Enterprise Resource Planning Software (ERP) and Point of Sale (POS) software are an integral part of any modern business. The efficient functioning of these two systems is the key differentiating factor in the growth of a business. These two terms are so widely used and misunderstood that they are mistakenly used for one another. While in terms of functionality ERP and POS differ widely on several points, it is also true that when used in close coordination with each other both are capable of enhancing the operational efficiency and productivity of businesses across industries.
If you are a business owner, you not only need to have a clear understanding of the functionality of enterprise resource planning and point of sale systems but also a fair idea about how to integrate these two systems to derive the maximum benefit out of them for achieving a level of efficiency for your business that gives you an edge in the market.
Deploying the best ERP solution and the best POS billing software is the primary requirement for any standout business entity. In this regard, you check out the solutions provided by QueueBuster.
What is Enterprise Resource Planning (ERP)
Enterprise resource planning generally referred to as ERP, is the process used by companies to manage and integrate key functions of the business to achieve smooth functioning of each of the departments in the business and optimize their efficiency. An ERP software system can integrate marketing, production planning, purchase, inventory, dispatch, sales and human resource management, and other functions of an enterprise. Thus the ERP software leads to traceability and visibility in the system enabling efficient and accurate decision-making at various levels.
Most companies utilize some or other form of ERP solutions whether they realize it or not. Without the ERP systems, each of the departments would be functioning in silos, not knowing what the other arm of the organization is up to, hampering the overall efficiency of the entity. ERP is the common thread running across the various departments of any business, connecting products, people, and technology.
To achieve omnichannel compatibility, ERP systems should have all the required features of the best ERP software. This allows consistent monitoring of purchases and processes at various levels, including online purchases, retail transactions, mobile transactions, order entries, recurring payments, and more.
Understanding the Point of Sale (POS) for businesses
Point of sale terminals, frequently called POS terminals are the systems for processing card payments at retail locations. Software to read the magnetic strips of credit and debit cards is embedded in the hardware. In short, the POS billing software, combined with the hardware, processes payments from in-person transactions’ acting as the payment gateway for businesses.
POS systems are a technological upgrade from traditional credit card systems. No doubt that modern credit card machines are capable of processing payments securely, and POS systems score in terms of customization, capabilities, and horsepower. A cutting-edge POS software like that from QueueBuster has the features of the best POS billing software:
Enough horsepower: POS terminals have enough horsepower to process credit and debit card payments, QR code scanning, and other electronic or cash payments. The POS billing software can also store and track relevant transaction data in case of any verification and reconciliation.
Easy to use interface: The modern POS systems come equipped with user-friendly interfaces that help in accessing various functions such as inventory or CRM tools with ease and feature more than one HD screen for the convenience of employees and customers.
Customization: The POS software can be customized to offer available native or third-party softwares with underlying functionalities tailored to meet the needs of various industries. From cloth merchants to retailers spa and salon owners can have the software customized as per their needs. A business owner like you can run reports in real-time and control your software library, besides enjoying other features and much more.
CRM and Loyalty: The software comes with features to manage your customers, and reward them with loyalty points based on their purchase history. It can also work seamlessly without the internet.
Inventory management: The latest POS billing software is capable of managing product catalogs with SKU-level information on prices, taxes, charges, and more, leading to efficient warehouse stock management.
Reports and Roles: The generation of real-time sales data and deeper analysis of the business with exhaustive business reports can give a new dimension to your organization’s analytic capabilities. The admin dashboard generally has enough security to allow only limited access to the employees as per their roles and responsibilities.
Why integrated ERP and POS systems work best
Now that you have a fair understanding of the functionality of the ERP and POS systems, it is good to know the value they can create for any business when combined for enhanced overall operational efficiency.
The key benefits of integrating the ERP and POS systems by QueueBuster include:
Centralized Data: We have long said goodbye to storing data in files with sophisticated computer systems, but have created the risk of software decentralization. With data lying in silos in various disparate computer systems, the usefulness of a connected system is lost. The data must speak to each other for a good communication flow in your organization. By utilizing the POS and ERP data in tandem your business shall have a central location for all your software systems.
Consistent reporting: POS systems are a perfect frontend for capturing accurate and real-time transactional data. ERP systems act as the back end for storing, organizing, and analyzing data. This prepares the ground for the convenience of preparing accurate business reports based on readily available data.
Improving forecasting: With the accessibility of data you can take your business to the next level by using the data for forecasting and truly impacting your company’s bottom line. Integration of the two systems opens up endless possibilities for businesses to forecast trends and revenues and enable good warehouse stock management.
Manage omnichannel sales: You are empowered to fulfill demands arising from various touchpoints. Managing inventory, avoiding delays, reducing returns, and optimizing sales become easy with an integrated system having the best ERP solutions and the best POS billing software.
Reducing risk: With the integration of POS and ERP systems, you ensure that the data entered in both systems is accurate as the system is capable of flagging any data mismatch right at the outset. This reduces the chances of data mismatch considerably. The single-point uploads and downloads of data also allow access to data from the single point. Transparency in systems aids greatly in management-level decision-making.
Take your business to the next level
The two powerful tools of ERP and POS systems working together can bring enormous benefits to your business. Whether you are a retail store or a service provider such as a spa and salon, QB Solutions can help you achieve operational efficacy. Seamless integration of data-generating mechanisms with the various departments of the organization can help you not only aspire for growth but also equip you with the wherewithal to take your business to the next level.
Book a demo with experts with QueueBuster now.
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