Good stock management is an integral aspect of businesses of all sizes. From small local companies who need to manage cash flow carefully, to huge corporations which run on very fine margins, keeping track of stock is essential.
In order to maximise your profits, you need to make sure that all stock moves through your business in the most efficient manner possible. It can be costly to hire an employee to do this, and it is always possible that they will make mistakes. EPOS equipment, on the other hand, is cost-effective and reliable.
If you use EPOS equipment within your business and are in need of repairs, give Elcomatic a call on +44 1294 274914.
Reducing Shrinkage
‘Shrinkage’ is used to describe any stock which is lost through theft, being misplaced, damaged, or in various other errors. Although many of these aspects are difficult to control for a cost-effective amount of money, importantly, one is not.
Clerical errors account for just over 15% of stock shrinkage. This is a process that you have full control over, and by making sure that all of your stock data is managed correctly, you can significantly increase your profits.
One way of doing this is to employ an automated stock management system through EPOS. This system will allow you and your employees to track what is coming in and going out of your business exactly so that the information is always readily available and accurate.
Identify Key Products and Underperformers
Keeping track of what stock you have is one significant benefit of EPOS systems, but you can also use them to increase your profits in other ways.
Using your accurate information, your EPOS system can also provide you with precise stock overviews. These will let you analyse sales history which will allow you to make predictions about how much you might need and offer guidance on what you might need from suppliers before meetings.
By viewing things like what stock is selling the fastest, you can make sure that you have enough for busy spells and even make the re-ordering process entirely automatic. This means your profits will not be harmed by customers looking to buy products you do not have.
Similarly, you can be notified of stock that is underperforming so that you are aware before ordering it again in the same numbers. It costs money to store inventory, and if it never sells you are just throwing money away. EPOS can alert you of this.
EPOS Food Stock Management
Having stock like electronics or ornaments sit in a stockroom is one thing. Although it costs money to store, and it might never sell, it is not going to be wasted just by sitting there. Fresh food produce, on the other hand, is another thing.
If you run a restaurant or shop, it is vital that you keep food stock adequately maintained. Not only is food which goes off wasted, but you also do not want to risk selling it mistakenly. EPOS will allow you to keep track of when you ordered stock, and when you need it.
This is especially important in a restaurant. It is never a good look to tell a customer that no more of a dish is available and can ruin their dining experience. However, it is wasteful to maintain stock levels over what you need just in case sales suddenly rise.
EPOS equipment can be set up to track stock levels and automatically order or alert you when stock is getting low. By doing this, you can make sure you always have what you need without spending more than you have to on unnecessary stock.
Get in Touch
Elcomatic is a fully accredited and certified repair centre for all EPOS devices and other electronics. Based in Ayrshire, you can rely on our experienced team of technicians to provide fast and effective repair solutions for all of the technology key to your business.
Although EPOS equipment is key to the everyday running of a vast number of businesses, the disruption caused by broken equipment can be absolutely critical. We provide a service which means you can return to regular service without delay.
We offer contractual work for businesses which maintain a large amount of equipment and provide fully structured quotations before we start work.
To book in a repair job today, give us a call on +44 1294 274914. To make an enquiry, e-mail us at info@elcomaticepos.com.
Alternatively, fill in our contact form, and one of our personnel will be in touch as soon as possible.