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Benefits of a POS system

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The right POS system will give you control over many different areas of your business operations; increasing efficiency and profitability. A POS system will streamline business operations, including inventory and vendor management, along with streamlining Point of Sale processes. 

POS System: Why it matters to you

The following overview, categorized by area of operation, highlights some of the typical benefits of using a Point of Sale system:

Inventory: a POS system allows you to categorize your inventory in a number of ways; for easy look up and sorting of your merchandise. You can quickly search and sort your inventory to track quantity at hand and restock levels for each item. In addition you can also manage suppliers, substitutes, aliases, and parent relationships. A smart POS will even provide information on products you don’t yet stock.

Purchasing: a POS system will help you replenish items efficiently and negotiate lower vendor costs. Purchase orders can be created for standard items as well as matrix items (size and colour). Purchase orders can be tracked by order date, receive date and cancel date so you can take the appropriate action on your open orders. 

Point of Sale: allows you to reduce pricing errors and speed up checkouts. A Point of Sale system enables cashiers to process transactions and serve customers efficiently, and allows managers to maintain tight control.  Some of the benefits of using a system include the ability to automatically look up and sell items based on pre-set sales, quantity discount, and preferred price levels. 

Customer Relationship Management (CRM): keep a complete profile of every customer who has shopped in your store. Customer information typically includes demographics, preferences and purchase history. 

Reports and Analysis: a Point of Sale system will allow you to preview, search and print daily sales reports and journals by register, batch, and receipt number. 

POS – What is it?

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What is a Point of Sale Systems (POS)? The Point of sale (POS) is the place where a retail transaction is completed. It is the point at which a customer makes a payment to the merchant; in exchange for goods or services. At the point of sale the retailer would calculate the amount owed by the customer and provide options for the customer to make payment. The merchant also issues a receipt for the transaction.

POS: Where business meets customer.

A POS allows a business to identify which products are selling well and which products are making profit. With this knowledge, a merchant can: focus his business on more profitable products, lower his stale inventory, identify trends in sales, prepare for peak periods and so much more. A key benefit of the POS system is that sales information is automatically collected and stored for future use in decision making.

The merchant is no longer keeping mental track of everything. He is no longer required to go over volumes of purchase orders and delivery notes to take the right decisions. The business is no longer overstocking or under stocking. The POS system does all the hard work automatically. It collects and stores the information and presents it just when it is required. The business is now making better use of the information that it gathers. The information is now very very accurate and the business is now in control of stock, suppliers and customers. It is delivering a better service and surely it is generating a better profit.

Are you a Merchant?

Contact us for a free demo of the Point of Sale System.

You have a POS already?

Talk to us; make sure you are getting your money’s worth.

Further information:

 

Product Launch: POS Malta

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Accountant using POS Malta

22-January-2014

Lornit has just launched POS Malta – a point of sale system designed for the small to medium businesses in Malta. Lornit has been supplying the retail industry with specific software tools since 2010. Now the company decided to put in all the expertise, know how and its extensive software library into one single product that can be deployed within minutes, is very easy to use and also benefits from the cloud based technology developed by Lornit.

POS Malta – was the name chosen for this product as it aims to cater for Maltese specific fiscal and reporting requirements.

SAVING FUEL WITH VEHICLE TRACKING

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Without a doubt, not everyone driving out on the road is efficient. There are the Fast & Furious fans whose cars gulp down fuel and old grandpas who believe that driving slower will save fuel. This might be acceptable to the common folk but if you are the manager of a large fleet of vehicles this behaviour could ruin you with spiralling of fuel costs.

 

FUEL & TRACKING

Tools are available to measure how fuel consumption. When tracking your vehicles, sensors can be installed to detect fuel levels over time. By measuring these fuel levels, even if done with little accuracy, one can start understanding on whether current fuel consumption is acceptable or not.

SAVING FUEL USING TRACKING SYSTEMS

Combining fuel information with vehicle tracking information gives you an idea of the driver’s behaviour. When you analyse the information as regards to speed and fuel consumption patterns, you can start to get a feel (and maybe more than that) of the driver’s attitude on the wheel. Using this information you can help the driver to drive in a way that helps save fuel costs.

SAVING FUEL THROUGH ROUTING EFFICIENCIES

Using tracking information over time unveils unhealthy routes. Using the information over a period of time will give you routes which drivers are using to make their deliveries. Opting for different routes or times can help the drivers to avoid traffic areas and thus save on their fuel consumption.

