When we think of a business’s point of sale (POS), we think of cash registers where we receive money in exchange for products or services. But in the digital age, a point of sale integrates financial, promotional and even operational processes, as they are capable of managing key aspects such as inventories. Hotels are no strangers to this trend, so we’ll tell you everything you need to know about the POS system and inventory management from this software.
What does a POS system do?
Technology has given way to more sophisticated and versatile point-of-sale tools than a cash register. Today’s digital POS platforms systematize sales and inventory control for a business’s physical locations.
Likewise, a solid POS and inventory management system option is actually a point of service. Its contribution to business management is to support effective and individualized interactions with customers. For hotels, comprehensive POS software can improve the guest experience.
How does it do this? By being efficient in delivering a personalized offer to each customer. For example, it helps in the transparent and clear application of hotel loyalty programs and other types of specific offers. Additionally, it has the power to analyze data and provide reports on financial processes and operations.
So, your hotel POS and inventory management system should help you leverage inventory and boost staff productivity.
Hospitality needs addressed in a POS system
So, what are the specific needs that a comprehensive POS and inventory management system alternative must address in the hospitality sector? The main ones include:
- Streamlining orders and financial transactions.
- Support for personalized interactions with each customer.
- Offer specific promotions.
- Integration with other hotel management systems.
- Integrated operation with mobile POS or self-service stations in the business.
- Acceptance of all types of payment methods.
- Collecting data to produce relevant and timely reports.
- Protection of customer information.
Additionally, effective POS platforms work in tandem with the importance of inventory control. They connect customer-facing operations with administrative dimensions of the hotel such as staff, facilities, and inventory. In doing so, they speed up overall service, reduce errors, and keep staff up-to-date and aware of what’s happening in the business .
POS system and inventory management for hotels
Now that you know what a POS system is, let’s dive into what it should bring to your hotel management.
Personalized customer experiences
Offering specific options that match a customer’s profile is key in hospitality businesses. A good POS system personalizes products, services, and offers for each customer to increase sales and encourage loyalty.
Analytics to generate profitable offers
This software helps to optimize business logistics and the related supply chains, thus leading to better margins. Likewise, the collection and analysis of data on customers’ purchasing behavior and payment methods helps to better understand them in order to offer them products and services tailored to their expectations and interests.
Enhanced security
Your POS and inventory management system quickly identifies sales trends and anomalous transactions. It also ensures compliance with security standards for customers’ personal and financial data.
Efficient transactions
These platforms allow for simple, efficient and effective transactions, and thus also help to combat human errors at the point of sale.
Real-time connectivity
Today’s POS systems are cloud-based. This means they are not located on a single computer or location. They are accessible from any device connected to the Internet and display updated information in real time.
Features of an ideal POS system and inventory management
With all this in mind, you may then wonder what specific features your POS system must have to reach its full potential. These are the ones that cannot be missing:
- Detailed and visible sales report based on different criteria such as service and time, for example.
- Inventory management to know when you need to activate your supply chains. It also helps to identify items that are circulating less than expected to adjust the acquisition or sales strategy.
- Customer management to ensure a pleasant experience that lives up to their expectations. Includes data collection and visualization on their purchasing habits in your business.
- Managing employees in operational aspects such as schedules and sales performance, for example.
Without a doubt, a solid POS and inventory management system option can make a huge difference in the management of your hotel. Remember that integration is key to getting the most out of hotel technology. So the ideal POS platform for your business must be able to work effectively in conjunction with other digital resources such as the Property Management System (PMS).
