Once upon a time, cash registers were iconic. Every business had one, and they were the best technology we knew of for tracking sales and profits. It was a simpler time.
The first Point of Sale system was created in 1986. Microsoft Windows released POS software in 1992. Since the advent of the internet, businesses across the globe have come to rely on POS systems to sell products, make decisions about staffing, and track profits.
POS systems continue to grow in popularity and functionality. Restaurant POS software can collect vast amounts of data concerning a business’s customers, employees, inventory, peak hours, ROI, and more. This insight helps business owners make informed decisions, so their businesses can grow quickly and sustainably.
Let’s take a look at how this technology improves restaurant operations at every level:
Many POS systems allow managers and employees to view scheduling information in one place. Some even let employees clock in and out within the system itself, so no additional software is needed. Collecting all this information helps business owners track labor costs and employee performance.
The all-in-one interface doesn’t just simplify scheduling. With all the information in one database, it can also help with tip allocation, timesheet management, and even payroll. Managers can save time and make smarter decisions about scheduling, increasing employee morale and profit margins in one fell swoop.
Prevent Theft and Waste
POS systems make it easier to track inventory and sales. Clear data – especially data that’s readily available for all to see – discourages employees from misusing ingredients. In the unfortunate event that an employee disregards inventory policies, the manager can see what’s happening and take appropriate action.
When the POS is set to compute cash drawer totals for each employee, management can track each person’s performance. Misconduct can be spotted immediately, and great salesmanship can be rewarded.
On the back end, this technology can monitor ingredient consumption and popularity. Generate orders based on parameters you set. If a gym opens up next door, you might find a surge in the demand for protein shakes, while garlic bread becomes less popular. A POS helps track these changes over time, so you can mitigate over-purchasing and avoid waste.
View Reports at Home
With the right POS, you can access detailed sales reports from the comfort of your couch. Remote access lets business owners make menu and pricing changes from anywhere in the world. Some POS systems even offer mobile apps, so you can review important information while in transit. Managers have long dreamed of being in more than one place at a time; they finally have the freedom and flexibility to do just that.
POS systems are highly secure. In fact, regulations require them to be compliant with the Payment Card Industry Data Security Standard (PCI DSS). The PCI DSS establishes measures that protect payment-related data from security breaches.
Managers and business owners can program a POS to have the level of security they deem appropriate. For example, a POS might be set up to require password authorization from anyone using the cash drawer. These measures help protect the business and its customers from theft.
Prepare for Tomorrow
As your business grows, its needs will change. Adding new menu items requires a robust inventory system; the success of new locations depends on labor management and budgeting. Unlike a cash register, a POS can grow with you.
Technology plays a bigger role in the consumer experience every day. POS systems help business owners stay on top of their guests’s changing expectations. For example, many customers have come to rely on online ordering. The implementation of OLO is a low-overhead way for restaurants to reach a wide array of new customers by meeting them on their own terms. A POS that offers this functionality can help your business grow every day, while managers focus on providing great service.
Increase Order Accuracy
POS systems improve communication on every level. Never again will a chef misread a server’s messy handwriting; instead, all menu selections and modifiers are standardized. When it comes time to split a check twelve ways, the POS can easily itemize receipts for each customer, removing the need for a lengthy explanation of who ordered which meal. Servers can meet guests’ needs more quickly, and turn tables faster as a result.
Software decreases the margin of error in every aspect of business. Managers can use their POS to track employee performance, the popularity of menu items, guest loyalty, peak hours, the success of advertising campaigns, and more. In order to grow, you need to know which strategies are working and which need to change.
A POS system is the one place where all this data can be entered, stored, and reviewed on a regular basis. Business owners can choose where to spend their time and money based on the numbers. This helps simplify every aspect of business, from choosing your summer specials to doing your taxes.
Build Customer Relationships
POS systems can track customer data. This is a great place to look up how many times a guest has dined in or ordered, and how much they usually spend on a meal. When you know who your most loyal customers are, you can develop relationships with them. Target your advertising to your biggest fans, and they’ll tell their friends about your excellent service.
Ready to make the switch? Click here to retire your register and earn $500 towards a new All-in-One Point of Sale.