A point-of-sale system is an invaluable tool for running a modern restaurant. From its most basic function of taking orders rapidly and accurately to its highest utility of providing crucial insights into sales and labour data, these high-tech devices do nearly everything outside of cooking the food and preparing the drinks. Unfortunately, operators sometimes fail to maximise the many features of their EPOS systems such as the expert inventory management system.
Inventory is one of those things that retailers often miss the mark on. Granted, most small businesses use point of sale systems to track their inventory to some extent, but very few retailers are taking full advantage of the capabilities of their system with respect to inventory management and control.
Read on to go through five quick tips on how to optimise inventory management system.
It’s interesting – you would assume that everyone would automatically think to use the inventory reports from their POS system to decide which items they needed and how much they should put on their next purchase order to their suppliers. However, it’s amazing how many small business owners are not doing this and are individually hand-writing everything on their order.
A good POS system should allow you to enter the desired quantity or a minimum number for each item. So when it comes time to order more inventory, you should be able to easily eyeball your report and see how far you are from your minimum trigger and what your normal recommended order amount is. You not only save time with this method, but you also ensure accuracy and make advised decisions with the data.
Tracking your top selling items should be considered a must for running a good business. This data is necessary because it dictates what you should be pushing more to your customers, what should be displayed more prominently in your store, and which items you need to have in stock and how much. It’s imperative that you always have enough of these items in stock to maximise revenue. You would be doing yourself a major disservice by not utilising your POS software to determine this.
Just like it’s important to know what your top sellers are, it’s a great practice to monitor which items you are losing sales on the most. In relation to inventory control, what this means is knowing how often you’re losing a sale because you don’t have a particular item in stock. How often are you turning away a potential customer because you don’t have any more of the specific item that they’re seeking? This is something that the majority of large retailers track but small businesses tend to overlook.
Reconciling inventory is one of the most onerous tasks that a business owner has to go through. It’s the process of ensuring that the inventory in your records match the physical quantity in your store. Before EPOS systems, this was a completely manual process. You had to first ensure that all of your written records were correct and then had to walk through the store counting the quantities of each product – marking them off on your sheet of paper.
With the right EPOS system, it’s much easier to maintain accuracy across all platforms. When you receive the items that you’ve ordered from your suppliers, check that the amount listed on the purchase order matches the number received and that it also matches the amount on your EPOS reports as the recommended order that you’ve previously set. This will help keep your inventory accurate on your POS system and reduce your costs as a result
Although point-of-sale technology is now more commonly used in businesses far and wide, it’s astounding how many retailers are still missing the boat on this opportunity. If you’ve spent all of that time researching the many systems available in the market, made the financial investment on a system, yet are not making the most of your POS software, this blog should have provided you with a little help.
These four tips could easily aid you in supercharging your inventory management and control. For more information on how to optimise your inventory management system, visit our site.