Cash Register, Point of Sale & Credit Card Information Central

POS Reports: The Value of Actionable Intelligence

Posted by Tim Mueller on Tue, Jan 09, 2018 @ 10:57 AM

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Are you making the most of your point of sale system? Like many pieces of technology, most people don't use them to their full potential. Even some standard features are under-utilized. You are already paying for your point of sale system. Whether you make a large capital investment on a purchase, or you rent a POS for your event, you deserve to get the greatest return on your investment. There is so much great information being tracked with a well-designed system. Wouldn’t it be great to have actionable data both during and after your event?

Think of your point of sale system like Alexa or Siri. It can get you some great information, if you ask it the right questions. Sales data is tracked by product, location, time sold, category and more. With a little analysis of this information, you can optimize your selling strategy. So often, even a small adjustment makes a huge difference. Here are some examples of how answering the right questions will lead to actionable intelligence. Making these adjustments results in providing your guests a better experience and your vendors a more profitable one.

Question to Answer Resulting Action
How many purchases were made every hour? You will be stocked properly at every hour of the day. You will reduce food waste by not overproducing prior to when sales taper off. You will better manage staffing.
How does the time of day affect the percentage of water vs. beer sales? There is only so much room to chill beverages. During the hottest part of the day, when the temperature is going to be over 82 degrees, water sales overtake beer sales. Dedicate those resources accordingly.
What are your 3 best-selling locations? Run a product mix report. See if they have a hot selling item. If there is one, it’s most likely the right product at the right time. If there isn’t a standout product, is there signage that highlights that item inspiring guests to try it? If not, it’s most likely location.
What are your 3 lowest selling locations?
   •  Why are they lowest?
         -  Is it location?
         -  Is it their offering?
         -  Is it signage?
Same as above. If they have product(s) that are way underperforming, suggest they make an adjustment. Try changing signage to make them stand out more.
  • *Observe at a distance and assess their process. Often times, the answer becomes all too obvious. Better to discover a challenge right away.

This was just a small sampling of the data available with a well-designed point of sale system. We can compile a detailed event analysis report. You’ll discover trends that will let you stage and manage more effectively. Patterns will emerge letting you know what types of foods are trending. Giving the attendee’s their favorite dishes will increase concession sales dramatically. After all, there is a big difference between “That sounds OK” and “Wow, those are my favorite!”

When it comes to point of sale, there is a marked difference between off-the-shelf and custom-designed. The good news is, custom-designed doesn’t cost more. If you would like some help coming up with the right questions to ask your point of sale system or would like a free event analysis, please contact us.

 

  Event Analysis  

Tags: Events, Rental, Point Of Sale