The benefits of analysing your POS data
Tips / 30.06.2020
If you own a POS terminal or system that helps you accept payments, you may be surprised to find out that many POS systems come with monitoring, reporting and tracking tools to help you run your business even more smoothly.
Most business owners, however, neglect this neat value-added functionality, but by utilising it, you can help your business grow, increase sales and so much more.
The data that can be generated by your POS system can be invaluable for you and your business.
In this blog post, we take a closer look at the reasons why.
Improve your sales through POS data
Your POS system doesn’t just accept payments.
In fact, it can be both an active and passive data collection method that can generate useful information about the product sold, its quantity and price, the time of the purchase, the geographical location, and more!
That’s why generating reports on a daily, weekly or even monthly basis in which you analyse this data can help you improve your sales.
For example, if you know how much of a product has been sold, whether it was sold at a discount or through some other promotional offer, you’ll be able to make deductions on the success of your marketing strategy.
You can also be guided towards making similar offers in the future, reducing prices of certain products, and offering products to more targeted locations.
This can be the case whether you own a restaurant or a retail store.
Track your inventory
Tracking your inventory is another crucial element of running your business.
After all, you need to be aware of the volume of stock you need to order in order to have sufficient supplies.
With your POS system, you can track which products are more popular among your clientele and make provisions to increase their availability so that you’re not stuck waiting for lengthy shipments.
Help your staff
Another feature of monitoring and tracking your data through your POS system, and certainly not the last or the least important, is its impact on staffing.
Armed with this data, you can see which of your waiters, sales reps or other employees are performing well and which of them aren’t – this can be done through the tipping features or multiple-operator modes available.
You can provide further training to the latter, while encouraging the former to improve even further whilst even considering promoting them.
By training all your members of staff on the importance of output and volume of sales, you’ll have a much better empowered workforce working on your side to help your business grow.
Use all the advantages your POS system offers
If you’re only using your POS system to accept payments, you’re not utilising it to its full potential.
Not crunching the data that’s freely available to you can cost you thousands in losses for your business over the long run.
Take full advantage of your POS system’s other value-added tools and functionalities so that you can better monitor your sales, improve inventory and stock control, as well as help your employees work better for you.