Time can be a valuable component when you are running a business. For most managers, they are looking to minimize time and create more room for carrying out business. A pos management software will give you more than just time. Consider how much time you spend serving a single customer. Let’s say, an average of 5 minutes. It means that when you have 20 customers queuing, it will take you a minimum 100 minutes, assuming that you are not counting the time it takes to switch from one customer to the other. The last customer in the queue will have to wait for almost 2 hours.
That does not sound efficient to any business. Customers get frustrated when put in such a situation and it can be difficult to retain them. The POS software allows you to slice the time you serve your customer by more than half. This means that the last customer in the queue can be served within a short period. Since the point of sale system advocates for the integration of operations, a customer can buy from any of your store outlets and still that information will be accessed from the main outlet. Information about sales, purchases, suppliers and customers will be accessible from one location. In that case, it will be easy to retrieve them. What then do you get from the POS software? Here are some of the major benefits:
Better reporting
Reports can be generated on the go. If you want reports generated at the end of the day, then the POS software will equip you with this. It allows fast and on-demand running of reports which can be sent to the relevant department. Ro example, if you want the financial report for the day or week or month, then you can generate and send to the accounting department. It discourages the need to prepare manually such reports which will take a lot of time and also prone to making errors. The reports are accurate which gives you a true view of how your business is operating.
Improved customer relationship
You have everything that relates to your customer. Be it the addresses, credit card information and also the name of the customer. It means that you can reach them at any time of the day. When you bring in new products in your business, you can let them know by way of extension. It provides a clear way for marketing your products to your existing customers. For example, when you have a new product in your store, you can send an email indicating the new arrival and the price. Also, when you have discounts or reduced price for your products, you can send a pricelist to your customers informing them of the changes. This sort of interaction builds a close business to customer relationship which is good for business.
Better marketing strategies
It invites you to market your business and products online. Digital marketing is result oriented. Most POS system applications will come with online marketing tools where you can take your marketing campaign on the internet. It gives you the ultimate platform to give your business a stable online presence. You can attract potential clients who will be on social media network sites. Digital marketing is cost effective and also result-oriented, hence suitable for a small business. You can use those tools to showcase what you have regarding the products and services you sell and lure a new target market into your business.
Proper management of inventory
Tracking of inventory in real-time is enabled by the POS software. If you want to avoid employee theft and know when you are about to run out of stock, then the point of sale software will be the ideal way to go. You can set the reorder level for the system to automatically place an order when that limit is reached. The reorder level should be set such that, the demand before the next order arrives is met by the reorder level you have set. This will avoid loss of revenue in case a customer comes in to buy and finds that you are out of stock.
Efficient tracking of employee activities
The login hours will be indicated for every employee who has authority to access the system. Such a system will enhance accountability among your employees as you can evaluate their contribution to the profit your business makes. It thus brings in a reliable way to manage the activities of your employees and whether you are getting value for money on employees.