Retailers will identify the type of Business Intelligence that can be accessed to inform their business plan. [printfriendly]
Point of Sale (POS) System
POS systems are an incredibly powerful analytics tool. There are an increasing number of online Cloud-based applications that can be used as point-of-sale systems. Look for point-of-sale systems that interface with your inventory management, allowing you to track staff and products, and as well provide a big picture for you that can easily analyse in real-time what is happening in your retail business. POS systems can indicate what products are being sold at what frequency, and where there are performance highs and lows. You can use this data to adjust how you order, market, stock your shelves and much more.
Being creative with how you interpret and apply your business intelligence is key and will be a productive learning experience. A POS system can range from a behind-the-counter system for purchases or a tablet that staff can carry and swipe for customers on the floor (this is a new trend and will continue to offer even more data).
When selecting a POS system it is important to consider your product type, retail sales process, staff and customer capacity. Click here to see some great resources on deciding which POS system will provide you with the best functionality and business intelligence data.