SAVING FUEL THROUGH OPERATIONAL EFFICIENCIES

By streamlining operation, one can save costs through a fewer number of journeys. By organizing the way your fleet operates, you can organise your deliveries in a way which would lead to making fewer trips to a particular destinations. Also one can choose which routes to travel from beforehand allowing one to travel during times where there is little traffic.

Vehicle tracking gives you both behavioural and geographic information that when analysed and understood can help a company to reduce its operational and fuel costs. The technology can help in reducing fuel costs but it is by using such technologies effectively that one can leverage more savings.

Are You Smart?

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One has only to visit the web to realise how many information systems and software tools are available. It is no wonder that many people get confused over IT and get overwhelmed with what to much information. But if one had to step back and ask why do we need them in the first place and how can business owners not be overwhelmed by all the technicalities?

 


SPECIFIC

Information Systems are there to give a structure to your company. Like a house needs a foundation to be built on, so does a company’s operation. Operations relies heavily on having the right information organised so that it is ready when needed.

MEASURABLE

Technology helps in precisely measuring performance. Even if a company is not looking for growth, knowing how successful one is at managing operations is a vital aspect to the survival of the business. Analysing and understanding your business ensures you remain profitable and give a good service to your customers. Only through having systems that record data and measure analysis could one aspire to stay in business.

ASSIGNABLE

Whether you are self-employed or a global conglomerate, tasks can only be undertaken by employees. Assigning responsibilities depends on what an employee is capable of doing and his availability at the time. Sharing information and being able to easily assign responsibility allows the smooth running of operations.

REALISTIC

When setting targets, knowing what is achievable helps. When setting targets, people have a tendency to either aim too low or too high. Having information that can classify what is achievable for the business can help a long way in planning for future growth.

TIME-RELATED

Time is the most expensive commodity. Timeliness relates to being able to deliver a service when the customer wants it and in the way the customer needs it. When handling large of products, information and its organisation becomes essential when it comes to delivering on time.

Information is the life force that drives any business. The difference between successful organisations and unsuccessful ones can be traced to the company’s ability to analyse the way they do business and learn to adapt strategies that helps their business growth.

The Vehicle Tracking Jigsaw Puzzle

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The use of vehicle and fleet tracking systems has a whole lot more to offer than simply knowing the location of your vehicles. Their uses have expanded to routing, dispatching, gathering vehicle information and recording data for security purposes.

Onboard Tracking Devices

Traditionally, vehicle tracking works by having GPS devices installed on each vehicle. The system captures and stores information relating to the vehicle’s planned and current location. A host of sensors can also be fitted with the tracking device in order to collect more than just location-based data.

A wide range of information can be captured from these onboard devices. These devices and sensors can collect data relating to fuel levels, distance travelled, tyre pressure and speed levels. This information can be used to understand and correct behaviours that can lead to time and cost savings.

User Interface

It is through the tracking system that the company receives information and updates. Real-time updates and notifications can be received at the company’s premises. Updates are shown on specialised software which is able to process the information gathered.

Efficiency and effectiveness of use are the true measure of the feasibility of vehicle tracking. Although such systems deal with the acquisition of data, it is in the way a company uses them that the true benefit emerges. Companies may be able to determine ways to save money by finding shorter routes or better manage drivers.

In conclusion, onboard tracking devices plot vehicle locations, provide driver information and monitor fuel consumption. This information can be sent onto a software which can guide the management team to maintain good driving practices, increased productivity, happier customers and higher profits.

Telematics In The Near Future

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Telematics is bound to change the way driving takes place on our roads. As telematics technology progresses, implementation will not be solely related to large fleets but also to the general driving community. The main argument is that by gathering information about one’s driving patterns and behaviours, one can correct errors and drive safer.


The Insurers

Insurance companies are prepared to employ such technologies to have better information on their drivers. Young drivers, for instance, are statistically the highest accident bracket on the roads of most countries. Insurance companies are aching to be able to monitor driving performance, speed, braking, cornering and more variables. This information will be used either to regulate drivers or to educate them.

The Fleet Management

Fleet management is where telematics has provided the greatest savings and operational efficiencies. Telematics has truly helped companies save millions in cost and time. When fleet management companies integrate telematics in all aspects of the operations, then the benefits will be immense. In this way a fleet management system would evolve into a fully fledged business intelligence and operation management information systems.

Emergency Breakdown And Roadside Assistance

In the case of accidents and emergencies, having detailed real time information about one’s vehicle enables faster responses to breakdowns. Toyota and GM are already starting to fight over the provision of such systems where real time alerting, stolen vehicle alerting and automatic collision notifications are part of the functionalities they offer.

Forget the Software: Why Fleet Management?

