POS System Facilitating Decision Making - PDF
Added on 2021-05-31
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IT FOR BUSINESSContents
1INTRODUCTION.................................................................................................................................2Advantages and Disadvantages of new POS.........................................................................................2POS helps in gaining competitive advantage.........................................................................................3Advantages of having centralised database............................................................................................3POS system facilitating decision making...............................................................................................4POS systems process business activities more effectively.................................................................4Can information be effectively tracked through manual methods......................................................5Type of questions that could be answered.........................................................................................5Information used to manage business in a better way........................................................................5Telecommunication options for this POS system..................................................................................5Type of network................................................................................................................................6Type of media....................................................................................................................................6Types of risks in POS system................................................................................................................6CONCLUSION.....................................................................................................................................7REFERENCES......................................................................................................................................7INTRODUCTIONThe use of technology has become very much the need of firms in different industry. Point ofsale is one such technological equipment. This technology has many kinds of advantages anddisadvantages and is highly beneficial for the firm that operates its business at many places. It
2helps in the process of decision making for the companies especially related to financialaffairs. This report analyses the different aspects associated with POS. Advantages and Disadvantages of new POSThere are many advantages and disadvantages related with new point of sale systems. Advantages:The system helps owners to track crucial data from their sales transaction at the sameinstant when it is sold.Data collected through POS will help in updating inventory and compiling saleshistory.A very large amount of data can be stored in very less space and it provides robustfunctionalities like distributing, storing, inputting and tracking of the usefulinformation.It helps in making decisions related with inventory management which eliminatesconfusions and hence helps business to operate on leaner inventory units (Adeoti andOsotimehin, 2012).A detailed cost reporting helps in understanding the fact that which product is addingmore to the profit of the firm.It saves a lot of time of the managers who have the role of managing the information.It brings transparency and ensures accountability of various units.DisadvantagesSoftware based POS system have to be upgraded on regular basis. This may involve alot of cost to be put in.There are larger numbers of security risks involved if it gets hacked or goes into thehands of unauthorised person.POS helps in gaining competitive advantageThere are large numbers of benefits associated with use of POS systems. These systems arehighly helpful in the process of decision making as a very precise data is provided by it. Thisdetailed information helps in making of the decisions that are fact based and hence providingcompetitive advantage to the firms. Apart from this Point of sale gives immediate data about
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