Point Of Sale
15 November 2004
Proposal: Point of Sale for The Brighter Side
Most small businesses underestimate the importance of managing their inventory. They do not realize that many headaches and fire drills are caused by the lack of control and knowledge of their inventory. Whether it is a lack of knowledge of the quantity or specs of a certain product, businesses too frequently use outdated inventory systems. Insufficient systems do not allow them to get the most out of their inventory, because when used properly, inventory management systems allow businesses to make a concise, real time analysis of products and markets that help them make better business decisions. Inventory management systems also allow businesses to better serve their customers since they keep a detailed and accurate record of purchase histories and trends so they can reorder products more efficiently.
With a controlled inventory, management will be notified when products need to be rendered, are selling quickly or are disappearing due to theft. In essence, the business becomes organized and by controlling inventory, profits can increase. Inventory management allows businesses to make smart and informed decisions about promotions and specials since they are better able to monitor rate of turn for their merchandise. In addition, they let management know when a product is no longer profitable.
Products are the heart and soul of a business. Even with the best customer service, they will not be profitable without a commodity to sell. It is the purpose between the business and its customer. It was interesting to hear from Kelly O'Donnell, an owner for The Brighter Side, tell that her company does not use any inventory control whatsoever. The Brighter Side spends thousands of dollars on merchandise but does not systematically control how the products are doing or how much is left. During our interview I said to her, "Do you send your daughter to school to learn...
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