With an integrated inventory management solution built right into your POS system, your business will be able to run more efficiently and streamline operations for greater profitability. In fact, the multiple advantages that a POS inventory system can provide are beneficial across many different aspects of your business, from improving the customer experience to analyzing sales trends, and much more.
Whether your business needs to manage 100 SKUs or 100,000 SKUs, there’s no denying the importance of tracking inventory levels accurately. Stock shortages can put a rapid halt to sales, and that means lost revenue and declining ROI, which are two things no business wants to experience. On the flip side, excess inventory bogs down supply chains and cuts into profits as prices drop in order to move more product out the door. Either way, your business needs to put measures in place to prevent these situations from arising, and one of the best ways to do this is with an inventory POS system.
Modern POS systems are extremely powerful and capable of performing many tasks beyond just transaction processing. While businesses of the past may have had separate systems for cashing out customers, managing inventory, scheduling staffing, and order processing, advancements in point-of-sale system technology have allowed all of these tasks and more to be performed by one comprehensive solution. By using a combined POS inventory management system, businesses have the opportunity to simplify many complex operations, helping to reduce overhead and gain efficiencies with precise inventory tracking and controls.
Should You Upgrade an Existing POS to Add Inventory Capabilities or Start Fresh?
Setting up a point of sale system with inventory controls requires investment in both a software solution, as well as the hardware to implement it in your operations. It’s not unusual for the point-of-sale hardware to come equipped with a front-end software solution that can potentially be integrated with a business’ other existing systems, allowing inventory data and other information to flow and sync as transactions take place and other tasks are performed directly on the POS interface.
If the connection between existing systems and a new POS is a possibility, a systems integrator will need to be involved in the process, working to ensure that all the data flows between systems correctly. In other cases, if it is determined that existing systems are not compatible with the new POS, or are simply too out-of-date to meet the needs of the business as it looks to the future, a complete end-to-end point-of-sale and inventory solution will be recommended.
Nevertheless, whether you implement an entirely new POS or integrate with an existing system, for most businesses, the features that inventory and POS software can provide will certainly be worth the investment. Let’s take a closer look at some of these core features.
What Are The Features of Inventory and POS Software?
Real-Time Stock Levels & Locations
A POS system with inventory control allows for real-time stock level updates as products are scanned and added to warehousing areas, or as they are removed from inventory at the point of purchase. In addition, these types of systems will also provide visibility on the location of stock, such as specifying a certain location in a storage area or availability at another nearby retail location. If configured accordingly, inventory POS systems can even report on where products are in the supply chain, such as in transit or in a warehousing facility.
Product Information, Pricing & Spec Data
Inventory POS solutions are also capable of accessing complete details on products, including pricing details, available configurations, product options, as well as many other types of related data. Some examples of the types of information that can be accessed related to inventory are product sizes, available colors, and technical specifications.
Order Processing Status & Tracking Information
Inventory and POS software can also provide up-to-date information on order processing status, such as whether the order has been packed or shipped. As an extension of this, shipment tracking information can also be made available through the inventory and OS interface, allowing customer service reps to retrieve details on individual orders to track progress as they journey towards their final destination.
Some inventory POS systems build on these core features and provide even more information and specific details on inventory characteristics that are particularly relevant for certain types of businesses. In many cases, the system can be custom-configured by the integrator or merchant services provider in order to meet a set of precise criteria as determined by the business. Be sure to have an in-depth conversation with your payment processing partner about these types of configuration options when you go through the process of selecting your new POS and inventory system.
What Are The Advantages of Having A POS and Inventory System?
Companies who leverage an inventory POS system will quickly realize the significant positive effects that it has on their ability to operate efficiently and effectively throughout many different areas of their business.
Minimize Stock Shortages
Keeping track of inventory in real-time helps purchasing and logistics teams more accurately gauge the correct timing for stock replenishment, making it far easier for your business to always have the right amount of stock in the right place at the right time. Stock shortages result in lost sales and dissatisfied customers, and so this benefit has a direct impact on the overall profitability and long-term success of your company.
Streamline the Stock Management Process
Many types of point-of-sale solutions that include inventory management functionality are able to bring automation tools into your purchase order system, triggering stock replenishments at optimum times and keeping sales at peak efficiency. This automation also works to your advantage in managing products that may not move as quickly and can delay replenishment as needed to avoid problems related to overstocking.
Accurately Track & Analyze Sales Trends
Making critical business decisions without the right kind of data and analysis is like blindly throwing darts at a target. With an inventory POS system, you’ll have a wealth of essential sales information right at your fingertips, along with powerful reporting capabilities that can make an intelligent analysis of business trends faster and more effective. You’ll gain greater insight into seasonal sales trends, the impact of special offers or promotions, product demand, customer behavior, and many more data points that can help you make positive shifts in your business strategy.
Personalize the Customer Experience
Inventory capabilities inside a point-of-sale system can enable a great deal of customization and personalization options that can be presented to customers. For example, bundles of related products can be automatically compiled and provided as special offers at the time of purchase, which can help build out cart size and increase average order values. In addition, customer loyalty programs can be embedded throughout the purchase process, prompting customers to either sign up for rewards or take advantage of bonus offers automatically as they complete their orders.
Improve Consistency & Operational Efficiency
While inventory controls are certainly a beneficial part of modern POS systems, the most full-featured systems will have many other functions that can raise efficiency and improve consistency across your entire business. For example, built-in employee management tools enable you to coordinate scheduling, sales performance reporting, and payroll calculations to save time. Many of these systems contain other features as well to help simplify many other aspects of day-to-day operations for your business.
How Can I Get Started with a POS Inventory Solution?
If you’ve been thinking about your existing point-of-sale solution and the challenges associated with inventory management, then perhaps it’s time to take the next steps in upgrading your business with a more capable system. The advantages are clear and the benefits to your bottom line can be quite substantial. Investing in a complete inventory & POS solution will undoubtedly help your business grow. However, to really get the greatest return on your investment you need to choose the right payment processing partner that will ensure your system is working to deliver its maximum potential.
With MONEXgroup as your merchant services provider, you’ll get the information and guidance you need to choose the best inventory POS system for your unique application, and the expert technical resources and support to ensure that your system is integrated correctly and configured properly to meet the demands of your business, now and in the future. Whether you’re in need of a complete in-store POS system for multiple retail locations, a mobile payment processing solution that can go anywhere with you, or a robust e-commerce platform to enable online sales growth, we’ve got what you need to really make it work to your advantage. Our sales team, customer support reps, and technical experts are all committed to helping our clients meet their goals, and we want to help you achieve the same kinds of results we’ve delivered for countless other businesses.
Contact us today to start the discussion and learn more about how a new POS inventory solution can drive business forward and help you reach new levels of success.
Author: Layal Scheirich, Head of Sales at MONEXgroup
Bio: With 18 years of experience in payment processing and merchant services, Layal has seen in-store POS technology evolve from its humble beginnings to contactless, unattended, mobile and online alternatives. Today, Layal is an inspiration to the MONEXgroup’s team and a go-to source of information related to payment processing. She is enthusiastic to share her knowledge with audiences interested in cutting-edge technologies available today, such as unattended payment for self-serve kiosks, e-commerce online payment gateways, virtual terminals, and contactless and mobile payment solutions.
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