Data mining is ‘holy grail’ of POS systems

By: Teamwork Retail

Point-of-sale systems are highly functional tools that enable companies, especially retailers and restaurants, to streamline the checkout process. A recent Daily Camera report highlighted the data mining capabilities of these solutions, which allow brands to view consumer information to gain greater insight into their audiences.

Craig Bahner, former chief marketing officer at Wendy’s, asserted “data is the holy grail of retail,” as quoted by the news source. He added that POS solutions were always seen as ways to better understand consumers.

Daily Camera explained that all of the transactions recorded via POS registers provide information related to all types of trends. For restaurants, such insight may include the number of chicken wings sold per week or whether a new iced coffee is succeeding or not.

Cloud computing in particular is greatly influencing the POS landscape. Royce Glosser, owner of Affordable POS, indicated these solutions are all becoming cloud-based entities.

“We rarely have to go back to repair something. The majority of our time is spent doing installs. And business is good,” Glosser said, as reported by Daily Camera.

A cloud-based POS can help businesses improve operational efficiency in a variety of ways. For example, companies no longer have to maintain legacy equipment that is challenging and expensive to manage. Cloud suites are flexible in pricing, enabling adopters to pay for packages through subscriptions or pay-as-they-go models. All of the system updates are handled by the vendor as well.

In terms of data accessibility, there may not be a better option than a cloud POS. Cloud suites are available through the Internet, so employees using PCs, tablets and smartphones can view real-time information to stay updated on the latest customer purchases and inventory availability, providing personalized service based on these findings.

Retailers and restaurants that want to improve efficiency should not hesitate to replace aging POS systems with more agile options.

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