Technology strategies to complement your business plan

February 16, 2022

Improving your business technology strategy begins with assessing what you currently have. A modern point of sale (POS) offers options for everything from software inventory tools to contactless payment.

Chances are, you may be working with outdated tills that don’t offer more advanced features that you could be benefiting from. In addition, “bare-bones” solutions offer minimal security, with data being subject to loss if the hardware is damaged.

A modern point of sale (POS), however, offers options for everything from software inventory tools to contactless payment. This makes for a more convenient experience for your customers and a seamless management tool for your staff and managers. Here are the points businesses need to assess when revitalizing their technology strategy:

  • Mobile options
  • Specialized industry features
  • Data and analytics
     

Now that you know what you have, it’s time to think about what you need. Different industries are going to have different needs, however, which makes this a difficult question to answer. In the restaurant industry for example, staff might benefit from a POS that offers:

  • Digital table mapping to ensure order accuracy
  • POS access to customer-facing kiosks and menus
  • Contactless payment options, including the ability to split bills or add discounts.
     

Foundational to any of these features individually is customization options. You never know when your technology strategy is going to need to make a pivot; if that does happen, the last thing you will want to think about is switching to a new POS system. Instead, try to look for a system that incorporates several of these features together into a single, user-friendly interface.

 

Data analytics point you forward

In addition to customization, the other feature every industry needs to have is a strong data analytics program. Traditionally, this work had to be done through intense manual calculation that took up time and energy. Modern POS solutions, however, do the heavy lifting for you. Perks of POS-based data analytic features include:

  • Customer purchase histories allow you to offer loyalty programs, discounts and specials.
  • Software inventory tools like ingredient tracking, par-level calculations and menu costing
  • Automation tools for discounts, inventory and even automatic reordering when stock gets too low
     

When discussing a technology strategy for your business, data analytics points your way forward. Without the information it provides, answering basic questions like, “What is performing well/poorly?” or, “What should I consider replacing?” becomes remarkably time-consuming. POS solutions free your hands, allowing you to focus on providing your customers with the best possible experience.

 

Cloud-based and mobile technologies put strategy at your fingertips

Leveraging the flexibility of the cloud offers a broader range of options to execute your business plan to stimulate growth. Cloud-based POS technology also opens up other exciting options that will improve the appeal of your brand.

The cloud allows you to:

  • Access all of the software inventory tools and data analytics from any device
  • Generate accurate, near real-time reporting to monitor tasks
  • Heighten the security of your most valuable asset
     

Advanced predictive data analysis on your data changes how you look at things like inventory. Similarly, using cloud-generated reports can provide you with insights into the exact behaviors of customers and staff. This will present you with the perfect foundation from which to develop an ideal set of inventory controls — powerful tools to strategize concise action to build a better customer experience.

 

In the age of software, inventory tools and POS features enhance your business strategy

While effective on its own, introducing software inventory tools into your technology infrastructure is incomplete without seamless POS integration. Data efficiency alongside powerful cloud-based POS software can shift the inventory management piece of your business from liability to asset. Understanding these moving pieces will be difficult on your own, making it important to seek expert advice before moving forward.

 

Partnering with talech to address inventory management gives you a valued POS partner that goes beyond the technology. We use our business experience to develop software inventory solutions that make integrating your inventory easy. Contact us anytime about setting up a  free demo.

 

Related content

Digital banking and cloud accounting software: How they work together

Staying organized when taking payments

8 Ways for small business owners to manage their cash flow

What type of loan is right for your business?

How to fund your business without using 401(k) savings

ABL mythbusters: The truth about asset-based lending

Improve online presence your business

4 ways Request for Payments (RfP) changes consumer bill pay

Leverage credit wisely to plug business cash flow gaps

Payment industry trends that are the future of POS

ePOS cash register training tips and tricks

Higher education and the cashless society: Latest trends

How real-time inventory visibility can boost retail margins

A simple guide to set up your online ordering restaurant

What corporate treasurers need to know about Virtual Account Management

How jumbo loans can help home buyers and your builder business

How to apply for a business credit card

Strengthen your brand with modern POS technology

Meet your business credit card support team

How to make the most of your business loan

Unexpected expenses: 5 small business costs to know and how to finance them

Checklist: What you’ll need for your first retail pop-up shop

4 restaurant models that aren’t dine-in

Tools that can streamline staffing and employee management

Gift cards can extend ROI into 2022

Omnichannel retail: 4 best practices for navigating the new normal

Why ecommerce for small business strategy is integral

Is your restaurant Google-friendly?

How to start a photography business

Planning for restaurant startup costs and when to expect them

Why retail merchandise returns will be a differentiator in 2022

How business owners are managing during the supply chain crisis

How does an electronic point of sale help your business keep track of every dime?

How increased supply chain visibility can combat disruptors

Technology strategies to complement your business plan

Refinancing your practice loans: What to know

How iPads can help increase efficiency in your salon

Key considerations for online ordering systems

How small businesses are growing sales with online ordering

Cashless business pros and cons: Should you make the switch?

6 common financial mistakes made by dentists (and how to avoid them)

Business credit card 101

How Everyday Funding can improve cash flow

3 ways to gain loyalty with your customers

Honey Luxury Beauté: growing a side project into an eye-catching beauty business

How to identify what technology is needed for your small business

10 ways a global custodian can support your growth

The different types of startup financing

5 tips for managing your business cash flow

Dear Money Mentor: How do I set and track financial goals?

30-day adulting challenge: Financial wellness tasks to complete in a month

How mobile point of sale (mPOS) can benefit your side gig

Tech tools to keep your restaurant operations running smoothly

3 ways POS data analysis can help define your brand

Break free from cash flow management constraints

How Everyday Funding can improve cash flow

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.