Inventory management is one of the most important processes a retail or hospitality business can perform. Better stock management allows business owners to reduce the amount of time spent on the task – thereby, freeing up more time to spend on more critical tasks. It is also a question of resources. Businesses in hospitality and retail need to make the most of their resources. The best way to maximise investment is by purchasing an EPOS system. EPOS systems contain additional features that not only cut down on time spent in management but also improve the process tremendously, giving businesses opportunities to deliver better customer service and increase profits.
EPOS software features real-time tracking and information. Conventional inventory management involves manually checking stock, periodically. This system was flawed because it was time-consuming and error-prone. Manually counting stock made it much harder for businesses to stay up-to-date on stock levels because businesses could not get a clear picture until after the checking process was complete.
However, with EPOS systems, inventory is automatically updated in real-time. Thus, managers instantly know stock levels when they access the system, without having to manually count inventory levels. Real-time updates allow businesses to take pre-emptive action by placing orders before supplies run low. Most EPOS systems can send out alerts when a stock goes below a certain level to ensure managers send an order to suppliers on time. Thus, real-time tracking leads to more efficient stock management by saving time.
EPOS software provides detailed customer insights, which lead to better inventory management. Conventional POS systems do record sales but cannot connect the information directly to customer preferences. However, with newer EPOS systems and software software, retail and hospitality businesses can generate reports based on customer purchase history. With these reports, businesses get better insight into their customer preferences, leading to a better understanding of what goods do well with certain demographics.
Businesses can use the feedback to improve inventory management by ordering more of what sells well, and reducing what doesn’t. Therefore, businesses can reduce resources spent on goods that don’t sell well and increase investment in what is popular. As a result of this, better customer insights lead to better stock management.
Medium-sized businesses have several locations to manage, which makes managing inventory a challenge. However, EPOS systems can streamline the process, making it easier to manage stock across several locations. EPOS software streamlines management by storing all information on a centralised system. Managers can log into the system and survey supply levels, in all locations from a single screen. Not only does it save time in managing stock, but it also leads to other benefits, like the option to negotiate for discounts when ordering for several locations. Advanced EPOS systems even manage stock in the e-commerce section, which is useful for brick-and-mortar businesses with an e-commerce branch. Streamlining inventory management saves time and makes it easier to manage stock in several locations.
Managers can run reports on stock level via EPOS systems, which can be used to improve stock management. Therefore, businesses can make more informed decisions when making orders. EPOS systems have the ability to generate reports based on different variables like price and quantity sold on yearly, quarterly, or monthly sales. Thus, businesses can generate reports to compare stock level, within a certain time frame. For example, if businesses generate reports on inventory, they can compare prices and quantity ordered. Using these reports, businesses can make informed decisions about the best prices and ideal quantity to order from suppliers, thus improving inventory management through EPOS.
Furthermore, EPOS software can merge data from different sources when generating reports. Businesses do not have to constrain themselves to one variable for report generation. Instead, they can draw information from different sources. So, instead of relying on stock levels, businesses can merge data from customer purchases, e-commerce orders, email response rates and other factors to generate detailed reports that will lead to better stock management practices in the long run.
EPOS software is an incredible asset when it comes to optimising inventory management due to real-time tracking, report generation, customer insights and the ability to streamline complex management procedures. Businesses that adopt an EPOS system can streamline stock management by saving time, and making smarter business decisions.
Want to learn more about the benefits of epos systems? Check out the eposEX blog to learn more!