Managers know the importance of having organized stockrooms and thorough inventory management procedures. However, when the POS system does not have inventory software or the inventory software doesn’t connect to the POS system, then the job of inventory management becomes much more challenging. A business has the potential to become more successful when it can accurately report on the value and quantity of items in the stockroom in real-time.
Effective inventory management means continuing to monitor controls already in place as well as asking the right questions when issues arise. Enhanced POS reporting features supply managers with new business intelligence which they can use to make better forecasting decisions. POS inventory software can also play a key role in making your business operations smoother and more efficient while controlling costs.
Real-Time POS Inventory Software
The traditional method of determining your exact inventory count is to send someone into the stockroom and count product by hand. Perhaps your associates leave the sales floor to go check the shelves while the customer waits out front, or you may have to conduct these counts outside of regular store hours. No matter when you do it, you also introduce human error into the process. How do you think your sales operations could benefit from real-time inventory data from a few taps on a nearby POS display?
The latest POS inventory software can instantly adjust the count and status of the products you carry based on sales, returns, holds, and eCommerce activity. This means that your inventory is always up-to-date and accurate, and you don’t have to rely on periodical hand counts to know exactly what your stock looks like.
Customizable Reporting Features
Off the shelf inventory software is oftentimes a one-size-fits-all solution. One size certainly does not fit all. Managers should be able to customize POS data for specific uses as they arise, and cloud-based POS inventory software has resolved that issue. Massive amounts of data can be collected and stored behind software encrypted servers. Reports can be as simple or as detailed as you need.
You can even schedule them to run automatically. You can view them from your POS display or email them to yourself to view later when you have time. If you are in the restaurant industry, you can give kitchen staff access to reports they need while servers view daily sales totals and tables served. Why is it important for kitchen and wait staff to view inventory reports? It allows bartenders to monitor if they are staying within required ranges for mixed-drink portion sizes, and kitchen staff can quickly alert staff when running low on foods needed for menu items.
Control Cost “Creep” with POS Inventory Software
Cost of goods sold (COGS) and payroll usually have the biggest immediate impact on business profitability. You may have little control over wholesale prices, but you can adjust:
- Suppliers and distributors
- Reordering schedules
- Bulk quantities per order
Detailed reporting features included in cloud-based POS inventory software allow you fine-tune how you fill your stockroom. You no longer need to worry about unfriendly packaging on some products or missing barcodes from others. Now, you can create your own barcode or even scan QR codes when you receive shipments. Add new items to your POS system with ease.
Consider ordering more often or in smaller quantities when vendors have more frequent delivery schedules. With less inventory surplus, you can reintroduce your staff to a stockroom that’s easier to navigate. Begin reallocating your inventory budget to release cash to where your business needs it more.
Ecommerce and Retail Inventory Integration
Whether you run a salon, restaurant, or retail shop, eCommerce serves an important role in sales and marketing for your business. Today’s discerning customers want to place orders from a tablet at home or from their smartphones on-the-go. Robust POS inventory software can make expanding the size of your inventory more manageable, too. POS inventory software interfaces with your website to update inventory product count across the system no matter when or where you make a sale.
Make Organizational Improvements with POS Inventory Software
POS inventory software gives you a new way of looking at how your business operates in two different ways:
- Physical organization as a result of a leaner, better equipped inventory management system.
- Enhancements and automation which can improve sales, accounting, and auditing processes.
Automated processes save time and reduce the chance for human errors that can cut into your bottom line. Add real-time inventory audits to your to-do list when you need them most. Manage the sales order fulfillment process to offer a better customer service experience for online orders and in-store pick-up.
talech provides professional POS inventory software solutions to many industry leaders in bar and restaurant, salon, and retail industries, and any place a POS system is needed. talech can help guide your migration to feature-rich POS inventory software so that you always know what is happening with your business.
