically update your menus with the latest information.
These efficiencies achieved through an online inventory tracking system help alleviate the time-consuming aspects of product management, allowing you and your staff to shift your focus to creating a superior customer experience. The saved time can also be applied to building and expanding your multichannel experience through the strategic leveraging of your cloud-based technology.
Improved Efficiency in a Multichannel Environment
Seamless inventory management is an integral part of successfully managing a multichannel expansion.
Multichannel inventory management is simple with a cloud-based POS solution offering built-in inventory tools. These tools allow you to funnel data from all channels into one centralized storage repository in the cloud. From here, you and your staff can monitor inventory to keep track of stock levels, emerging customer trends, and potential points of product leakage, helping to get the most out of your products and ingredients.
These features empower you to create a personalized experience for each customer. Through leveraging the advanced data analytics at your fingertips, you can devise personalized promotions based on each customer’s favorite product or service. You will also have the tools needed to expand into markets, allowing you to connect with new customers through an engaging POS-provided app.
The Advantages of Having Your Inventory in Your Pocket
Almost just as vital as your cloud-based inventory and POS technology is the ability to manage it all from an app. This is a rapidly growing trend in POS solutions that small businesses are increasingly taking advantage of. As the cost of mobility continues to decrease, the reach of this technology becomes more attainable for any business type or model.
Placing your business inventory into the pockets of staff is one of the most exciting aspects of using cloud-based inventory tools. You can easily search for items in inventory and orders can be placed easily with a few taps, as can general inventory monitoring. These tools help you to deepen customer relationships, expand your customer base, and save valuable time. This gives you the ability to remain focused on the customer, and not on the whereabouts of an item.
Let an Online Inventory Tracking System Work for You
The beauty of an online inventory tracking system is its ability to work for you. The time-savings gained by introducing automation into manual inventory processes present you with immediate cost-savings. This technology takes advantage of cloud-based POS software that can be effectively leveraged to create an intuitive multichannel strategy to shift your business into a new gear. And, you gain the ability to run it all from the smartphone you keep in your pocket.
An online inventory tracking system can maximize time- and cost-savings in your business. The expert POS consultants at talech will work with you to develop a cloud-based POS solution that includes online inventory components that can be managed from anywhere. This frees you up to focus on the evolution of your business while staying ahead of your market’s curve. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.