More and more industries and businesses are using POS technology to track their inventory. This type of technology gives you more freedom to share files and track stock as a business owner. Cloud technology even improves workplace productivity. This article will outline some important points of tracking inventory using POS technology.
This is the first important point. POS tech reduces both technical risk and the risk of low efficiency. Companies that invest in cloud computing are able to reduce technical risk because they bring technical infrastructure down to the necessary minimum. You can reduce expenses a great deal without compromising your IT operations.
Ensures High Efficiency
The user experience is at the core of cloud-based POS technology. It is the easiest to use, bringing human error down to a minimum. Inventory tracking through the cloud is an intuitive process, reducing risk by preventing loss of time and efficiency, frustration, and higher costs of customer support. It follows that the risk of unsatisfied customers is reduced as well.
Recent research shows businesses worldwide have become up to 20 percent more efficient with the use of cloud inventory tracking. The quick sharing capabilities offered by cloud technology have led to a dramatic increase in their productivity and ease of management.
Get a Grip on your Stock
There’s no denying the important connection between retail sales and inventory. Most modern POS systems, cloud-based ones in particular, have inventory management features for this very reason. While the specifics will differ from one system to the next, your POS should make it possible to set up a product catalog that lists your items, their features, and their respective quantities.
To do this, most retailers need to import product details in CSV format or enter them manually. In the former case, they need a template from their POS vendor.
Advanced POS Inventory Management Features
One crucial component is multi-store inventory management if you’re running more than one establishment. Your inventory tracking system should have centralized stock control capacity so you can manage products from more than one store from one platform.
Ideally, the POS system should make it possible you to generate reports for each store and transfer stock from one location to the next. It’s pesky to have to manage stores on separate systems, so make sure you can do everything from a single solution if you own several outlets or you’re planning to expand.
Multi-channel retailers need inventory tracking capabilities. If you sell both in a traditional brick and mortar store and online, your sales and stock movements should be in sync across all your channels. Moreover, a reliable POS system will help you keep good financial records. If you have no idea what and how many products there are in your cold or dry goods storage areas, then you can’t really tell if all the items listed on your menu (if you run a restaurant) are available to your patrons.
Tracking inventory in real time
Companies of all sizes need to be able to track inventory in real time. POS inventory management technology can generate reports and let business managers track and collect data. Entrepreneurs can access cloud-based inventory data from a wide variety of Internet-enabled devices, including tablets, laptops, Smartphones, and traditional desktop PCs.
Moreover, users do not have to be at their site to use web-based inventory program and can access the inventory software while on the road.
Limit hardware expenses
Because POS system software is usually cloud-based, business owners do not have to buy and maintain expensive hardware. They can invest their capital and profits towards expanding the business to reach more clients instead. Cloud-based inventory management solutions also do away with the need to hire a large IT workforce. The service provider will usually maintain the inventory software as part of the package.
It’s very easy to deploy web based POS inventory software. All a business owner needs to do is sign up for a monthly or annual subscription. Then, he or she can start using the inventory management software via the internet.
Integrating cloud inventory management software is also very simple. For example, business owners can integrate the inventory software with their online store or cloud-based accounting software. The rise in popularity of third party marketplaces, such as eBay and Amazon, has led cloud-based inventory tracking companies to include the integration of these marketplaces with the rest of a business owner’s retail business, allowing them to supervise and monitor stock across all channels.
POS inventory tracking programs also allow company departments to work together more effectively. Inter-departmental communication also makes it simpler to restock when you have this information. You will always be informed as to which customer orders have been shipped and which haven’t. Operations can be smoother and more efficient, enhancing customer experience.
Getting a handle on your inventory regardless of your industry is not a one-time thing. It is a process and normally takes place in steps. As unappealing as inventory management is, you cannot do without it.
Inventory tracking is the necessary evil every budding entrepreneur has got to handle. Boring as it may sound, getting a handle on the inventory can mean the difference between success and failure.
If you have no idea what and how many products you’re holding, then you can’t really tell if all items (for restaurants) on your menu are available to your customers. The good news is that a POS system will help you get a grip on the process. Keeping track of your inventory will no longer seem like a boring chore. Your POS system will make it a breeze.
Once you learn how to do it, it won’t be daunting anymore. All you really need to do is stick to the thorough protocol you’ve established. Using your POS system to track inventory has one single drawback, and that’s more limited flexibility. Businesses may experience some frustration stemming from limitations in flexibility because system and software upgrades will be performed based on the provider’s schedule.