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Stock Management and POS integration

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 The integration of both systems allows you to easily transfer and track inventory and transactions across multiple stores. Offer special multi-tiered pricing and targeted promotions. Perform more accurate physical golf inventory management.

Our system is fast, easy, flexible, and scalable for multiple properties. The technology features an easy-to-use touch-screen interface, real-time inventory tracking, and detailed performance reports. Plus, payments are a snap (and ultra-secure) with an integrated credit card processing system.

Additional features include:

  • Get on-hand, on-order, back-ordered, and low-inventory reports
  • Improve tracking on purchase orders, receiving, and reconciliation
  • Target promotions and offer special multi-tiered pricing with the shop POS
  • Perform more accurate physical inventory management using integrated portable data collectors
  • Easily transfer and track inventory and transactions across multiple stores
  • Get real-time information with easy online access to the system

RFID: In Small Businesses

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In addition to the requirements from bigger companies, some small businesses want to use RFID because the technology can help them solve business problems. RFID makes companies of all sizes more efficient by helping them track their inventory and equipment. These efficiencies most commonly come in the form of less labour and better accuracy.

Some of the challenges that RFID can help businesses address include the following:

  • Improved IT asset utilization by tracking servers, notebooks, or lab equipment.
  • Improved document management by tracking the location, status, and chain of custody of legal documents.
  • Rental and “check-out” situations, such as tools or at an equipment rental outlet.
  • Reducing inventory by providing an accurate picture of existing inventory and eliminating the need for over-ordering “backup inventory.”
  • Improved inventory accuracy reduces the non value add labor required to cycle count to find and verify where certain items are.
  • Eliminating repetitive data entry, such as situations in which shipments are tracked by hand on a clipboard only to be entered later into a computer database.
  • Keeping tabs on high-value assets or products, for example, calibration equipment, construction tools, or medical devices.
  • Tracking high-turnover products, like clothing in racks, hundreds of books at a bookstore, or tires on a rack.
  • Tracking consigned inventory like eyeglasses at a doctor’s office.
  • Identifying and tracking returnable bins, racks, and containers like plastic totes, beer kegs, or gas cylinders at a medical supply house.
  • And finally, in meeting customer mandates.

RFID can help companies manage many elements of their business that is not managed by their IT systems today, such as parts, tools, returnable containers, vehicles, and so on. It can also help small manufacturers customize product for individual customers.

RFID: An Intro

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RFID is an automatic identification technology ― like a upgraded barcode. A barcode relies on a visual scan to transmit data, but RFID relies on radio waves and doesn’t need a line-of-sight to read data. In place of a barcode, you have an RFID tag or “transponder,” read by a hand-held reader, door-mounted reader, or some other configuration. 

You might not have heard of radio frequency identification, or RFID, but you probably encounter it every day.  And it could be a valuable tool for your business. Many large companies and organizations have adapted RFID to business applications, such as supply chain logistics.

Many of our business cases are built by eliminating manual scanning, error proofing processes, and eliminating the non-value added labour associated with correcting errors such as expediting, searching, cycle counting, and reconciliation.

The U.S. Department of Defense, Wal-Mart and other large organisations, along with some other retailers, now require that their suppliers tag shipments with RFID so that the data can be automatically recorded when goods arrive. But because many of the companies that supply the DoD and the retail chains are small and mid-sized businesses, and because RFID has more business uses, RFID is a technology tool with which businesses of all sizes may need to become familiar.

Stock Management Systems

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A stock management system is a system the encompasses all aspects of managing a company’s inventories, purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering.

In different firms the activities associated with each of these areas may not be strictly contained within separate subsystems, but these functions must be performed in sequence in order to have a well-run inventory control system. Computerized inventory control systems make it possible to integrate the various functional subsystems that are a part of the inventory management into a single cohesive system.

In today’s business environment, even small and mid-sized businesses have come to rely on computerized inventory management systems. Certainly, there are plenty of small retail outlets, manufacturers, and other businesses that continue to rely on manual means of inventory tracking. Indeed, for some small businesses, like convenience stores, shoe stores, or nurseries, purchase of an electronic inventory tracking system might constitute a wasteful use of financial resources.

But for other firms operating in industries that feature high volume turnover of raw materials and/or finished products, computerized tracking systems have emerged as a key component of business strategies aimed at increasing productivity and maintaining competitiveness. Moreover, the recent development of powerful computer programs capable of addressing a wide variety of record keeping needs—including inventory management—in one integrated system have also contributed to the growing popularity of electronic inventory control options.

Given such developments, it is little wonder that business experts commonly cite inventory management as a vital element that can spell the difference between success and failure in today’s keenly competitive business world.

What is a Retail Management System?

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Retail Management Systems (RMS) have been designed to centrally control all aspects of a retail business. With any retail or retail chain, a high level of control and process centralisation is needed for effective management.

RMS have been designed to centrally control the key aspects of any retail business. It manages and monitors your stock, range, prices, promotions, stores, warehouses, sales and profit. It tracks all the accounting information and feeds directly into any General Ledger and other financial systems. It also helps detect fraud and helps in loss prevention.

The tools available within an RMS also give a centralised control over internal store processes. Through this retailers can drive a unified customer experience across all store locations. With the use of system wide settings throughout your operation, one can ensure that functions such as returns, exchanges, gift vouchers and discount coupons are treated the same way in every store. However, RMS allows one to individualise each store to respond to local challenges and needs.

Customers today are more demanding, have more choices and purchasing channels than ever before. To be competitive in today’s multi-channel retail environment retailers need their RMS to deliver enhanced customer service across channels while driving growth and increased revenue.

Case Study – Restaurant POS

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A trendy American has earned its reputation for exceptional meals and pampering customers. In addition to the main dining areas, the restaurant offers outdoor dining at The Side Porch with combined total seating for more than 235 people. The restaurant also sells several retail items such as Seasoning, shirts, cookbooks, soups and dressings.

The challenges with the previous POS system and lack of responsive support from the vendor compelled the restaurant owner to look for a new POS system that could enable them to be more efficient and provide better service to their customers. Hence the option to go for a new POS system.

The new POS system installation included menu set up, screen design, table layout, reporting structure, training and integration to restaurant’s gift card and payroll systems. The new system was implemented in just one week.

The benefits for the restaurant included a more efficiently run business which gave them more time to spend in the dining area interacting with and serving customers, an improved table layout screen which gave a status of all tables in the restaurant and the possibility to open a transaction from any terminal.

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.

Is it that time of the year already?

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