Point Of Sale, or POS, systems are crucial in protecting business interests and assets in retail environments.
Inventory and Cash Management
Perhaps the most important piece of protection a POS system provides is inventory management. Using inventory tools, such as imports and counts, helps keep track of what’s on the shelves. It’s useful for conducting a business value assessment, but more importantly, it helps identify inventory shrinkage. Identifying items that are prone to expire or that are common theft targets helps adjust order volumes to a more appropriate level and institute measures to safeguard vulnerable, valuable inventory. The ability to demonstrate missing inventory is important for insurance claims in the case of a break in or other substantial loss. In addition to tracking inventory counts and values, a POS system can also track cash and credit transactions on a per-transaction basis. Accurate cash counts mean you can identify, and subsequently remedy, cases of employee error and theft.
Sales and Customer Data
Inventory and cash management is one integral asset of using a POS system, but so is information. Many systems allow the creation of customer profiles, which can be assigned to transactions to track customer loyalty and spend on an individual basis. Many can also generate reports of top-selling inventory items and spotlight seasonal or unusual patterns in sales, which can be passed on to managers for more effective and profitable ordering practices. Further, access to this information is often password protected, with each user having separate access credentials. This keeps customer and sales data secure while also potentially tracking employee use of the information.
Many retail point of sale systems can be configured to notify managers in real-time of specific events, such as drawer cash thresholds, unusual sales volume or other customizable alerts. Having access to these notifications means retail managers are notified when they need to make adjustments to pricing, inventory control measures, or other policies and procedures to handle any unusual circumstance, good or bad. With these kinds of notifications, there’s little risk of decision-makers missing important trends.
A robust POS system is a valuable retail management tool. Tracking theoretical and actual inventory, cash and credit transactions, and user inputs can alert managers to situations that need action. They’re useful for tracking sales trends, identifying best customers, and protecting important retail data. Having that information at managers’ fingertips is essential to a successful retail endeavor.