A smart ePOS system helps improve efficiency, both in terms of business processes and taking payments. It can improve customer service and give your staff the confidence to perform better. But that’s not where the advantages of a smart ePOS system end. Every piece of data that is collected by the ePOS system can also help to improve essential insights and forecasting that can give you a competitive advantage and the opportunity to build strong customer relationships. Here’s how.
Getting to know your customers
A smart ePOS system can do a lot for any business because it will provide crucial customer information. Customer knowledge is essential when it comes to planning and forecasting, and data holds the key to understanding who your customers are. From what their favourite dishes are, to which customers are the most loyal you’ll get a clear picture of your audience. With insights into what your customers buy, when and why they buy it, forecasting becomes more accurate and it’s easier to identify ways to improve profits and sales.
Deeper business insights
It’s often possible to get a sense of how well the business is doing and to draw conclusions based on numbers in terms of where profit figures are going. However, it takes deeper business insights to create truly accurate forecasting and the data provided by an ePOS system is essential to that. For example, data on best sellers can be used to forecast potential profit increase based on specific promotions or trends. An ePOS system will highlight what has worked and what has not, providing concrete evidence when it comes to making decisions that will impact on profit one way or another. With key, detailed information on how the business has responded to past decisions, more accurate forecasting is simple.
Automating inventory data
Managing inventory is one of the toughest tasks in any business. Mistakes can mean vast volumes of wastage and financial loss. If you don’t have a good grip of inventory management, creating clear profit forecasts can be a challenge, as it will be difficult to identify the costs that will be involved in creating those profits. Implementing an integrated stock solution into your ePOS system can overhaul your entire approach to inventory management, automating key functions, such as updating inventory, and enabling efficient transfer of key data about actual costs and usage, making it available in real time to better inform forecasting.
The management question
Your team may well be one of your most expensive outgoings. Good people need to be well rewarded and well managed but, without the right insight, it’s very easy to waste money on staff and get your forecasting figures wrong. With the insights gleaned from a smart ePOS system you’ll be able to see if your current staff levels are adequate, where scheduling changes can be introduced to save money and how staff management directly impacts on costs – and, consequently, future profits.
These are just some of the ways in which a smart ePOS system can help with forecasting your profits. Find out how Comtrex’s ePOS system could you to achieve transformative business results today.