The rapid pace at which technology evolves may understandably leave you feeling dizzy. Emerging, powerful POS features and functionalities will have you constantly wondering, what do I need and what is just overkill? Knowing what you must have in a POS solution is enough of a challenge without knowing that many small businesses often choose solutions that are incomplete. Where can you start when determining what it is that you are missing when choosing between POS platforms?
Inventory management is a common business aspect that often escapes notice during a POS system refresh. Adding a POS system that tracks inventory can be a powerful enhancement that can serve to improve margins through several means. There are a handful of important questions that you can ask yourself when determining whether or not your internal inventory processes are strong enough to be an asset. The answers to these questions will then guide you to your ideal POS technology scenario.
Why Do I Need Inventory Tracking in My POS System?
This commonly asked question is one that may have several answers depending on the type of business you are operating. The one important answer to this question that can be universally applied is this: inventory tracking gives you a way to both make money and lower your risk of operation at the same time. Here’s what this looks like in some common types of small businesses:
- Retailers, including boutiques and specialty stores, need to monitor inventory from the time of order to the time of sale. This must include the ability to harness historical customer data, as well as to accurately manage exchanges, refunds, and exchanges.
- Food-based businesses, such as restaurants and QSRs, require the ability to eliminate expired or spoiled food as part of their quality control processes.
- Salons and their owners need visibility into how much shampoo or other product is used in a styling session. Popular upgrade items, such as hair colorings and highlights, must also be tracked and accurately monitored for trends.
Inventory tracking greatly reduces the risk of operation by limiting your losses through the maximizing of product utilization and the minimizing of product leakage. These potential savings and revenue-boosting points must be held in high consideration when choosing your POS solution.
But Are the POS Systems that Include Inventory Controls Worth the Cost?
Cost is a major determining factor for small business owners when it comes to performing a technical upgrade. Achieving a high, and rapid, ROI is crucially important when an additional pull on a budget is added to the mix. Thankfully, one of the most attractive elements of modern POS technology is that you gain powerful software functionality and features that were previously only accessible by businesses with large tech budgets.
The best cutting-edge POS platforms will include high-tech inventory tools that are consistent with modern inventory tracking practices. These inventory solutions will be data-driven and will present you with clarity around the performance of all of your products and supplies, from sizes, colors, and model numbers down to ounces and grams. The ability to track their movement, and to easily uncover trends, can help flip your POS solution from a cost point to an asset generator.
How Does an Inventory Solution Apply to My Type of Business?
There is an unlimited amount of small business types out there, which is what makes owning a small business so exciting. Sometimes, small business owners can feel stuck on the sidelines as upgraded technology seemingly rolls by them. However, the blend of inventory tracking tools, advanced data analytics, and the ability to fit it all into an app that sits in your pocket, has changed the game for all small business owners.
From clothing specialists to boutique pet stores, retailers can utilize this perfected blend of cloud-based POS technology and advanced data management to accurately monitor their products. This gives them the capability of ensuring that stocking and restocking run smoothly, while the provided data analytics gives them the ability to proactively monitor and respond to trends in changing customer tastes.
Food service-based businesses
Food-centered businesses also can utilize advanced data analytics in a POS platform to monitor their own customer trends. Additionally, restaurants, cafes, et al, can add an additional layer of quality control to their internal processes. These work together to ensure that the ingredients used in dishes are as fresh as possible while monitoring ingredients down to the ounce or gram.
These small layers of measurements will also have a positive impact on businesses that are highly oriented towards the customer experience, such as salons and spas. Keeping accurate tabs on the tools of the trade, such as shampoos, conditioners, styling products, or massage oils, will reduce waste and will present these owners with new ways to hone the supporting products they stock.
Can Advanced Inventory Functionality Deepen Customer Relationships?
In short, the answer to this question is most definitely yes. Streamlining inventory, especially the ability to track inventory in multiple channels, is a critical building block for attracting a customer’s attention and holding it. As tastes and trends change, your POS-driven inventory controls will keep you in the know of how the expectations of the customer are starting to evolve so that you can quickly maneuver your inventory to accurately stay one step ahead of them.
A POS System That Tracks Inventory Starts with the Help of an Expert
Obtaining a budget-friendly POS system that addresses all aspects of your business is important. Of more significance is its ability to track all of your products and supplies. Keeping your finger on where any product is at any time, from its receipt in your business to the final sale, keeps the wheels of your business moving freely and boosts profits. Getting to this place may require an expert’s touch, especially one with a keen understanding of the challenges faced by small business owners.
Retaining a talech POS expert gives you the business wisdom and technical knowledge required to help you to achieve inventory perfection. Our valued team will work with you to design an inventory tracking solution that will take your business to the next level.