What Does POS Mean?

The simplest definition of POS is Point of Sale. A point of sale is usually a solid mixture of software and various hardware components that can accomplish a varying degree of tasks -most basic of which is to serve as a cash register- based on their complexity or simplicity. Indeed, these days there are many different types of POS systems available on the market and in this article, we’ll go over the basics of what you can expect a modern point of sale to accomplish and how it can help your F&B business. 

Data Collection and Analytics

This is perhaps one of the most basic, and yet important, roles that the modern POS plays. You should be able to track almost every metric of your business directly through your POS. If your POS is worth its salt, it’ll come packing statistics like sales figures, daily reports, BI reports, inventory tracking data, staff data, customer data and product sales information. Information like this is so important because it helps business owners understand what happens behind the scenes of their business. For example, with sales data, business owners can start noticing trends about when certain products are popular or not. Customer data can help highlight which of your customers spend the most and staff information can show which members of staff stand out from the rest. You should also be able to view data from selected periods of time. 

Scalability

Scalability is perhaps one of the most underrated features that many modern POS systems possess. Scalability refers to a system’s ability to grow with your business. Essentially, if you start out as a single-shop operation, but grow into a multinational enterprise over time, your POS should be able to handle the running of multiple shops while also compiling all the relevant data together. This means that as a business owner, you will be able to have full control of your business, all under one system, from anywhere in the world, no matter how big it grows. 

CRM

CRM stands for Customer Relationship Management. This POS feature lets you manage everything that has to do with your customers – be it keeping track of their spending habits or enticing them to spend more. One of the most important features of CRM is loyalty programs. With loyalty programs, you can incentivise customers to engage further with brand loyalty and make them feel valued by offering them rewards for spending more. If a customer feels like they matter, they won’t have any reason to go to the competition. 

Portability

Unlike POS systems of the past, the modern POS system can literally take on the form factor of something like a mobile device or a tablet. Business owners are seeing the benefits of being able to run their business from an interface that makes intuitive sense while also being able to take their POS with them as they move about their restaurants/bars. Better yet, multiple POS portable systems can be assigned to the same place of business, but can be granted different permissions and control based on seniority and business roles. 

Integrations

POS systems can take on additional features by integrating with third-party companies. For example, many POS providers have an open-source system, which is great for integrating with local payment companies or joining two different systems into one. This ensures that if your business relies heavily on a particular external feature or service, it can be directly integrated into your POS so your business does not need to run on multiple disjointed systems.