It is not an exaggeration to say that seeing the future is a gift every business wants, but such superpowers are only in fiction. Still, the predictive technology and analytics in your POS Software will give you a better understanding of future events.
For example, using your data-driven analytics with its artificial intelligence in your POS system can give you predictions on your ideal stock holding now based on its previous history. This can help you make real-time decision-making, allowing, for example, to overcome the current delivery issues leading to the current shipping delays.
The problem is that you now have thousands of stock items in your shop. Keeping track of all these stock items is, in practice, unworkable as it is too much work. To reduce the workload, many people try to pick the top-selling items and essentially ignore the rest. It works for the top, say 100 items but leaves the rest out of control. But it is no problem for the computer to control thousands of items.
Let me show you an example. See the example of a stock item above in the ordering screen.
We have here two (2) on hand. The expected sale for this week (focus quantity) is four (4) sales a week. So the computer is saying you need to order ASAP or miss out on sales this week and a few next week until you get it in stock.
That is one item. You have thousands of stock items in your shop now. Doing this is too much work manually.
Using it, you can spot early warning signs.
One of my clients recently discovered that he had forgotten about Diya lamps. These surged in sales last month, so okay, he missed some but managed to get much of it. So he got some excellent sales that he would have missed out on without this predictive analytics.
If you need any help or want to get an automated stock control system going in your shop, please contact us.
