Making sales isn’t the only use for a point-of-sale (POS) system. Data and analysis reporting is just as important. By pulling data from your POS you can gain tangible visibility into your business and solve practical problems. The reporting alone should elevate profitability just by being able to make good decisions.
Are you looking to leverage your data to make smarter business decisions? Here are 4 types of data that you business can’t survive without.
1. Sales Data
What drives your revenue? Understanding your sales data allows you to see what sells and what doesn’t. What should you keep ordering and what should you never order again. A quality POS can help you gage what your optimal sales mix looks like by pulling your number of transactions as well as average transaction size. Find out what item is driving sales in your store by receiving your reports by email on your defined schedule, or check using any device using Bepoz’s web reporting module.
2. Inventory Data
Understanding inventory data is the key to improving efficiencies. Use your POS to review overhead costs and calculate ratios such as average inventory and inventory turnover. Knowing these numbers at any time can really effect the decisions you make about your bottom line.
3. Operational Data
Do you know when your peak times of sale are, and which employee sells the most? Review employee performance with your POS. Strategically schedule the right amount of employees and the right mix of employees for peak and slow times.
Over time you’ll want to review your stats by week, months and years. Factoring historical information can really help in decision-making to keep operating costs low.
4. Customer Data
Collecting customer data is more than just a name and an email. It’s following that customer on their journey as a shopper in your store. What do they typically purchase, how frequent, and when? This data is helpful in creating customized promotions specific to that loyal client. Knowing your clients helps you make educated decisions about how to give them the best experience in your store. And a great experience typically leads to more sales.
If you’re interested in operating your business based off data-driven decisions, give us a call. Top quality reporting and analysis is at the core of our business, and we’d like to show you some of Bepoz’s top features.