NCR Counterpoint Blog

What is EMV?

Posted by Kendall Reed on Oct 27, 2016 4:06:28 AM

What is EMV and How Does it work?

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Topics: EMV

EMV Acceptance: The Pros and Cons for Your Small - Medium Sized Business

Posted by Kendall Reed on Oct 11, 2016 7:16:00 AM

A new report by Sage, reported that in Q1 of 2016, only 39 percent of small and medium businesses (SMBs) have implemented the required technology to accept Europay, Mastercard and Visa (EMV). Why the lack of adoption?

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Topics: EMV

Shocking Inventory Management Statistics

Posted by Kendall Reed on Sep 1, 2016 9:53:11 AM

Hitting the “sweet spot” in inventory management isn’t easy. Because demand and supply are constantly in flux, most businesses miss the mark — often with very expensive consequences:
  • Carry too little inventory, and you forfeit potential sales. Worse still, those customers may become lifelong clients of your direct competitors.
  • Hold too much inventory, and you're wasting money on storage, employee hours and even insurance.
Very few businesses are able to thread the needle on a consistent basis, with the majority erring on the side of caution — e.g., holding too much stock.

The True Impact of Insufficient Inventory Management
Many businesses ignore (or underestimate) the importance of inventory management, making it difficult for them to assess what impact slack capacity has on their bottom lines.

However, below are some inventory management statistics that may shock you:

  1. Retailers Sit on a Lot of Unused Product

    Unused inventory ties up an estimated $1.1 trillion in capital nationwide — a figure that represents nearly 7 percent of America's gross domestic product (GDP).

    At the micro level, the average U.S. retailer holds about $1.43 in inventory for every $1 in actual sales. What’s more, the number of "days inventory outstanding" has risen over 8 percent in just the past five years alone.

    This problem exists throughout the supply chain. Thus, even if you manage your inventory efficiently, you may still be overpaying due to poor management by your vendors.

  2. Smaller Retailers Are Often Unaware of the Problem

    The above figures exist across the board, but it is especially pronounced among small to medium businesses; nearly 50 percent of those track inventory by hand — or not at all.

    This explains why new positions for logisticians — such as those who handle inventory management statistics for supply chains — are growing at only 2 percent, which is well below the national average for most other occupations.

  3. More Storage Is Not the Answer

    To better handle inventory, many businesses invest in additional warehouse storage. At roughly $5 per square foot, most consider it an affordable investment that allows them to dramatically reduce out-of-stock inventory and boost sales.

    Yet it’s still an expense — one made worse as businesses increasingly carry products and services for very niche needs. In fact, the total number of warehouses has increased almost 7 percent over the previous half decade, and 54 percent of warehouses expect to expand the number of SKUs over the next five years.

  4. Better Technology Should Be the Goal

    Investing in more storage may provide temporary and modest gains. Though a better solution involves incorporating mobile and interactive inventory management tools — a fact borne out by the 87 percent of top performers that consistently manage their inventory well.

    A full 67 percent of warehouses plan on incorporating mobile technology in the future. Although some hurdles still exist since 70 percent of smart devices can’t carry enough battery power to last an entire floor shift.
How Our Inventory Management Solutions Can Help
NCR Counterpoint POS specializes in inventory management software that integrates directly with the desktops, laptops and smart devices your team already uses. With this powerful platform, you’re able to automate inventory purchasing to create more streamlined storage and delivery flows within your business.

Key benefits of our inventory control system include the ability to:
  • Only hold what you need, allowing you to maximize storage space and remove unnecessary expenses.
  • Track sales and returns, making it easier to forecast, eliminate and optimize inventory stockpiles.
  • Print detailed reports that provide real-time snapshots of how your business is performing.
These benefits not only reduce operating costs and boost productivity — but they also lead to higher customer satisfaction. Desired products are more affordable, always in stock and delivered on time.

To learn how our inventory tracking system can help your business, contact us today for a live demonstration or free consultation.
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Topics: inventory management

How Secure Is Your Mobile POS?

Posted by Kendall Reed on Jun 28, 2016 9:00:43 AM

Despite the many benefits a point of sale (POS) system offers your business, you may need to take some additional measures to ensure point of sale security. Here are a few simple ways to confirm that your POS and mobile payment solutions are indeed secure.

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Topics: Security

Why You Need A POS System For Your Wine Shop Or Liquor Store

Posted by Kendall Reed on Jun 1, 2016 3:55:14 PM

Building a successful wine shop or liquor store demands that you have the right combination of products, inventory and service to help you build a competitive advantage. Here’s a look at how a wine shop POS or liquor store POS system can help you optimize your business. 

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Topics: liquor

Best Practices For Retail Inventory Management

Posted by Kendall Reed on Jun 1, 2016 3:45:16 PM

The goal of retailers is to get their products into consumer hands when they want it. Whether you're running an eCommerce site, a brick-and-mortar retail outlet, or a multi-channel operation, following best practices for retail inventory management empowers your team to meet customer expectations and reduce both capital spend and operating expenses. 

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8 Ways To Unlock The Power Of POS

Posted by Kendall Reed on Mar 29, 2016 10:58:18 AM

A point of sale system can streamline your business’s internal processes and improve customer experience. Here are eight simple ways to unlock the power of POS in your business: 

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Topics: point of sale

4 Ways To Enhance Your Sporting Goods Store

Posted by Kendall Reed on Mar 15, 2016 4:04:08 PM

You don’t have to run a large sporting goods company to form the competitive advantages that attract customers and incentivize them to keep coming back. Here are four ways to enhance your sporting goods store. 

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Topics: sporting goods

Why Landscapers Should Accept Mobile Payments

Posted by Kendall Reed on Mar 15, 2016 3:57:35 PM

As spring approaches, your potential to renew relationships with past customers and begin working with new prospects is in full bloom. Here’s how some mobile payment solutions can help you stand out from other landscaping providers, and make a lasting impression on customers.

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Topics: mobile POS

5 Most Common Retail Inventory Errors & How to Solve Them

Posted by Courtney Foster on Dec 10, 2015 12:33:42 PM

In the retail world, inventory is one of your most valuable assets as a business owner. And while most business owners understand the importance of managing inventory, it can often be looked over on the priority list which can often lead to making and repeating a number of small mistakes. Below we’ve shared common retail inventory errors and how you can resolve them.

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Topics: inventory management, mobile POS, inventory reporting