The push towards modernizing technology in small business environments has continued unabated over the past several years. Sparked by innovations in point of sale development, the interest and pursuit of powerful, affordable ePOS technology are expected to continue. Of particular interest are the advances made in the controls needed to manage small business inventory, making ePOS inventory management tools one of the most highly sought-after feature.
Making the choice between the available ePOS systems on the market must start with a short comparison of what each product can offer. And although some features may seem basic or obvious, many ePOS systems do not offer the flexibility in their offered feature sets that small businesses require. Selecting an ePOS solution with the below fundamental elements will provide you with the strong foundation of inventory controls you need to drive up your profit margin.
Data, Data, Data, and More Data
Ok, so the importance of data in any business setting is not technically a secret. However, many small business owners often fall into the trap of downplaying the importance data can have when making tough business decisions. Although your intuition may have brought you far, you are likely missing something big without letting your data work for you.
The data management features contained within an innovative ePOS platform will be up to the challenge of sorting, organizing, and storing all of your information. Sales transactions, accounts payable or receivable, orders and shipments, as well as monitoring the flow of online-based data points are all managed in the background without the need for time-consuming manual organization. This puts powerful teeth into your efforts to accurately track the comings and goings of every item.
Hands-free product tracking will be a newly available, and valuable, tool brought to you by an ePOS system. Inventory is tracked from the moment it is ordered until the time it leaves your doors with a customer. The hands-free aspect of this frees you and your staff of the legacy inventory control processes of the past, shedding those wasted hours in exchange for more available time to invest in the growth of your business.
Reporting and Monitoring Are Crucial for Strong Inventory Controls
All of the most advanced inventory management tools available in today’s ePOS platforms are powered by data. Having this data, while important, will be practically useless without the ability to harness everything it contains. Doing so requires having access to data analytical tools, as well as reporting features that are as close to real-time as possible. Without these, monitoring your inventory to ensure that it is working for you, and not the other way around, would be largely impossible.
The most effective ePOS solution will include concise, in-depth reporting that can be accessed from anywhere. From your laptop to your smartphone, this solution should give you an easy-to-use and understand portal so that everything going on within your business can be easily monitored. Your ePOS provider should show that it understands that your business will be unique in many ways by providing you with a way to quickly build custom reporting as needed.
Having access to this level of reporting provides you with advanced data analytics that will be crucial in staying a step ahead. You will gain insights into products that are starting to see slumping sales, or if certain meal options are falling out of favor. Through these, you can take a firmer grasp on the products you order, while having the confidence that what you order will sell, and without the need for a clearance sale.
Your Inventory Strategy Can Be a Powerful Marketing Tool
It may seem strange to consider that an internal process can serve as a marketing tool, but that is exactly what your inventory controls accomplish. Stocking items that do not sell not only wastes your money but is unlikely to attract new customers or retain old ones. Continuing to offer outdated or seasonal menu items will do the same for food- and beverage-based businesses as well. This means that you must start to see your inventory strategy as a marketing tool.
Your inventory data is the gatekeeper for positive growth; without it, you will be left disposing of expired ingredients or trying to sell dust-covered boxes for a loss. Harnessing this information, and using it to complement your business plan, will help you make the exact changes in order, or in overall business improvements, necessary to continue marching your growth upward. The customer will definitely take notice, and when satisfied, will be apt to bring along a friend.
Implement an ePOS Inventory Management System That Is Right for You
Not all ePOS systems are built the same, but unfortunately, this is often not realized until the wrong ePOS solution is already in place. Seeking a valued ePOS solutions provider that acts in your best interests first will give you the most effective blend of ePOS tools so that your inventory management is perfectly aligned to your business plan.
Does your inventory work for you? Reach out to talech today to learn more about how talech can be your valued POS partner. Our consultants see your business as an investment, and not just another customer. In addition to recommending and implementing your new ePOS solution, we will continue to provide a deep level of support to help you through any bumps you encounter.
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