You likely already know of the important role that retail POS system software can play in your daily business operations. But do you know how to best apply this technology? And do you know how much of a difference technology can make in some of the manual tasks that just seem to be a part of doing business? There are several areas of focus that make important starting points for determining if a POS software solution is the right fit for your specific business requirements.
Data Management: Excel vs. Point of Sale Software
Excel and, to a lesser extent, Google Sheets, have been providing small business owners with ways to analyze and manipulate sales and business information. As cost-effective as these tools can be, they rely solely on manual inputs, which makes the data prone to errors due to mistakes during the entry or incomplete information. Using these can leave noticeable gaps in any sales or cost analysis, making them useful for establishing guidelines but not necessarily for in-depth trend identification.
POS software, especially ePOS or cloud-based systems, takes data management out of your hands and sends it all to the cloud. From there, you can use a POS-provided website to either use reports that come as part of the solution, or to build your own reports, but without any of the data entry concerns or the worry that something is being missed. This gives you a highly effective data analysis tool that can be relied on with confidence when making proactive changes to your business model.
Inventory: Clipboard and Pen Vs. Data-Driven Inventory Management
Those same Excel spreadsheets often saw part of their existence devoted to tracking inventory. Staff, armed with clipboards and a pen, would painstakingly check every box in the backroom and record its contents. Then, this information would be keyed into a spreadsheet for tracking, manually noted for re-ordering, or used as a reminder to stop ordering a particular product. As common as this system is, it results in an inventory strategy that is reactive and can lead to higher operating costs.
The advanced data management that comes as a part of a select few POS solutions can also be leveraged to provide accurate and worry-free inventory controls. The sales data you gather, being consistent in format regardless of source, will enable you to monitor even the slightest of trends so orders can be immediately adjusted. It also gives you access to par-level inventory, or just-in-time inventory strategies so you can gain more protection against sales slumps or rapid market changes.
Market Expansion: Marketing Campaigns vs. Virtual Stores
Relying on your most valued customers to spread the word about your brand is a strategy that helps to build a larger following. This strategy can be limited and will lose some of its effectiveness the longer it goes, leading to growth stagnation. Pursuing advertising campaigns, both through social media and traditional marketing channels can be highly effective but can also make it harder to achieve a strong ROI given the large expenses incurred.
Building a virtual presence that goes beyond social media is a great way to dynamically attract new or absent customers to your brand. An online ordering site is an especially effective tool for generating sales leads and for boosting transactions and gives you an efficient way to add more sales channels to your business. The benefits of these will feel limitless when your ordering website is fully integrated into your POS software by using a POS-provided web template that is easy to use and manage.
Invoicing: Traditional Paper Invoices vs. Web-Based Invoicing
The pad of carbon copy-backed invoices and a pen have been another long-standing standard tool used in small businesses. But the filing, sorting, and largely manual tracking of payments and inventory usage are highly ineffective, especially in a modern business world that is built on agility and precision. A better invoicing system is needed for the small business owner for the sake of both their time and to ensure proper payment and inventory tracking processes are in place.
Digitizing invoices by using POS-integrated invoicing software can eliminate many of the manual bottlenecks and payment discrepancies that are often encountered using traditional methods. Invoices can be created using a web portal, then sent to the customer via email with a payment link included for easy payment. The notification system keeps the payer and the payee informed as to payment status, or if any changes or cancellations are made, ensuring open communication through the process.
Manage Processes Efficiently Using Retail POS System Software Tools
No business is immune to the inevitable march of time, making it necessary to investigate better and more efficient ways to operate. Retailers are especially prone to falling behind with technology and are an industry where the costs of manual tasks quickly exceed the cost of supportive POS tools. But in order to take advantage of the power of innovative POS software tools, you will need a partner to help guide you through the fluff and keep you on course for the tools you really need.
Making talech your retail technology partner gives you a devoted resource with an eye on helping to build your future success through innovative POS technology. Our consultants build a technology strategy with you that builds your business by addressing its current shortcomings, leaving you with a set of powerful tools to drive you forward. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
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