5 Benefits Of POS Stock Management
Stock control is a crucial part of business operation, no matter the size or what products are sold. The purpose is to ensure that appropriate amounts of stock are maintained by a business, so customer demand can be met without delay, while keeping costs to a minimum.
Bad stock management can be detrimental to any business; if you order an excessive amount of a product that you don't sell, you're left with reduced floor space and storage, and potential cash loss if you have perishable items.
Alternatively, if you order a quantity that isn't enough, you won't be able to keep up with demand and you'll lose customers.
In the past, stock taking and stock management was a time consuming task. Now, with innovative technology stock takes are streamlined, it helps to speed up the process and improve accuracy.
Any decent, intuitive POS (Point of Sale) system will provide you with information on your best selling products, and products sold less frequently to enable you to plan and forecast effectively. If your current POS system lacks a stock management feature, consider the points below, it might be time to upgrade!
1. Streamlined Orders
If you have awareness of your stock, such as how much of a certain product you sell on average, then making orders will be a lot smoother. Knowing your minimum par level can make ordering effortless.
The par level of an inventory is the minimum amount of a product needed to meet customer demand, it is also referred to as safety stock. SPARK has the ability to add a par level for each stock item, ensuring you never run out of any product in demand.
Our EPOS system lets you save valuable time and energy, you can easily re-order stock within minutes.
View a full list of previous orders which you can quickly amend or add items, or order exactly the same list just by pressing a button.
With SPARK, you know exactly where your stock is. View cost, current quantity and reason for variances by each item, giving you complete awareness of all inventory levels. Effortlessly compare the variances between actual stock and sales data, as well as full order lists. Easily view previous stock takes to spot trends, and identify ways to prevent stock loss.
2. Order Accuracy
Have you ever had disappointed customers after they've purchased an item you've ran out of? A stock management system can eliminate embarrassing situations like this.
Many systems allow the amount you hold of that product to be displayed on the screen, so staff always know when a product is close to running out.
Other systems allow the product to be greyed out if it's out of stock, minimising staff mistakes and helps maintain your stock balance. Spark has both of these features.
3. Reduced Waste
You should perform regular stock takes so you're aware of both your raw ingredients and finished products. Overstocking can lead to items not being able to be moved, which means selling products at a lower price or stock being wasted, resulting in loss of revenue.
Many cloud based POS systems allow you to see real-time analytics of products you've sold and best selling products, the data can then be analysed to allow you to maintain minimum stock levels to keep up with demand, and reduce waste for greater efficiency.
With complete awareness of all inventory levels, it's easy to identify specific areas where waste can be reduced. Unique POS systems like SPARK can help you eliminate the potential of overstocking, and the intuitive recipe builder can be used to monitor portion control as well as a record of all stock items.
4. Saves Time and Money
Monitoring and inputting your entire inventory can seem like a great time consuming task. EPOS systems aim to make your daily life easier and more efficient. With the right stock management software, the time it takes to perform stock takes is dramatically reduced.
By using SPARK, manual calculations are kept to a minimum. You can view opening stock quantity, sold and expected quantity, the counted quantity and any variances are automatically calculated for a streamlined process.
With time saved on the administrative tasks, you can focus on other duties, allowing your day to day operations to run more efficiently and reduce labour costs.
5. Increased Bottom Line
When customers enquire about an item, you should be able to quickly identify its availability straight away. This allows fast response times, enhancing the customer experience. The happier the customers, the more profit you make. If you know what exact stock is available, you can serve customers more efficiently, increasing their satisfaction and ultimately, revenue.
Poor stock management can result in unnecessary costs. If you've ran out of a best selling product and need it re-stocked immediately, you could face an additional charge on top of the order amount. A good inventory management system can highlight profit margins of specific stock to allow you to assess costs and amend if necessary.
Ready to transform your business with Spark? Improve your stock management with SPARK and book your FREE demo below!