7 things to consider before buying a Retail Management SystemAugust 21, 2018
What is the importance of Retail POS Software for businesses?September 7, 2018
Digital revolution has changed everything. We can now choose from multiple shopping options, both online and offline, before making any purchase decision. This has fundamentally altered our shopping behavior, as reflected by a customer behavior survey conducted by Ofgem. This works as an anchor for businesses to provide a better customer experience to increase sales and profits.
Customers are now demanding services and products at a faster pace and better prices. Businesses all over face a dilemma of whether to stock fast selling items or order them when demand rise and wait for deliveries. Add to that a cocktail of order and purchase issues with suppliers and dealers that make a perfect recipe for disaster if not executed synchronously.
Moreover, a lackadaisical approach towards a proper inventory management compounds these issues. A comprehensive Retail Management Software can work as a boon for businesses. So, before you choose an RMS for your business, ensure that it ticks these 15 essential boxes.
- Evaluate scalability of the RMS. It should be able to increase or decrease users and features that adapt to your business requirements.
- Features and functionalities of the system must be understood in its entirety and it should match your business model. Tweak them according to your needs to make them align with your business vision.
- Personalization with your branding and individual needs like reports, analytics, and other strategy related needs must be a given.
- Process mapping, automation and streamlining for shipping, inventory, and returns must be checked thoroughly.
- Vendor selection for the POS software must be done as per SOP and documentation for tasks and processes must be strictly adhered to prevent headaches at later stage of the project.
- Software customization for inventory management should be seamless with evolving business processes and technology along with these top 7 things before buying an RMS.
- Price of the software along with customization options must be taken in writing from the vendor and written on the contract before you sign it.
- Implementation plan must be detailed while keeping all the aspect of business process mapping and future expansion in mind, before the initiation of the project.
- Usability and security of the retail management software must get checked with an independent auditor. Check for things like SSL, ISO and other quality certificates from the vendor.
- Integration capabilities with existing systems like Tally, Vision, Power BI and other that you use within your business should be checked to avoid last minute hiccups.
- Testing of the POS Software and Inventory Management module should be done on products in a real-life environment to see its practicality.
- Training of staffers who are going to use it should be done keeping in mind real-life scenarios in real-time before signing off the project.
- Manuals and user guides should be taken from the vendor to ensure your new users and managers can get trained and manage the software on their own, saving you cost and time.
- Avail Advanced Reports or customize them according to your business needs as they will help you strategize your sales, purchase and future course of actions.
- Maintenance costs and plan must be discussed and agreed on the retail management system to ensure a smooth project completion and mitigation of teething issues after a handover.
There are many other permutations and combinations that you need to perform as a business owner before you make a purchasing decision. The goal of every software is to help businesses mitigate issues and increase their viability. These top checks will help you filter and choose a system that takes your business to the next level.
Ari is an integrated retail management system with an inbuilt Point of Sale (POS) with inventory management. Take a 30-Day Free Trial to understand how it can help you grow your retail store.