SWOT is the simple analysis and insight into the strengths, weaknesses as well as its external opportunities and threats.
Strengths of a POS System:
1.Reduction in Shrinkage:
Every modern and latest Point Of Sale System consists of receiving and inventory functions. The business management is simplified to a great extent by deteriorating the “out of stock” conditions and highlighting the causes of inventory loss.
2.Automation of Tracking:
POS systems automate the process of tracking current and updated pricing.
3.Maintenance of Control:
Many business owners have realized that customer service suffers when they are not present on the business site. Also, the employee’s performance is degraded and not up-to-mark. POS system allows you full control of your business while you are bust at other tasks away from the location of your business.
4.Improvement in Efficiency:
POS systems allow the staff to generate revenue related tasks such as helping the customers.
5.Enhanced Customer Satisfaction:
Utilizing a POS system with a bar-code scanner reduces the time taken to perform a task thus speeding up the whole process.
6.Remote Access Management:
Even if you are traveling or residing away from your business location, you can still monitor all data using Point of Sale Systems.
POS system facilitates meticulous information about your menu by identifying the top-selling items and hence the most profitable menu items.
Weaknesses of a POS System:
You need to have an uninterrupted and continuous reliable internet connectivity for the operation of your cloud-based POS.
Opportunities of a POS System:
POS systems can also track and monitor the effectiveness of certain marketing efforts including promotions, coupons, vouchers, and much more.
Point of Sale Systems provides you with the ability to analyze sales data. You can efficiently measure the effectiveness of the advertising campaign. What items need to be present in the inventory for order and what should be their quantity? Every minute detail is shared with you. You can recognize the high margin items and work further on their promotion. Having a complete grip and control on your reporting system, you can now calculate daily gross revenue and cost. The analysis of historical data enables you to forecast the future needs of your business. Customer data is very precious as a business asset and it can be stored and further used in targeted advertising and marketing. Overall reporting can be generated at any given time as per the requirement of your business. A better reporting analysis allows better business decision-making.
Threats of a POS System:
The mature markets are very competitive. For a POS system to grow in a well-established and mature market it has to improve market share and it seems to be difficult and expensive.
The mobile phone due to the mobile payments is replacing the cash in hand scenarios. Everybody needs to be aware of this change and transition so that the people can adapt to the new system effectively.
Another important issue is the storage and security of private customer’s data. If your systems are not secure and your data gets hacked you may lose the precious information of thousands of customers. Leaking such a large piece of information that is precious as your business asset may cause you huge loss. The hackers may access your data for malicious or competitive reasons.
3 Tips to help you Secure your Point of Sale System:
To make your POS secure and reliable you need to follow the steps listed below:
· Implementation of the best practice configurations
· Make your staff aware and educate them about the possible threats
· Make your access to POS system only for the authorized persons
Why Choosing SMACC is a Smart Business Decision?
SMACC has ruled the Middle East for past decades as it continues to grow its customer family beyond the number of 81,000. With the availability of its version in 13 spoken languages, its multilingual feature fascinates the customers. The strong and strict encryption of data on the cloud-based platform as well as its remote accessibility and every minute backup makes it the favorite software of businessmen. SMACC comes in three pricing plans, the more you pay the better accessibility to all the modules is available. For desktop POS software you will require a separate barcode/QR coder but for iPad/tablet or iPhone/Android phones there are built-in bar code readers present.
Moreover, with the mobile phone POS system, the salesman can take the snapshot but this is not possible for a desktop POS system.
The Conclusive Perspective:
SWOT analysis allows the complete analytical insight into any Point of Sale System, but the exact SWOT analysis may differ and vary from software to software. Also, any updated version is different from the previous old version. As for the SMACC, there is only one limited weakness requiring a stable and speedy internet connection all the time. Other than that, the strengths and opportunities for SMACC are various, which proves it to be the best selection for your business. A smart sense of decision-making makes your competitors envy you when you adopt the generous services of the SMACC POS system.