EPOS (Electronic Point of Sale) :
It is an electronic system for recording sales, processing transactions, monitoring, and managing inventories, and creating reports. It speeds up payment process that in turn increases customer satisfaction. EPOS system generally helps small and medium scale business in managing their staff, inventories, etc. that in turn increase their profit, efficiency, and customer experience. It simply keeps one up to date about market demands and profits that in turn help one to get ahead of their competitors. It reduces time to pass through checkout counter and makes payment process much faster.
Different ways to Control Stock :
EPOS is a computerized system that is nowadays considered central part of business that not only administers transactions but also administers other business operations such as CRM, staff management, inventory management, accounting, recording and reporting, stock control, etc. There are different ways by which EPOS helps stock control. Some of them are given below as follows.
- Improve accuracy for taking better purchasing decisions –
EPOS is a system that helps in monitoring, reporting, control, and accuracy. It is an automated system that reduces time required to maintain manual solutions as well as reduces risk of human errors. It records real-time data with accuracy across whole operation. Automating data collection, streamlining sale process, and monitoring performance of staff leads to saving money and time.
- Real-time data for quick decision making –
EPOS system provides various features such as recording sales, updating information from time to time, updating stock levels, faster transactions, etc. With help of EPOS, one can maintain a highly accurate stock record that gets updated automatically as well as contain each and every detail regarding stock in real-time along with descriptions such as size, color, shape, weight, etc. All this information helps one to make quick decisions regarding business and determining resources that are essential and beneficial. Using this real-time data, one can predict future revenues and then plan, schedule, order, etc. accordingly. This will prevent any type of loss and helps to make staffing decisions.
- Reports to understand trends –
Businesses and organizations require accurate data and information to plan for future. Nowadays, there are different types of EPOS systems available. New EPOS system comes with some more additional features that provide sales reports in a more easy and effective way that makes it easy to take decisions and make effective business. These reports can be provided by the EPOS system anytime during day. With help of reports, one can determine good opportunities to increase growth and business as well as one can also determine unexpected problems that might occur in future. This understanding of sales trend will let one know an increase in sales from last year that too by what percentage and does it meet predefined goal or not.
- Automation to save time and increase efficiency –
EPOS is an automated system. With help of EPOS system, one can save time and money both as it boosts up accounting procedure, transaction process, as well as schedule employees and manage inventories. That simply means one can spend more time to serve customers that will increase customer satisfaction and this time can also be used to find better ways to increase the growth of business to next level.
Attention reader! Don’t stop learning now. Get hold of all the important CS Theory concepts for SDE interviews with the CS Theory Course at a student-friendly price and become industry ready.