Benefit from having an informed management team via an EPoS system.
Knowledge is power, so they say, and this is especially true when considering the gain that can be attained by a company that is taking advantage of an EPoS system.
Everything that your business stocks and sells can be tracked through measurable results, down to the specifics of when, where and how you sell. Over time a business can build up a history of data, from product and sales to shipping and delivery, which can be used as a benchmark to determine whether business is improving year on year as hoped. An informed management team can have a positive effect on every area of your business. With knowledge, a business can realistically aim to stay on top and make sure every department reaches its full potential, by recognising when adjustments need to be made and spotting when opportunities arise.
EPoS provider Cybertill, believes that EPoS systems provide a business with the ability to make informed decisions that will benefit it moving forward. Particularly with reference to today's omni-channel approach, it states that it is vital to make it extremely easy for managers to obtain the information they want for any department, anywhere, anytime, anyplace. An EPoS system is full of easily accessible insight that a business and its management team can benefit from :
Many businesses choose to test a product or service before fully investing in it. For example, in store kiosks and self service tills are considered a great way to boost sales and customer experience, but rolling them out across all locations is a scary thought if you are wrong. So, you test first and run a six-month trial in one location instead. The EPoS system running the trialled service can tell you how successful it has been and the results can be compared to any pre-existing sales data that you have in order to tell you whether this will be a good business move, or not.
Do you know your 'golden lines'? These are your best sellers that your business would be crazy to lose. What about your worst selling products that your business would really do better without? This is the type of information to be gained from an EPoS system that will ensure a management team only invests in a business' best interest.
Is your catalogue still making you money? Is your restaurant seating customers on a Wednesday night? Is the website processing orders effectively? It's all very well meeting with the demands of omni-channel selling, but if one or more channel is underperforming, business can suffer. A manager that is fully informed about the performance of each channel can make realistic decisions and keep the business on the right track.
Ask an EPoS system what your customers want and it will tell you. Ok, so it's not literally a magic mirror, but it's as close to one as you're going to get. Following your customers shopping habits will unveil a number of trends in terms of product and channel information that you may or may not have been aware of, and which can be used to your advantage.
Businesses are full of 'gem' employees that should be valued and recognised within the business. Tracking staff performance by following sales on an EPoS system is an easy way to spot people's strengths and can also highlight where additional training is required. If you are not sure how to keep staff morale high, use the findings within an EPoS system, like high sales figures or customer feedback, to motivate both them and you.
With valuable insight about your business and its products, services and customers, you can create highly targeted and effective marketing campaigns. Whether it's a personalised offer, generic product push or special event, your EPoS system can steer you in a direction that will achieve results.
Knowing your business' strengths and weaknesses is key when planning the next move for your company, and will enable you to make positive decisions for the future. An EPoS system contains valuable data that can drive a majority of business decisions by simply highlighting what works and crucially what doesn't.
Whether it's the driving force behind your business decisions or a pleasant by-product, income follows informed and effective processes. Installing an EPoS system is the right path to take if you want to better understand and build on your business.
Mosimann's Club, one of the most prestigious private dining clubs in the world, uses an EPoS solution to run its front-of-house and back-office operations, and believes its EPoS system delivers the business insights that are critical to understanding its business performance. Isabel Montes de Oca, Head of Finance for the group, explains: "Reporting is important to us. The only way to improve is to analyse what you've done. For that you need data which you can analyse, even compare year by year. This helps you purchase accurately and minimise waste and also understand your clients, to plan and to budget."
For Ian Royall, Managing Director of Futura Retail Solutions, real time data is a priority for a good EPoS system. He says: "Real time architecture allows head office to have a continuous up to date view of all stores in different time zones - an essential ingredient for managing an omni-channel business across an international estate”. Believing that EPoS should be fast to learn and intuitive to use, Ian says that with a good system “retailers will achieve greater accuracy, better transaction speed to keep queues to a minimum and have more time for customer engagement." Harvey Nichols, luxury department store, will use Futura's EPoS as the backbone for a 80,000 square foot store due to open in Azerbaijan. It will help to run its three floors of fashion, accessories and beauty, together with a spa, restaurant and bar. Total visibility of sales, margins, sell throughs, stock turns and inventory on one screen/page will be instrumental in the support of 40 tills throughout the store with real-time management information to support core functions including buying, merchandise planning, inventory and stock control.
If you'd like to find out more about the advantages of an EPoS system or upgrading your existing solution, expert help is available.
Contact us for advice on the right EPoS system for your environment and receive a free quote.