Thought Leadership

Though leadership in retail technology

5 Tips On How To Keep Accurate Count Of Your Inventory

It’s sometimes shocking when, after putting in so much work to make sure you have the correct inventory count, it still isn’t accurate. It starts making you question your employees, theft, or some other events that could’ve occurred under your nose. If you’re a business owner that gets frustrated with this occurrence, have no fear. We have 5 valuable tips on keeping your inventory count accurate at all times.

Start a fresh inventory count on your products that are popular and miscounted

This one is simple and straight to the point. Do a fresh inventory count on your most popular items and the items that seem to get miscounted all the time. This will allow you to have a starting point and a grasp of your most popular items and how it performs throughout a week’s time. Businesses like liquor stores have tens of thousands of SKUs. So having a starting point will be critical in gaining control of your inventory. Then you can proceed to move on down the list to re-capture your full inventory.

Run inventory count frequently

Inventory count should be monitored on a frequent basis. Even if you notice that your inventory count is fairly accurate, there’s nothing wrong with a simple re-count. Events out of your control occur from time to time. Having the latest accurate inventory count cam come in handy during those situations.

We suggest that inventory be counted on a weekly basis. This will strengthen the grasp on your business and gain a better picture to how overall sales are doing.

Make sure there isn’t a flaw with your POS transaction process

Some business owners lose count of their inventory due to flaws in their current point of sale system. The low quality POS systems will sometimes not scan properly and leave an item out of a ticket, which ultimately is the same thing as giving away a product. This will also result in your inventory count being inaccurate. If no one were to catch this, it can become a dangerous and costly mistake. So to fix this issue, you must go with a POS provider like iConnect that provides a tremendous transaction experience. It also has a flawless front end displays that provides items with images which will help employers and employees with an error free experience. Quality POS systems are also good for powering multi-location business. Systems like iConnect are connected to the cloud which relays messages to the other stores in your business.

Pictures to items

Mentioned above, iConnect offers pictures to items as icons on the screen. This allows you to make sure that you’ve rung up the customer accurately without mistakes. The pictured icons will verify that you have the right item for your customer and allow you to keep your inventory count straight.

Use an inventory scanner

Companies like iConnect offer SKU inventory scanners that allow you to scan in bulk. This modern technology saves hours out of the day of having to manually count items. It’s also quite accurate. So you don’t have to waste tremendous time trying to keep count accurate on a weekly basis. With a simple swipe towards the products at your store the scanner will document and relay the count to the POS system.

So when you are looking to keep accurate inventory count in the future make sure that you look through these 5 quick tips. It’s quite vital to the company to always have your inventory aligned.

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A Guide On How To Make Your Retail Business A Little Easier To Operate For New Entrepreneurs

Operating a retail business can some times be pretty daunting, especially if you’re new to the industry. You must have great products that customers enjoy and display it in a manner where they can easily get to the items. Being a new retail business owner will also require great knowledge in accounting, reporting, and management of products and SKUs. While all of that can start to get complex and intimidating, there’s ways to simplifying those tasks.

In the new age of entrepreneurship, technology and software that include features such as inventory management, data reporting, analytics, and scheduling will be your greatest friend. The old days of hand written reports and notes are gone and the new day in age is upon us where we’re given the opportunity to track our business online and through the Cloud.

Running your business through a smart point of sale solution will open up a new world for young entrepreneurs. People sometimes dismiss POS systems as simple register software and don’t understand the importance of the technology. The new systems actively keep track of your inventory and sales to create smart reports for your business. You’ll have access to inventory tracking of products at your store, knowledge to what items have been selling at certain times throughout the week, keep track of employee’s hours, and even have access to EOD (End Of Day) reports for accounting purposes. And that’s only the beginning of what smart POS systems like iConnect can provide for a young retail business.

Entrepreneurs are usually hard workers but have a tendency to overwork themselves with multiple programs rather than simplifying it to one solution. Having a platform where it automates the heavy work and saves you more time will allow you to invest your focus in other aspects of the business.

If you want to learn more about what a POS system can do for your retail business, feel free to reach out to us.

