Everyone loves to start the new year with a list of resolutions they would like to achieve. For the small business owner, this may mean a change in the way shortcuts were put into place to save time. For others, it could mean attempting to put an end to working into the wee hours of the night. Although each business faces its own unique set of challenges, one common item on the business owner list of new year’s resolutions is to achieve better inventory controls.
Including the building of an advanced inventory management solution into your new year’s resolutions will require you to examine several emerging pieces of technology. When these inventory tools are included within a robust POS platform, you gain the efficiencies you seek not only in managing your inventory but in opening up more opportunities to present your brand to the world. This can give you important momentum as you dive into the new fiscal year.
Resolution 1: Improve My Data Management Processes
Knowing what is in your backroom without conducting time-consuming physical counts will require having accurate digital information at your disposal. Taking control of your data management is the first important step towards having an inventory solution that can be automated and precise. But in order to accomplish the high level of data management required to build a self-sustaining inventory solution, you need to have the right tools in place.
The one pivotal factor that allows sales data to play nicely with inventory data is to have them both gathered and contained within one, all-inclusive POS platform. With this, the data you gather will be consistent and fully compatible regardless of what the source of information is, whether it comes from multiple sales channels, bar code readers, or manual inventory entries. All-in-one POS systems will have you covered and will present you with exciting business-building opportunities.
Resolution 2: Use My Data to Build a Better Selection
Equipping yourself with reliable data presents you with a clear path to a very sought after aspect of modern inventory management: the mastering of product selection. No matter the industry, every small business relies on maintaining inventory stock levels, including billable hours and supplies. The ability to harvest data from within an all-encompassing POS platform can be accomplished through the use of included data analytic tools and monitoring.
Leveraging easy to read reports from the data analysis within your POS system will reveal truths around how each product truly performs. The insights provided by this granular level of reporting present you with the opportunity to be proactive in the products and services you offer. The customer-facing products you sell will be better suited to meet their always evolving tastes, keeping them satisfied while adding a new wow factor to your brand.
Resolution 3: Streamline Operations by Combining All Tools into One POS Solution
We discussed earlier how combining all of your POS functions under one, concise POS solution can help your data management shine, but what about the rest of your business? How can an inclusive POS solution help inventory controls as they apply to the other aspects of your business? There are several important inventory features that come with using a single POS set of tools:
- Staff performance tracking, including metrics such as order accuracy, return and exchange efficiencies, and sales conversion rates.
- Data to help determine your most popular in-store or dine-in products versus those purchased through other channels such as online ordering.
- Tracking for seasonal products, from apple pies and scarves to colors of nail polish and hair dyes.
- Payroll automation, including accurate tip and commission rates.
The ability to manage these items, and much more similar to these, under one roof, makes it possible to take your inventory controls to the next level. Loss prevention, staff training, or the expansion of your online presence can all be vetted with a high degree of precision using a single POS system containing all of the business management tools you need.
Resolution 4: Add POS Functions to Support Multiple Sales Channels
One of the great benefits of adding a POS solution that is built to seamlessly handle all of your data is that it will likely be able to manage data from multiple sales channels. A multichannel strategy can be leveraged to grow your business through the expansion of your brand to limits only governed only by the products you sell. And, with innovative inventory tools backing you up, your business will be well equipped to handle the additional sales volumes.
Having powerful tools to help manage inventory when you are engaging customers through multiple channels makes conducting business through these channels more profitable. Fewer mistakes, improved order tracking, and the ability to harness additional data points help you to build a stronger presence within your industry. And, these factors all work together so that you can coordinate an attractive customer experience.
Resolution 5: Create a Better Customer Experience Using All the Above
Your inventory is the invisible component used to build long-term success. It goes largely unseen in most businesses, making it easy to forget about what you have or what is silently building into a mountain of waste. Also, slackening sales can often go unnoticed even when items are sitting on shelves for long periods of time since one sale can provide the illusion that a product is still viable among your patrons.
The progressive reporting and monitoring capabilities brought to life within your business by a cutting-edge POS platform keep you in the know. Product trends, customer requests, and online product views all contribute to developing a precise understanding of what is hot, and what is not. This ingratiation can be utilized with confidence to take proactive steps in tweaking your offerings to better align with customer expectations.
Not All Advanced Inventory Solutions Are the Same
Taking the leap into a new way of managing your inventory is a resolution that will result in profits and a superior line of products. Unfortunately, not all software inventory tools are the same, and many in fact do not support seamless integration into a POS system. Getting the right blend of technology and having it all available in one place is a wishlist item that can come true through the guidance of an industry-leading POS solutions provider.
Building a top-notch inventory management solution that brings efficiencies and builds deeper customer relationships is a talech specialty. We have created a POS solution that is perfect for small businesses and provides advanced inventory management tools that help your inventory work for you.
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