In today’s business world retailers must think fast, act fast, and move fast, in order to survive. A point-of-sale (POS) system with extended inventory management features will give your retail store a new level of control over operations, increase efficiencies, and boost profits. Whether you have a single store or multiple stores, inventory visibility is critical.
What is inventory management in retail?
It is all about moving your products in and out strategically so you’re not carrying lazy assets. The inventory management capabilities of your point of sale must help recognize lazy assets. It should allow you to quickly identify product winners and products that have the potential to become winners. With this kind of detailed information, you are less likely to make impulsive decisions that end up as non-movers on your shelves.
What other inventory control features should you look for in a POS software?
- Your POS system should make it easy to update supplier costs, take physical inventory counts, and manage promotional sales on large groups of items.
- You should be able to receive or adjust inventory through a quick receive feature, issued purchase orders, and mobile data collector receiving.
- You must be able to print price tickets with a barcode at the time of ordering or when goods are received.
- Managers should have access to real-time sales and inventory reports.
- Your POS system should offer batch ordering with just-in-time, level to maintain, or minimum-maximum ordering methods.
- Information in your POS should be automatically transferred to purchase orders and be faxed or emailed to your suppliers.
- Your POS must support unlimited number of items, supports multiple vendors, multiple UPC codes, and unlimited class code tracking.
- Your data must be protected by security access levels to control who sees what within the system. Your staff members should have full access to the information they need to do their job, while having no access to confidential or critical information.
Effective inventory control depends on critical information reaching the right place at the right time, regardless of the size of your retail operation.
Time Is Money. We Know.
The ACCEO Smart Vendor POS system gives you the ability to quickly identify inventory trends, react to shrinkage problems, and provide historical data to assist in forecasting a merchandise plan. Contact us to learn more about the benefits of a point-of-sale for your store.