From a single artisan at a craft fair to massive chains like Starbucks, Cloud Based Inventory Management Software are at the heart of every retail business. Coincidentally, it is also one of the most neglected aspects of a business; retailers will frequently use the same point of sale system until it dies – if it isn’t broken, why fix it? Replacing a POS system is both costly and risky; who knows if the new system will actually work? Second, the benefits of a new POS system may appear minimal at times, and retailers may be unable to justify the cost of advanced or niche features. Because of the cost, uncertainty, and risk involved, it is often difficult to justify the benefits of a new system Cloud Based Inventory Management Software.
WHY SHOULD YOU UPGRADE YOUR SYSTEM?
So, given the risks and costs, why should you replace your POS system? POS companies will tell you that it will increase your throughput, simplify management and accounting, handle ordering and inventory, and provide a slew of other advantages. All of this is true, but the most important reason is that technological advancements keep your business stable and running; POS systems, like cars, require ongoing maintenance to function properly. This does not require purchasing a new POS every few years; instead, it can be as simple as replacing outdated or problematic hardware, upgrading some software, or simply keeping an eye out for new technologies. It’s similar to road maintenance in that filling a few potholes each year is much less expensive than repaving the road when it finally falls apart.
THE ESSENTIALS
When looking for a new POS system, start with the basics. Innovative technologies and features are meaningless unless you have a solid front-end to make a sale and a back-end to run reports. Retailers with unreliable POS systems frequently have to replace them every three to five years. So, what should you look for in a good point-of-sale system Cloud Based Inventory Management Software?
The first and most important feature of a POS is its dependability. There is a reason why retailers prefer to use an outdated POS system that runs slowly and requires hours of extra management. If you can’t make a sale, your company . Inquire about how long the vendor’s products are typically used.
Another important consideration is usability; feature rich and complex are not the same thing. This is critical on the front end, but critical on the back end. A complex system necessitates more training time, more errors, and slower throughput. Take note of how long it takes to train a cashier or manager on how to use the system.
Finally, look for high-quality customer service. No POS system is perfect, and when problems arise, you need to be able to contact your POS vendor. Many companies claim to provide support 24 hours a day, seven days a week, but few actually do. Check to see if they answer their phones after hours before purchasing a system.
THE BENEFITS OF A MODERN POSITION
A modern point-of-sale system has numerous advantages. The first priority throughput; increasing throughput is the most effective way to increase business. Carwashes and gas stations are particularly reliant on throughput because the majority of their business occurs during a few peak hours (or seasons). Customers will away if there are lines in the store, on the forecourt, or behind equipment. Modern POS systems have highly optimised and streamlined checkout processes, resulting in shorter lines and fewer checkout lanes.
Modern point-of-sale systems also provide powerful management tools and capabilities, saving time and reducing human error. Automated report generators, inventory management systems, order generators, price books, and other standard tools can save hours of work each week Cloud Based Inventory Management Software.
A modern POS can also communicate with a wide range of different devices. Scanners, signature pads, and card readers all help to speed up the checkout process and improve the customer experience. A modern point-of-sale system can help you reduce your liabilities. Cashier accounts, access restrictions, and detailed transaction records all aid in the reduction of fraud and theft. Semi-integrated pin pads have the potential to lower your store’s PCI score.
NEW POS TECHNOLOGIES
With the proliferation of internet connectivity and mobile devices, POS systems are constantly evolving and innovating. Here are some new technologies to think about.
Cloud POS:
A cloud POS is a POS system in which the majority of the systems online. This allows for low to no upfront costs, as well as simple setup and centralised management from anywhere, making POS more accessible than ever before. Cloud POS systems have proven to be extremely successful for companies such as Square, Shopify, and LightSpeed. However, these systems frequently lack the complex interfaces required for carwashes or retail gas stations, and they struggle when the internet is unavailable.
Centralized Servers: Some companies offer centralized aggregation and management servers to retailers who want the centralized management POS System with Inventory Management capabilities of the cloud but do not want to rely on a constant internet connection. This is ideal for larger chains because it allows for reporting and management of inventory, prices, and sales across multiple stores from anywhere in the world, whether it’s a corporate headquarters or a beach in Hawaii.
Mobile POS: In many stores, mobile phones and tablets have begun to replace traditional POS systems. This enables retailers to sell anywhere; for example, you can check out a customer anywhere in a store or even at their vehicle. Mobile POS systems are frequently linked to cloud POS systems, but there are also offline mobile POS systems available.
Software as a Service
POS System with Inventory Management require a monthly subscription or service fee for the POS system. In exchange, they guarantee that your POS is always up to date, with improved optimizations, new features, and enhanced security. As the POS vendor’s income is dependent on the system’s reliability and service quality, this helps defer the hassle and cost of ongoing technological upgrades and encourages a good product.
Kevin Wang is the chief operating officer of Wiz-Tec Computing Technologies Inc., which in Calgary, Alberta. Wiz-Tec is a software firm that specialises in electronic business solutions, point-of-sale systems, and integrated systems. You can reach him at kevincwang@wiz-tec.com. More information can at www.wiz-tec.com.
