No business is immune to the inaccuracies that accompany manual inventory management. Even the smallest operation is prone to human error, and keeping accurate inventory counts is essential to a business’ success. Robust POS inventory software can help businesses keep on top of their stock levels, and owners should choose their solution with care.
How POS software helps with inventory
POS systems that include inventory tracking features offer a lot of convenience to businesses of all sizes. They allow managers, business owners and sales associates to get real-time answers regarding inventory counts. Customers can ask a clerk how much of an item is in stock and receive an immediate answer, saving time spent searching the store and counting inventory. Managers, meanwhile, can use accurate inventory numbers to determine product orders and predict which new items are likely to be best sellers.
A POS system with an inventory tracking feature can subtract an item from the total inventory count as soon as it sells, helping sales managers identify which items are most popular versus those that sit on shelves for ages. This can be incredibly helpful for businesses that stock hundreds or thousands of products, as well as those with just a few. Managers can run daily reports to compare numbers and pinpoint retail trends. This information can also be used to track the success of sales promotions and identify consumer preferences.
What to look for in POS inventory software
Before starting your search for POS inventory software, it’s important for business owners to have a clear and true understanding of how their business is run. Business owners should make a decision based on what they know, not what they think they know. Owners must also be aware of how their business may operate in the future, evaluating how they want the company to progress versus the expectations and forecast set by current operating conditions.
Next, owners must take a look at their current computer systems. Certain IT and networking structures limit the software solutions businesses can choose from. For instance, a small business will not need the same POS system that a big box retailer uses. In such cases, business owners have to decide whether they can feasibly upgrade their existing computers or invest in a new solution.
By no means are small merchants limited to the most inexpensive POS software. POS systems are an important investment for a business to make and the choice should not be considered lightly. It’s best to find a system specifically suited to the business’ specific industry. A grocery store, for example, has different sales needs than a contractor, who in turn has different needs than a clothing retailer. Grocery stores require a system that can calculate prices based on weight (such as produce) while contractors need a solution that integrates with work orders, and clothing retailers need to be able to track sales of a broad range of apparel.
POS systems are in invaluable tool to help businesses reduce the time it takes to complete a sale and increase the accuracy of inventory counts. Every business should seek a solution fitting their current and anticipated needs.