Effective inventory management is more important than ever.

Whether you run an ecommerce, brick-and-mortar, or hybrid business, one fact is consistently true: Inventory is your lifeline. When problems occur with getting the items your customers need and want in an accurate and timely manner, your business suffers and customers go elsewhere. That’s why it is vital that you find an inventory management system that will regulate and automate many of the processes that human error can derail.

Leveraging the potential of your point of sale system.

You may not even know the power of the point of sale (POS) solution that you already employ to process payments. For instance, it may come packed with an inventory management system that, while it requires some initial set-up, will eventually streamline everything from cataloging merchandise to tracking sales and returns.

The magic lies in your payments software’s database functions, combined with a versatile and affordable barcode scanner. As soon as a product arrives from your shipper, you simply use the scanner to enter it into your system so that its progress and ultimate destination can be tracked.

Report generation closes the circle.

What would such a system be, however, without a way to make use of the numerous pieces of information it gathers and stores? To make that happen, you’ll want a POS system that allows you to create analytics-based reports that you can customize to fit your needs.

Are you wondering what is selling well or perhaps what merchandise is failing to move off your shelves so that you can decide your direction for future orders? Just ask your POS system to generate a spreadsheet. Are you concerned that a sought-after item might run critically low before you get a chance to re-order it? Simply tell your system to send you alerts to ensure that you can take prompt, preemptive action.

Competition and supply chain challenges.

In a world that is still reeling from the pandemic, kinks and all-out ruptures in supply chains are making things difficult for all sorts of businesses. Although there is little you can do to change the world’s economic or socio-political situation, you do have some control over your business’s internal processes. With the right POS system in place, you’ll have the inventory management system you need to receive forewarnings about your stockpiles, ensuring that you have time to seek alternative sources when possible.

Our recent health crisis has also stepped up competition among sellers. In this environment, you must take every possible action to streamline inventory management and give customers maximum choice and flexibility. Buyers will gravitate toward businesses they trust who they believe have their health, convenience, and pocketbooks in mind.

Having a complete grasp of your inventory can propel you to that position. The best news of all is that you may already have the tools you need built right into your current POS system. Contact your payment technology partner to learn what you currently possess and what is available via upgrade, and you will soon find that you have a better handle on your inventory than ever before!