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The Best Franchise POS System In 2017

Next year in 2017 we’ll be seeing a lot of changes to the POS industry. One thing to keep in mind is the growth of the Cloud platform and the advancements in technology. We’ve constantly been seeing growth in the market for point of sale but next year will be far more advanced than any of the previous years.

iConnect has developed many ways to fulfill franchise retail business and corporation needs with the plethora of features available today. But next year, iConnect strives to do something never seen before in the point of sale industry. It’ll be able to truly connect businesses with a powerful BI (business intelligence) reporting system that’ll create tremendous impact in sales. Numbers and data are the leading factors in today’s society to improve efficiency. iConnect understands this issue and will truly be able to empower businesses to sell more with smart analytics to the hottest products and services.

iConnect will also be rolling out a restaurant app that makes life easier for the dining industry. Eateries will have access to a smart functional system that can help coordinate sitting and dining experiences for your workers and customers alike. We’ve seen the pain points of F&B businesses and with this new application, restaurants will be armed with technology of tomorrow.

We hope you’ve had a successful year thus far and let’s have a better year in 2017! Happy Holidays from the iConnect family to yours.

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The World Of Modern POS In 2017

2016 has been a ground breaking year in the POS industry. The fin-tech world has taken strides to improve how we conduct business and handle encrypted transactions. Many improvements were required such as becoming EMV ready and encrypting our most used method of transactions (credit card). And while 2016 was a memorable year, 2017 looks to get even better. Here are the list of ways you’ll be seeing retailers, restaurants and service businesses shape shift in to the future.

Automation

Automation is big. Real big. If you haven’t noticed already, business owners are stuck in a place where state and federal wages are increasing dramatically. And to keep the cost of goods at a competitive level, many restaurants such as McDonald’s have been turning to a self-automated work force with alternatives such as self-checkout kiosks. While there is an upfront cost, these business owners now have a kiosk system that can fulfill the duties of handling orders and transactions without the worry of wage increases. And McDonald’s won’t be the only company turning to this new POS improvement. We are starting to notice these trends at sit down restaurants and retailers.

If you visit Red Robins and Chili’s, you’ll notice that there’s self-checkout kiosks at every table and booth. This allows for people to order and pay for meals right at the table without the need of waiters and waitresses. While they do still employee traditional blue collar workers, Chili’s and Red Robins have implemented a method where they can start transitioning out unneeded help if required.

The eCommerce Boom

This Black Friday, sales hit $3 billion dollars online. That was a 300% increase through online shopping from the previous year. eCommerce has become the destination for virtual shoppers to purchase goods and products from the comfort of their homes. And while store fronts are still the mainstream way of shopping, the eCommerce platform isn’t too far behind. Companies like Amazon has pushed the virtual shopping frontier to the point that Wal-Mart now has to compete with the online giant through their eCommerce platform. They’ve shut down hundreds of store front locations around the U.S. and are gearing up to take their business online.

We’re also seeing many creative entrepreneurs start their business through an online shopping platform. eCommerce has a lot less upfront costs and can still create a way of attraction to their goods through the power of online advertising and social media.

The Cloud POS Frontier

The most impactful difference that 2017 business owners will see is the main stream transition to the cloud. The majority of business owners who use POS are still running on legacy systems. Their use of stand-alone systems makes them vulnerable to data wipes and system hacks. So, many corporations and business owners are turning to the convenient use of encrypted Cloud technology which will provide them with continuous back-up to their critical sales and product data.

This newer technology also allows them to pull reports on the go. Businesses can be analyzed on the fly and won’t require someone to be present at the physical store front location. Cloud POS technology provides convenience, efficiency and greater time savings. If you’re a business owner wanting to make change for 2017, reach out us. Let us help you make the right decisions to improve your business with any of these listed technologies.

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Future of The Cloud POS industry

Current infrastructures in cloud technology is greatly affecting how data is used and stored in business. The old and legacy generation of data storage has become inconvenient and a hinder when it faces technical issues. It requires a technical IT department to oversee and maintain private servers for data storage, which in the long run can be costly. But the current era of cloud technology eliminates the needs to handle data storage in house. Yes, there are still circumstances when private servers are required but you should put your business in a position where you’ll need minimal amounts of upkeep and technical troubleshooting.