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With Fleet Management Software now becoming widely available, the question becomes: ‘Why on Earth should I buy from you guys than from any other?’ Perhaps this is the root question of what business is really about. Our Fleet Management System is not just a piece of software but it is about us helping you to earn and/or save money from your fleet.

Traditional Benefit

Management of anything allows control over certain resources in order to free others. Control of resources allows for the reduction of waste and abuses which if not under check can cause a company to lose track. On the other hand those same resources can be used to grow the business.

Your fleet cannot stay in the garage, so it is not always under your direct supervision. Especially if you are a company where you want your fleet constantly moving your worst enemy becomes idle time and waste of time.

Beyond Management

A fleet management systems goes beyond, it gives you information. Most people seem to underestimate information and are only concerned with the control aspects of software. Learning makes people grow and businesses flourish.

Your fleet is like a mini-organisation in its own right. If you believe that administration is a necessity, than so is the administration of your fleet. But administration is not about keeping records for the government but rather a source of wealth on which you can grow your business.

Data to information to knowledge to value to sales. Once you increase the value of your offering through knowledge learnt you can offer higher offerings and tackling more markets which leads to making more sales.

Beyond Software & Solutions

Our approach is the business intelligence approach. For us learning whether the driving is taking too many coffees is not the best value a fleet manager can get from these systems. For us learning how best effectively use the fleet to maximise distribution is what is essential.

You want to make money and we help you increase the likelihood of that happening. All businesses are about serving customers at a profit and managing your fleet is not just about how efficient your fleet affects your profit. If your main business is the fleet, then being more effective and of value to the customer will pave the way for more revenues and sales.

Through your fleet you are either mobilising your business or growing it. Either way we understand that collecting information and using it wisely allows you to be more efficient, effective and generate more business. That is why our Business Intelligence approach helps you achieve just that. The reason companies buy from Lornit is because we use technologies to help you improve your business profits and not the other way around.

Common Sense & BI: Similar, Not Common

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Large companies speak of Business Intelligence or BI as if it was some alien high technology field. True Business Intelligence can translate in complex processes and acquisitions of technologies. Yet when you boil it down to the soup, what BI means is taking your data and using it to grow your business.

Close Encounter to BI

You use business intelligence every day. Although true business intelligence may be a discipline in itself, its merits comes from the principal of recording data, analysing it, comparing it to pre-established business goals and provide reports that help your business.

CRMs can sometimes act as a small company’s BI software. Different sizes of businesses today are using a multitude of widely available software. Customer Relationship Management software today can be used as a simple Business Intelligence software, where it collects information such as contacts, activities, and other information and through reporting it can show valueable information. When things grow they ‘might’ get more complicated than that.

Know Thy Business

 Know Thyself is an ancient Greek proverb that meant to inspire people to get to know more of themselves. The idea is that the more you understand yourself, the more you can understand others and thus be happier. Although all business, like people, are different they are still operate under this principal.

Your information turned to knowledge becomes a value to you and customers. Through the information you collect you can eventually translate it to knowledge. That knowledge becomes the value for your customer that can build your competitive advantage.

Data to information to knowledge to value to sales. Once you increase the value of your offering through knowledge learnt you can offer higher offerings and tackling more markets which leads to making more sales.

If you are a businessman see how you can collect all your data and use that data for your benefit. Today with cloud technologies, business intelligence solutions are more widely available. And if, like a wide deal of companies, feel that the available software is not enough for you, Information Systems companies today offer flexible, solutions for the wallet of even small businesses.

Small Business: 5 Tips to improve your business

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Set Goals

A sense of direction is essential part of staying in business. Understand your limits, set clear objectives and work hard to achieve them. Luck by itself won’t keep you in business for long, a good sense of direction and the energy to set and follow objectives will.

Keep Track

When you’re running a small business, you are most likely to be doing many things by yourself. Keeping track of the different tasks that need to be done can be a pain. It’s too easy to end up doing the tasks you enjoy rather than the tasks that are required. Spend some time every day looking at the numbers; resolve to do more time on the tasks that pay more, and to do less time on the tasks that pay less or none at all.

Motivate Staff

People want to be part of something bigger, let them be. Match the job to the person’s passion, reward appropriately, recognise success and encourage personal growth.

Understand your Limits

Saying no can be as profitable as saying yes. Get the right person or company to do the right task. Don’t do things you’re not good at so that you have time for things that you’re good at.

Think ahead

Small Business Owner with BlackboardEverything changes. Events and changes in the world around us can impact your daily operations. Keep up with change, keep on learning, keep up to date and monitor trends. Know what to expect.