Electronic Point of Sales (EPOS) systems are one of the leading technologies businesses are adopting for everyday functions. On the surface, these basically perform a cash register service, recording your transactions and storing your money. However, EPOS systems prove its undeniable value through the data it records and manages, giving you keen insights into the functioning of your business, as well as pointers on how to optimise it. One of the core benefits of EPOS systems is that they also assist with stock and inventory management, automating an inherently cumbersome task.
Given these features, it’s no surprise that these systems are rapidly becoming business staples. However, among Small and Medium Enterprises (SME), this may still be seen as something unnecessary or not suited for small-scale business activities.
The article below will take a look at some of the key concerns SMEs may have about adopting EPOS systems, following which an account of the benefits they stand to gain will be discussed.
A frequently cited factor against the integration of EPOS into business activities is the initial cost incurred. While purchase and installation expenditure might be heavy for certain business, the benefits you’ll reap from the data the system processes and how this affects your business, more than compensates for the price paid. Moreover, there are ways through which your business can rent out or pay for the system through monthly instalments, overcoming the initial startup cost. This is the same for the software required for your EPOS.
According to research from 2017, over a third of United Kingdom (UK) SMEs still rely on pen and paper to manage their business, carrying out essential tasks including inventory management and ordering stock through manual efforts. Only around 15% of businesses surveyed use EPOS systems to manage their business.
There may also be misinformation among smaller entities that the changes wrought by EPOS won’t be too widespread given the scale of business. However, such systems are perfect for SMEs, automating a chunk of the day-to-day activities carried out by owners, allowing them to undertake value addition or dedicate efforts to expanding the business.
Another frequently cited factor is the lack of technical knowledge or skills to make use of new technologies. A TomTom Telematics study showed that approximately 16% of respondents stated that the difficulty of introducing new systems was a barrier to technology adoption for business. This, however, is one of the more easily rectifiable concerns, given that many EPOS merchants offer basic training and a system overview for buyers, which is more than enough to get the know-how on how to operate EPOS technology.
EPOS may seem like a deceptively low tech equipment, however, the services it offers business owners are invaluable. Managing stock and keeping track of inventory is almost instantly automated, simplifying these processes for you. In doing so, the system will optimise your business by highlighting which products are performing better and when stocks are running low, making room for smarter and efficient decision making.
This will also boost performance and profit through the system’s generation of quick reports on various aspects of the SME, including footfall and sales, giving you a reliable overview of just how well your business is doing.
Another one of the many benefits of EPOS systems is that they give you a database of customer information, given that the system stores their details upon recording a transaction. This information can be used effectively for any marketing activities and strategies you’d later perform. However, with the upcoming General Data Protection Regulation (GDPR) sweeping across the European Union later this year, it is important to ensure your business has taken the required steps to protect the data you collect against hacks and data breaches.
All in all, EPOS systems are a valuable purchase for any SME looking to make the most of their business activities. In the present context of tough market competition, businesses need to ensure they’re performing smartly and efficiently, making the most a range of digital tools available at their disposal. While appropriate technology needs to be picked giving thought to an organisation’s functions and requirements, EPOS systems are great for just about every business. Make the switch today and move from time-consuming manual processes to automated efficiency – among many of the other benefits of EPOS systems.
At eposEx, we understand the concerns you may have about adopting new technology for your business. We aim to address any queries you may have about integrating EPOS into your operations and provide the requisite follow up service for smooth functioning. Contact us today for more information.