Your business plan is an idea that needs to be filled with facts. One you set in place your unique vision for how your business will operate, you need to reliably and honestly assess how that plan is working in the real world.
Sales analytics software provides the facts that tell you what works and what needs to be improved within your business plan.
In the modern marketplace, you can build your own sales analytics software solution right into the same point of sale system you use to run your business. The same system that allows you to process customer transactions, make purchase orders, and offer sales incentives can also add up every dollar of spend and profit these actions generate. The result is a live assessment of how money moves around your enterprise.
Sales analytics software is your way of knowing how your own business plan really works.
Built-in Sales Analytics Software
Effective sales analytics software works as an invisible extra layer within your digital POS solution. It collects information from every function your POS system performs, which, given the all-in-one breadth of a modern cloud-based solution, touches just about every aspect of your business. Your POS system incorporates all the following:
- Sales and register information, including discounts, refunds, and bundled items
- Live inventory, automated purchase orders, and available product modifications
- Taxation commitments and expenditure
- Staff resources, including training, rosters, tips, and HR
- Internet-accessible live sales and service information
That’s essentially everything your business entails. When you add sales analytics software on top of that functionality, you get information on the practical impacts of every decision you make within your business plan.
Assessing Your Business Plan in Real-Time
Having sales analytics software working within your PSO system means every dollar of spend and income is accounted for, you can see exactly where it went and where it came from. This gives you the power to put your business plan into operation and get immediate feedback on its success.
For example, you can get a precise measure of how a specific product sells in the weeks on either side of a major advertising campaign, a discounted price, or a staff training program. If your business plan calls for a rotating cycle of monthly specials focusing on a range of products, you can watch in real-time as the plan impacts sales.
Your sales analytics software is an unbiased count of how your actions have led to customer reactions. You can apply this assessment to a wide range of areas too.
As everything that’s connected to your POS system can be measured against every other asset, you can trace the ripple effects of a good business plan across your enterprise. Stock that shifts rapidly can be monitored accurately through a digital inventory that tracks all sales, purchase orders, and refunds in real-time so you can see your success as they occur.
You can automate stock levels to account for customers and find the sweet spot between supply and demand that makes your business plan work.
More Effective Register
The leading PSO systems include customer loyalty and incentive functionality as standard, which makes it easier to get to know your repeat shoppers. This information can be captured at the time of sale by optimizing your digital register to prompt capture of details such as personal information, shopping or service preferences, and shopping history.
With the power to better target your customers, you can create a business plan that details your specific audience rather than just hoping for generic shoppers that don’t really exist.
Staff That Understand
Your business plan assumes your staff will be able to make your ideas a reality. Including sales analytics software in your POS system lets you measure the effectiveness with which each member of your team delivers sales against a particular environment. You can track peak sales periods across any time frame and then monitor the performance of each salesperson to see who needs support and who is ready for more responsibility.
Monitor Live Traffic
Cloud computing, which lets small businesses access the most advanced digital business tools cheaply and directly from the internet, gives you the power to monitor your operation whenever and wherever best suits you. You can track live sales remotely and across a chain of stores from any personal device and watch your business plan in action with cool analytical detachment.
With objective, data science-powered insight you can look for wasted resources, bottlenecks, sales trends, and star employees that can all be harnessed to improve your business plan. Capturing these realities within your plan makes them repeatable and reliable, and that’s what sales analytics are for—creating the best possible version of your business.
Build a Better Business Plan with Sales Analytics Software
You can never really know how your business plan is going to function until you put it into practice. Once you do, however, you can use sales analytics software to get an honest answer. That’s what all the digital advantages of modern data science is designed to achieve—a better understanding of what happened when your ideas met with retail reality.
The next step in creating the best possible outcome for your business is to take the feedback from your digital assistants and do something profound with it. The business you always wanted to build is available if you’ve got the right data science guides.
The POS solutions available through talech help you understand and run your business better. The advanced POS solutions let you see exactly how every decision impacts your bottom line and how every dollar of spend equates to revenue. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.