Point-of-sale (POS) systems are a basic combination of hardware and software that help businesses facilitate automated operations. The POS software offers its core purpose of handling sales transactions. Still, modern demand has had business owners wanting more from their POS solutions, such as an inventory management system and third-party integration capabilities. This can be powered by various hardware options such as regular desktop computers, conventional cash registers, physical terminals, and many other devices.
In essence, POS systems offer businesses countless advantages in managing day-to-day inventory and sales while boosting growth. But just how do they help expedite this growth in small and medium businesses (SMBs)? Below are a few of these benefits and an overview of how they can each change the way a company operates for the better.
Substantial reduction in administration time
Effective point-of-sale systems empower business owners with real-time and relevant reports, algorithm-based stock allocations, and automatic processes – all of which prevent spending many hours on time-consuming tasks or hunting around for numbers. More often than not, retail business owners typically waste a lot of time doing administrative work. Hence, delegating these manual tasks to POS systems allows them to get back to working on their business efficiently. However, not all POS solutions are the same, so it would be best to make sure to invest in the right POS system specifically designed for your type of business.
More features, greater store profitability
As mentioned previously, the modern POS system now comes chock full of advanced features designed to increase store profitability, a few of which are:
- customer record management
- sales management
- cloud-based report monitoring
- advanced inventory management
Inventory management allows business owners to gain greater visibility on stock allocations for all their outlets, curate customer records to help identify top-selling individuals, and create a loyalty system. Furthermore, cloud capabilities combined with a centralised view means one can access reports about virtually every aspect of the business anywhere and at any time, leading to better decision-making.
Easier inventory ordering with stock control systems
A full-fledged inventory management feature ensures businesses can stock up on the right inventory, at the right outlets, and at the right time. Overstocking and understocking are two common pain points for retail business owners. They tend to be costly as well, which can prove especially difficult when there is no extra capital to fall back on. In a nutshell, inventory decisions are incredibly crucial, given that there is no room to make the wrong call on inventory orders.
Stock control systems provide business owners with accurate information about their customer’s buying patterns and preferences, as well as the inventory turnover rate that can be used to set up a smart and automated supplies repurchasing system that they can be confident in.
Real-time data and reporting functionality
The adage ‘data is king’ applies to many things today, especially business. Running a profitable business on insight and intuition alone is not exactly feasible. The reality is that developing successful business strategies and reaching the right decisions requires accurate numbers and data.
These numbers and data must be gathered from many aspects of the business, such as sales, inventory, customer information, and more, all compiled into concise and meaningful reports that provide actionable insights to determine a business’ success. Modern POS systems now generally serve as a centralised business intelligence system offering such reporting functionality and allowing for online or offline access through the internet.
Mobile access with cloud-based systems
In this information age, having access to your POS system at all times is no longer a luxury but a necessity. For instance, small retail business owners may have to work remotely from home or manage their business while travelling. Thus, having easy access to their system is crucial, even offline. By leveraging modern cloud technology, this has become a reality, with modern POS solutions generally having built-in cloud features that let business owners operate their stores and access important data without being physically present.
With the advanced features of the POS system that prove themselves to be useful, not only do they simplify business processes but also expedite growth. With POS systems seemingly changing the way businesses operate, it is no surprise that these complex systems can impact business growth.
If you are on the hunt for a POS system unlike any other, Edgeworks Solutions has got you covered with enhanced POS solutions surrounding a comprehensive range of features to assist you in achieving your business goals. From retail to restaurant POS system in Singapore, our POS solution is everything you need to take your business to greater heights.