What is POS Software? – The Point-of-sale (POS) system is computer software and a hardware network designed to work together to keep a track of sales and inventory. Since its an automated system, it’s accurate, very thorough and reduces a plethora of management and service errors seen otherwise. More detailed information can be found on Partech.com/point-of-sale/software/.
After the Industrial Revolution, the technology revolution is the second most powerful wave of change that has hit the globe. It has caused another ripple in the world of economics. Like the previous pattern observed, businesses who manage to keep up with the changes in service patterns can only withstand the competition. Which brings us to our focus on food and catering retail businesses that include cafes, restaurants, hotels, bakeries that utilize a cash register to process transactions and keep the cash. The process alone is vital for the operation of any setup.
It is the latest method being adopted by hundreds and thousands of setups. It provides an enterprise to carry out networking and tracking of all transactions and management hassle-free.
How does it work?
The system is connected to a main data collecting server that stores all the information for whatever is happening. It consists of various sections like tracking of items on the itinerary, recording sales and tallying costs and conducting transactions.
It is basically an advanced, more evolved method of keeping the cash register. Only that the cashier inputs the products and computer software does the rest.
Ways its changing the restaurant industry
While in context, the POS system can be used for almost every retail system, but it’s proving out to be a game-changer in the restaurant industry. Here are four ways how it’s effectively causing considerable changes in the said field.
1. Absolute money management
The food industry is the highest-earning among many others. The amount of cash flow whether paper money or credit cards that these businesses encounter at a daily basis make this system a need of the hour. The POS system keeps a track of every decimal of your sales and connects all the money trails. This allows the owner to easily track their earnings, profits, investments, and payments.
2. No chances of errors
The system also processes credit cards directly without a middle party involved thus making the transactions more secure for both parties. The collateral of human error is reduced to zero which makes it ideal for restaurants and cafes that have servers usually collecting cash from customers. It also is greatly effective against employee theft.
3. Management like never before
It’s one system for all kind of thing here. It speeds up communication between the kitchen and wait staff. Orders taken by the waiters reach directly to the kitchen staff, reducing communication time. Orders are then directly processed and billed. It further tracks all the food usage, determines the best sellers and the least sellers. It can also keep a track of all the food items in stock, what is available and what isn’t.
4. Customer care
What makes and destroys businesses is customer care. This system allows you to keep a track of customers and accumulate customer data. It speeds the service provided, ensuring a satisfied customer. It allows you to recognize your best customers and treat that information with however you see fit. It also allows you to utilize customer data obtained from credit cards, their ordered service and targets them with rewards, incentives, and advertising.