Point of Sale Transformation with Enter AdvisorMarch 9, 2020
Nowadays, everyone is talking about retail automation like it’s a ticket to retail success. While automation without proper strategies cannot do much, there is no doubt that this trend is leading to massive scaling of retail environments. In fact, competitors are rapidly jumping on board with the whole automation craze, leaving other businesses lag behind.
Recent statistics show that the global automation market is going to surpass 19.5 billion dollar by 2024. By this time, any retail business that hasn’t gone through an advanced technological transformation will find itself in serious trouble. However, retail automation is a broad term that includes several aspects of technological advancement. In this article, we are going to focus on point of sale (POS) systems and cash management–two areas that require proper automation.
The Importance of POS Systems in Retail
Point of sale systems are designed to track and manage inventory in real life, as well as provide comprehensive reports on these two processes. A POS system can be described as the right combination of hardware and software that manages an entire retail business. In other words, the success of a retail business largely depends on the quality of its POS system, including both hardware and software onboard.
A proper POS software enables advanced data management where data duplication and errors are not possible. A point of sale system also provides side access for you to use in case you need to manage the business online from any location. Lastly, retails use a POS system to control all their sales and return operations, as well as customer details and sale transactions. With that said, there’s no doubt that a POS system is an important part of the entire engine.
The Benefits of Automating Retail Cash Management
In a regular retail setting, cash management comes along with POS system development. Manually taking care of the cash earned throughout the day can be a tiring and stressful process. However, automating such procedures will allow you to take some weight off your employee’s shoulders. Here are some of the most important benefits of automating retail cash management:
- Improving efficiency – It’s no secret that automated software performs at a higher accuracy compared to manual labor. In fact, the software cannot make mistakes like humans do. That’s why automating retail cash management can reduce human error and speed up the overall process. By investing in automated retail management, you will not only improve the overall efficiency of your business but you’ll also reduce the number of touchpoints your staff has with the money.
- Boost Security – As we’ve already mentioned, automated software solutions for cash management can secure your money by removing human errors and reducing the chance of fraud. Automated cash management solutions are usually accessible only by a unique login username and password. All actions within the software are tracked by the management staff, thus increasing the overall security. The automated software solution can further be secured through additional safety measures such as two-factor authentication and encryption.
- Redirect the labor force – By automating cash management, you will take a lot of work and responsibility off your employee’s shoulders. What this is means is that your employees will have extra time during their work shift to focus on other tasks such as communicating with customers and driving sales. With more time to focus on the actual business, your staff members will likely improve their sales skills and thus increase sales levels in the long run.
- Cut the costs – Automated cash management software is a great long-term investment that won’t pay off right away but it will be worth the money in the end. Even though the initial investment might seem discouraging, you will be surprised by the savings and benefits you’ll get in the long run. Switching to automated cash management software will surely boost your ROI after the right amount of time. Speaking of time, your business won’t have to spend time and money on bank deposits, cash handling materials, and other goods required for manual cash management.
- Prevent employee theft – Even though some businesses hate to admit it, many retail stores deal with inside threats when it comes to cash security. Dishonest employees won’t think twice if they get a chance to snatch some extra change or take money from the register. However, software for automated cash management will prevent employee theft by keeping track of all financial assets at any given time. Employees will no longer be able to take cash without being held accountable for it. Even though it sounds unbelievable, businesses in the retail industry lose billions of dollars per year only on employee theft.
- Detect counterfeit – Businesses that accept cash are still being impacted by counterfeit on a regular basis. It is very easy to trick inexperienced employees with fake money, which is why this scam has become so widespread during the last couple of years. The best way to avoid counterfeit (that is, to detect it in the first place) is to use a cash management system with a built-in counterfeit note detection. This feature will significantly reduce the losses caused by fake money scams in traditional retail stores.
- Improve employee retention – Lastly, switching to an automated solution for cash management will help your company retain its best talent, or at least your favorite employees. After all, having the responsibility of handling the company’s profits at the end of the day can be a huge burden for some employees, especially the ones who don’t have much experience at your company. By taking this difficulty away, you will allow the workers to focus on other important parts of their job, which will lead to increased job satisfaction and better results for the store. The employees will also feel more confident and secure at work, which will further boost employee retention within your company, making it a win-win situation for everyone!
Develop a Modern POS System with EnterAdvisor
Enter Advisor offers scalable software solutions to retail businesses in search of automation. Their range of products goes from self-service equipment to building and integrating online and mobile software solutions. Most importantly, Enter Advisor provides contemporary POS system automation solutions, including both the development and integration of new software and technology.
The aim behind the company’s efforts is to provide efficient POS solutions custom made for your specific business. Enter Advisor takes pride in developing modern workplace solutions for all levels of retail staff, thus fully adapting to your business and requirements. Before you decide to proceed with the project, you should learn more about EnterAdvisor as a company.
Enter Advisor is all about high efficiency and achievements in the sphere of IT infrastructure design and development. The company offers professional consultancy and integration of various IT structures and products in international markets. Their main goal is to build a trustworthy relationship with their clients and work as a team to achieve shared goals and ambitions.
Contact Enter Advisor for More Info (conclusion)
The team behind EnterAdvisor takes a professional approach to help businesses achieve their goals. They view each project individually and focus on meeting specific requirements that correspond uniquely to your business. If you’re looking for an automated software solution, whether it is for cash management or point of sale systems, consider reaching out to Enter Advisor for more information.
The company’s staff members will reach back to you quickly to help build a solid foundation for future collaboration. Enter Advisor encourages its clients to leave specific requirements and goals they want to focus on during the software development and integration procedures. Such a customized approach is guaranteed to bring positive results to your retail business because of the increased accuracy and efficiency of the created solutions.