Latest trends of POS
POS as a technology traditionally used for capturing the billing, payment, inventory and they were not designed to address rapidly changing business environments. Traditional POS systems are incapable in dealing with evolving dynamics and complexities, in terms of a different set of customers, large product categories, multiple segments, competing with global giants and current business circumstances demands to deal with multiple receipt & payment systems like cash, credit cards, UPI payments, IMPS receipts, the evergreen Udhari (credit), and multiple banks to manage classes of payment, loans, financial reporting and so on.
POS helps in Kirana digitisation
POS captures a list of data in terms of sales, purchase, customer details, payment terms, payment modes, product list sold and purchase, customer experience ratings to the business and staff, agent sales data and many more. All these data acquired or captured can give a great scope for cognitive data analysis for the business. Results of the data analysis can help the business to think on the product line, the customer segment, the behavior pattern of the customer and supplier, the favorable receipt/payment modes and many more and in a nutshell benefit the business in terms of its profitability.
Better management of inventory, sales, profit& loss
An efficient POS integrates the whole backend operation chain of the business within one system. It captures the complete set of data from purchase order- delivery schedule-procurement- payment to sales order- billing -sales delivery-receipt of payment, refunds, returns and customer details. These data can be used to find out the best product mix, the maximum discount can be offered, the seasonal behavior of the business in terms of the product fitment, combos and schemes, performance history of the product. All these allows to take the decision on inventory management.
Inefficiencies in a business like labor, the customer handling process and many more can be eliminated by the implementation of a POS. It eliminates the employee dependency in terms of the data, managing business, key business nuisances and helps in making an informed and quick decision. It also helps in measuring the key performance matrixes of the employees, staff, resources and market behaviors. Further it helps to identify extra, unnecessary, under-utilized and aged resources and helps the owner to manage the ideal resources profitably and efficiently. All these leads to improved productivity and a strengthened workforce, with more customers adding capacity every hour.
Mahesh Sinha, Owner and Head- Operations, Ikara fashions- a fashion store at Greater Noida said “
Cloud based Solution is also a very important feature which helps me in saving the cost of heavy infrastructure and also I am worry free about data loss. Now my inventory is always in control and with integration of Accounting Software I am able to manage my books also.”
Retail has been an unserved market in terms of digitization. There are few software in the market for retails, which are working in silos, focusing on a particular segment of the business, hence are incapable of analyzing the business as a whole with the business aspects. The focused approach had not gone to create complete software to cater to all the aspects of the business covering all business risk in terms of profitability, compliance, visibility & business inefficiencies.
(The above article is based on inputs received from Kapil Rana, Founder and Chairman, HostBooks Limited.)