If you are familiar with them, you already know that EPOS systems are often referred to as electronic cash tills or cash registers – around the world and especially here in the UK. While this may be technically true, given that EPOS systems entirely substitute the functions of a conventional cash till the statement severely falls short of doing justice to the comprehensive functionality of a system. The truth of the matter is that EPOS systems are far more than just electronic cash tills.
Capable of providing a wide array of functionality and always in a state of constant innovation and enhancements, the EPOS system space is highly active and will continue to play an increasing role in businesses across all segments – from retail to wholesale to hospitality, and many other business types. No matter how small or large your establishment is, EPOS systems have evolved to a point that they can deliver tailored results in real-time and at an incredibly cost-effective price point. Keep in mind, however, that to leverage these very benefits, you would need to make sure you’re leveraging the right EPOS system and one that is capable of uniquely catering to your operations and requirements. Here at eposEX we pride ourselves on providing our clients with precisely just that – a system capable of delivering the results required by a business to meet its targets and ensure sustained growth.
Cash tills, on the other hand, are purely for recording sales and offer very limited functionality when compared to EPOS systems.
Now, let’s take a look at a few reasons why your EPOS system is much more than just an electronic cash till by looking at the additional functionality it would have over a traditional and electronic cash till.
No matter what segment you operate in, if your core operation is to provide your customers with goods and services, then you undeniably need to ensure you have efficient and effective inventory management processes in place. A few decades ago, most of these operations were manual and tracked through various ledgers – surprisingly, some businesses still use this approach. With all due respect to traditional practices, the modern business landscape with exponentially increasing transactions makes this approach not just unfeasible, but highly challenging to a business’ risk-propensity and resilience.
While cash tills were widely adopted by businesses for sales tracking purposes, they have never played an effective role in inventory management – solely being limited to point of sale activities. However, most EPOS systems have built in inventory management functionality that allows businesses, managers, and owners the ability to monitor sales, track utilisation of resources and stock, and act accordingly well in advance of their stock running out. The result of this is better customer service and happier customers!
Price fluctuations, discounts, and other price-related alterations are very common in modern businesses – irrespective of the segment. Both manual cash tills and electronic cash tills lack the functionality of allowing store managers and owners the option of storing key pricing information, which means pricing information would either need to be memorised or store manually – this could result in inconsistencies and unplanned fluctuations.
EPOS systems eradicate this problem entirely by allowing store managers the ability to enter pricing information as required, adjust it, apply discounts, initiate promotional activities, and much more – all through a centralised portal. At the press of a button, a store would be able to update its pricing in a matter of seconds – including across multiple sites and locations.
As your business grows, chances are your staff will have to as well. Tracking, managing, and monitoring their operations is critical to ensuring peak efficiency and delivery. Whether you operate one site or multiple sites, management is never easy, which is why leveraging a system that has the ability to track your staff’s performance, shift times, and leave is important. If you thought your electronic cash till could provide that – sorry you’re out of luck!
However, if you do leverage a premium EPOS system you’re most definitely in luck! EPOS systems give you centralised access and visibility over your staffs’ performance – from who is performing the best to who is missing shifts to who has the most sales. This gives you the option of rewarding employees that are performing well, while finding new avenues to help those employees that aren’t doing so great. The right EPOS system would give you the ability to derive maximum efficiency and optimal capacity from your staff.
Here at eposEX we pride ourselves on delivering all types of businesses access to industry-leading Electronic Point of Sales systems that facilitates and drives growth. If you would like to know more about our product, the businesses we cater to, and how our system can benefit you, feel free to get in touch with us at any time!