A functional POS inventory management system makes it easy to keep track of the inventory in your store. Physical Inventory Solutions allow you to manage your inventory on an ongoing basis and allows you to know the number of products you own. Physically counting your merchandise is critical to keeping track of your inventory. This enables you to have a good overview of your business and keep a record of its cash flow automatically.
In short, a good POS inventory management system should have an automated physical inventory solution to help you:
- Count/Track Merchandise and Inventory
- Obtain Secure and Real-time Data
- Analyze Product Improvements
Count/Track Merchandise and Inventory
Automating physical inventory with tools such as handheld scanners can expedite the physical inventory process and assist in eliminating many human errors. Having these tools allows you to add to the physical inventory count and/or replace your current inventory count in your system, providing a higher degree of precision. Incorporating the proper auditing of your physical inventory process is critical in order to avoid making human errors that will render your physical inventory counts useless.
Obtain Secure and Real-time Data
It is crucial to follow best practices and make use of the information that a good POS system provides you with from your physical inventory results. The physical inventory results will provide you with secure data that you can use along with regularly monitoring your sales information from your POS system. This type of data also contributes data points for sales needs, or to adjust your re-order points. Schedule time to perform a physical inventory of your store, or do a physical inventory before and after each season or fiscal quarter.
Analyze Product Improvements
Analyze the results of your physical inventory. Determine what products were off by studying the variance reports, and the root cause of why the counts were incorrect. This will allow you to make better business decisions on the products you should be selling, and products you should put on sale or not reorder. It also gives insights into how to improve your sales by moving your products’ locations in your store.
Physical inventory may be overwhelming. A functional POS system with an automated and user-friendly physical inventory solution will help you create an inventory management solution that is flexible to make the appropriate modifications on an ongoing basis to make your business grow.
Author: Jose de la Torre