You most likely created your business with a desire to project the passion for what you love out into the world with maximum effect. Your image has been carefully crafted, and you have fine-tuned your reputation to be one that invokes thoughts of satisfaction. But how much attention have you paid to the technology you use? Is it performing at a top-level like your business, or has the time come for a technology renewal within your business?
A key component that is often missed in a small business technology refresh is its business inventory software. Modernization is desperately needed for many businesses, yet the focus on new technology often stops at the front register. Possessing innovative inventory management software can give you a high degree of cost and time savings while also giving you some important benefits that will thrust you past the rest of the competition.
There are a few crucial features that your inventory software must present you with in order for you to realize the fullest benefit possible. Having these literally in your pocket will give you the freedom you desire to stay focused on the customer experience. Selecting an inventory management solution that includes these functionalities will deepen the relationships you have with your customers, while greatly reducing stress on yourself and your employees.
Inventory Software Should be Integrated into your POS Solution
The best inventory software will not necessarily be a particular brand or even have the most features on the market. It will be a software solution that is an integral part of a larger, all-encompassing, POS system. This presents you with the ability to have multiple powerful tools all under the umbrella of one, easy to use, and maintain software solutions. And, having your inventory tools seamlessly integrated with your sales, and even staff management, tools can yield fruitful dividends.
Having all of the moving pieces of your business managed by a single POS software solution gives you the ability to easily monitor it all in one place. The convenience of this makes it possible to swiftly change your focus based on what you are seeing in your customized reporting. And, some of your more tedious inventory tasks, such as entering new products, can be automated with intuitive software intelligence and an app for mobility support.
There is one big advantage of having your inventory controls seated securely within a powerful POS solution: data consistency. Removing the need to manually cobble together sales and inventory data will provide you with more precision in the reports you rely on to identify trends. Having consistent data from all areas of your business also gives you the ability to develop a sixth sense of what your customers want before they even know they want it.
Predicative Inventory Controls Based on Sales Data
Arming yourself with a POS solution with a high degree of data consistency will allow you to build predictive data analytics across all areas of your business. The seamless integration of sales and inventory data will yield powerful results that help you to identify and predict trends in how your inventory flows from the backdoor and out the front door. This will give you the precise vision of your business you need to cut costs and to deepen customer relationships.
Here is an example of how this can work. Your customers know you as the place to go for buying product xyz. But what happens when product xyz experiences a slight change in quality that impacts the demand for it in your store? Your revenues aren’t falling, but neither are the stock levels of your other products. How will you determine how your customers are still spending money without your inventory levels decreasing?
You decide to merge your inventory and sales reporting to determine how exactly your customers are spending money in your store. Examining your reports, you notice a high volume of special orders being ordered in your store and sent directly to the customer. It appears that an updated version of product xyz has been the new trend. Using this information, you quickly replace product xyz with product xyz 2.0 to better align your offerings to the wants of your customers.
Cloud-Based Inventory Software Removes the Walls of Your Business
Achieving the maximum benefit from your inventory software is simplified if your inventory tools are based in the cloud. Using a cloud-based POS solution will allow you to execute the majority of your inventory tasks either through automation or from the convenience of an app. This eliminates the need to run to a backroom computer or clipboard to check on an item’s status and helps you to be better prepared for implementing a multichannel or endless aisle business approach.
Removing the barriers of operating hours and a physical location is where having cloud-based inventory tools really shines. Managing a dynamic flow of products flowing linearly from one end of your business and out the other is easy, but introducing web-based or app-based ordering quickly sends your inventory out into the world via multiple product streams. Having online inventory controls and data in place allows you to accurately track all of it for a maximum business benefit.
Add Powerful Business Inventory Software to Your Business
Almost every small business owner has the desire to get the most out of every technical tool at their disposal. Often missed are the inventory tools that are instrumental in driving cost savings and can give revenue an upwards burst. The complex nature of implementing advanced inventory management technology makes it imperative that you seek the help of an experienced third party POS consultant. This ensures that you get the features you need and that it all lines up perfectly.
Adding an integrated POS solution with business inventory software is a specialty that talech and our experienced consultants stand ready to assist you with. We will invest the time to learn how to best align an all-inclusive POS platform to the current and future needs of your business. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.