There’s also the aspect of security. Previously mentioned, sensitive data is a focal point of attack for cyber criminals and hackers. By going with your own server, you put your business, corporation, and franchise at high risk of losing data that belongs to you and your customers.

So the first step to securing any retail, service, and F&B industry business is to migrate the data to a cloud based point of sale provider where they can maintain and manage any data.

What Cloud POS provides

With the right cloud POS provider, you’ll obtain a new form of convenience that’s non-existent with in-house servers. The right point of sale provider will handle and translate sales and formulated data into a manner where you can make the best business decisions. The right Cloud POS provider will also encrypt any credit card and personal information belonging to your customers. There’s been many cases where hackers have stolen the sensitive information from the biggest corporations due to their flawed servers and systems.

Cloud POS providers should also allow you to own all of that information without selling it off. There’s been instances where Cloud point of sale companies have written in their TOS (terms of service) that they own all information and data uploaded to their cloud infrastructure. This is an intrusion of privacy and no business should have to give up their rights to their data. iConnect is one of the few Cloud POS companies that gives you the full protection of owning your own data without worrying about the company stealing and selling off customer information.

In addition to all of these things that the right Cloud POS company should provide, it should be noted that the true leaders in the industry will give you additional options and features that are engineered for the future. iConnect for example is starting to offer power BI (business intelligence) integration for franchise and enterprise level customers. This feature will help you make the right business moves, actions, and the directions you should take by analyzing your data.

How iConnect has benefitted Enterprise & Franchise customers

Many franchises and corporations that use point of sale systems today have been turning to iConnect POS for the mentioned reasons. Legacy point of sale systems are just not optimized to function in today’s society as they can’t analyze and store data in a protected cloud based infrastructure. Many of iConnect’s customers have faced the nightmare of trying to maintain data through their private servers and databases but it was just too costly and deterrent for them to continue. iConnect also provides the best data division and analytics for the enterprise level businesses. Feel free to reach out to iConnect POS to learn how we can better serve your business to transform the way data can be protected and analyzed.

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If You’re Still Using Windows XP Based POS Systems You Could Be at The Brink of Losing Everything

windows xp hackers

Windows OS has been around since the turn of the century. There have been many iterations of the operating system like Windows XP that have become convenient and familiar for many businesses. But by becoming convenient and familiar, businesses lose sight of the ever-evolving technology and dangers that come with not adapting to time.

Microsoft announced that they have discontinued updates to the Windows XP platform and will no longer service this outdated operating system. For those still using Windows XP, this means that you become vulnerable to hackers, malware, Trojans, and viruses.

In today’s society, this spells bad news as hackers are heavily invading the fintech (Financial technology) industry. A critical example of this would be the recent hackings at Target where the cyber criminals stole at least 40 million credit card numbers. This resulted in Target having to take on multiple lawsuits and compensating the victims with $10,000,000.00 dollars. Other companies that have been breached include Kimpton Hotels & Restaurants, Cici’s Pizza, Wendy’s, Home Depot, Trump, and many more. Even the POS giant, Oracle, who owns Micros Point of Sale has faced a massive data breach due to security flaws. Some companies even go the distance to keep this information concealed in attempt to avoid bad publicity and lawsuits. These problems are the direct result of using insecure and outdated programs like Windows XP that are heavily susceptible to dangerous hackers and malware.

The Solution

As a result, iConnect provides businesses with the most secure, reliable, and up to date Cloud POS system that’s built for the future.

iConnect’s Cloud POS technology allows you to have secure and private information encrypted with the latest security protocols. We handle hundreds of millions of dollars every month and have new revamped improvements rolling out on a regular basis, just so your business is fortified with the best technology available today.

iConnect also supplies businesses with the tools and leverage to become more efficient in business. With big data intelligence becoming so critical to success, iConnect has integrated power BI and a plethora of smart data analytics reports to help nurture the growth of businesses. The integration of these key tools has catapulted success for iConnect’s enterprise level customers.

So if you’re business is still regularly using outdated software and hardware, let iConnect POS help you out. Set up a demo with us today to learn how iConnect is perfectly sculpted to fit your business model. You won’t need to worry about data breaches and the consequences that come with it.

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