• 21 Nov 2018
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Role of POS Systems in inventory tracking management for SMB’s

Inventory tracking systems, in general, make it convenient for retailers to identify what items are in stock, what items have to be shipped and what items you need to be restocked.

POS Sytems for inventory management makes analytics simpler as they can help you identify the demand for different items. Knowing this will help you reduce the supply-demand gap and accelerate the check out process.

Modern POS systems with inventory management facilitate inventory tracking with a handful of features. POS Sytems for inventory management market is increasingly becoming bigger day by day and more than 75% of the retailers seem to show interest in modern POS systems rather than the traditional check out processes.

POS systems are gaining good momentum in India and as a result, the number of POS solutions providers are also increasing. Among the plethora of POS solution options available in the market, it is important for businesses to find out the one that works for them.

Here is a list of five features that you should look for in a POS Sytems for inventory management before making a purchase.

1. Retailers don’t have to spend more time in training their employees

Employees in inventory management are mostly non-techies. Any technology they are introduced to must be simple enough for them to understand and work with.

The management must not be spending time and effort in training the employees on how to use tech tools.

This is especially true when it comes to POS systems. The systems must have a user-friendly interface. Even if your POS provider has an excellent technical support team, it is not very practical to reach out to them every now and then.

2. POS systems are mobile and compact

Amongst of all POS devices, mobile point of sale systems seems to have the most traction in the market. mPOS devices help you finish the sales process wherever you and the customer are comfortable with. Inventory management requires employees (especially spotters and supervisors) to move from one place to another.

Mobile POS devices help them in making a data entry as soon as they encounter a need to rather than remembering it and recording it later when they reach the static POS. They can just do things on the go and in real-time. Mobile POS systems also give you the freedom to track items irrespective of where you are.

3. POS systems come with automated product updation

The most common mistakes in inventory management happen due to the errors in tracking and updation. The time-lag between the occurrence of an event and data recording can lead to serious issues. Lack of accuracy is one of the major factors that have to be eliminated in inventory management.

Modern inventory tracking POS systems eliminate inaccuracies and human errors which result in a more streamlined management process. Whenever an item moves in or out of your warehouse, the POS system identifies it.

The POS system already has a database that contains the information of all the goods in the house. So once it knows a product is in or out, it updates the database accordingly and on a real-time basis. This way you will be able to determine the status of any item in your inventory whenever you need it.

4. POS systems are highly secure

Inventory tracking POS devices track a lot of other things too. They are fed with almost all the critical data that is required to manage an inventory. The system has critical and confidential data like financial details.

This creates a need to pay enough attention to securing all this data. It is imperative to make sure that the POS system you choose must have enough security features like role based access control, secure logins, strong authentication processes etc.

5. POS systems come with a variety of options for data entry

A typical warehouse has both manual and automated data entry requirements. Some inventory movements can be automatically recorded using Radio Frequency Identification (RFID).

Some inventories can be tracked by the inventory tracking POS barcode scanners. In some cases, the supervisor (or spotter) has to watch the movement of inventories and manually feed data into the system. So the POS system you choose should be flexible enough to support a variety of integrations,  data entry options.

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