Behind every successful enterprise is a POS system. A point-of-sale (POS) system is essential to ensuring your business runs securely and transparently. The retail industry is projected to grow in Asian markets such as Singapore, and POS systems help sustain this growth.
For instance, 68 percent of retailers rely on a POS system to keep things in order. And it’s not just limited to retailers. Over 68 percent of POS systems are utilized by non-retail enterprises such as restaurants, hotels, schools and universities, and healthcare providers.
Point-of-sale systems don’t just handle payment transactions, however. In the olden days, most businesses had a simple cash register for processing sales. Today, a comprehensive platform controls every facet of business operations, from order processing and reporting to inventory management and accounting. It is the core of your company, the central hub where everything intersects.
Whether you’re a skilled service provider, a retail startup, or an established enterprise, you must equip yourself with the knowledge that will help you choose the right POS system for your business. Whether you’re looking to buy a new system or upgrade your existing one, here are two things you need to know to make your POS system in Singapore work for you:
Know what you need
Most POS systems can do the basics: track sales, issue invoices, manage the inventory, among other things. However, more complex processes and transactions require a specialized setup. By understanding the requirements of your business, you can choose a POS system that accurately answers its needs.
For instance, some clothing boutiques only require a basic POS setup, while others need a system for tracking online sales and deliveries. If you run a bar or restaurant, you might want a system that automatically sends order tickets to your kitchen. Gym and salon systems usually have an integrated calendar for scheduling and reservations. Skilled service providers might want a mobile POS system for more manageable onsite payments.
Your system should grow with your business
As your business grows, its needs and processes will become more complex. Sure, you only have a single store now, but five or ten years down the line, you might want to expand, which means you have to ensure your POS system grows with your business. One of the best ways to do this is to choose a scalable system.
Business-critical requirements will increase as you expand. As you take on more employees, you might need a workforce management system to keep track of hours worked and payroll, as well as features such as user and permission management. Expansion, whether online or physical, might require support for additional payment options, delivery tracking, as well as connecting two or more locations for inventory and delivery management.
A final word
As retail sales continue to increase in Asian countries such as Japan and Singapore, POS systems will provide the foundation for future growth. With dozens of options in the market, each with pros and cons, how will you know which one is the right one? The answer lies in how well you know your business.