Point of sale software and solutions have long offered massive benefits to businesses, with these benefits growing as the technology has advanced. Let’s look at how the POS system has developed over the years to offer the business utilities and benefits that it does today.
What is a Point of Sale System?
The point of sale system is pretty much precisely what it sounds like: the system in place at the point of any sale. Starting with the 1879 invention of the cash register and culminating (so far) in the various computerized cash registers that we use today, the POS system has come a long way, which has contributed various advantages to the businesses that make use of them.
The basic idea behind the use of a point of sale system is to help eliminate as many human errors and inconsistencies as possible, while maximizing a business’ productivity at the point of a customer’s checkout.
While this once meant that a POS system was little more than a cash drawer with a calculator attached, technology has provided a great many more features that businesses appreciate in their operations. Let’s go over some of these features.
Big Data Insights
By collecting and compiling data, a modern POS system can supply even a small business with data-driven insights and simplified reports to reference. This data is valuable, as it can help suggest trends and other influencing factors that can be used to help improve sales and other critical metrics in turn. The integration of customer relationship management (CRM) capabilities has only boosted the benefits to be had by a business owner.
When ecommerce first came into the fold, businesses found themselves separately managing two separate data sets—those that were generated by their POS system, and those that were generated through online transactions. Today, modern POS systems use a centralized dashboard, where all a business’ data can be synchronized. As a result, the complications of keeping your transactions in line with your inventory are eliminated.
Cashless and contactless solutions have exploded in popularity, as of late, both for their convenience to the customer and the health benefits that contactless payments present. With projections describing 75 percent of all transactions as cashless by 2025, it is no wonder that POS systems that accommodate these payments will be in demand.
Taking all of this into consideration, the logical course of action for any business is to embrace the advanced options offered by modern point of sale technology. MyTek can help. Learn how we can do so by calling 623-312-2440.