Business Management

History of EPOS technology
Before the evolution of EPOS systems, merchants relied on cash operated registers to tally their sales. Prices were manually punched in and totaled by cashiers and inventory records were kept by hand. The cashier’s notes were then transcribed into an accounting ledger to keep track of finances. Inventory was managed by physically counting items in storage and carefully writing down every item purchased and sold.
It was not until 1986 that IBM introduced its first computer based EPOS system. Manufacturers developed credit card devices that were integrated into a company’s EPOS system. Registers are now multi-function and can be used for employees to clock in, for age verification and gift card activation. They can also be used for charging credit cards.
Recently, EPOS made a significant leap with enhanced capability and total compatibility with other electronic management tools. Initially, it was too difficult to transfer data between manufacturers or even other cash registers. There was no portal that allowed a smooth transfer of information between different EPOS systems and software. However, it is now the norm for all EPOS terminals to be operated by Windows based programs.
Benefits and uses of EPOS systems
While cash management is one of the main components of EPOS systems technology, these systems now employ a wide variety of functions. They are used for inventory management, service management, customer relation management and even payroll modules. In fact, they are sometimes referred to as retail management software because of the absolute integration between business management and technology in the last twenty years.
A manager can, at any given time, access the necessary figures from the EPOS system, including total income, net income, the amount that needs to go to the government for taxes, number of items of any particular piece of merchandise that was sold, the number of units that should still remain in storage, and what products need to be reordered.
EPOS Effectiveness
Without an EPOS, many retail stores would find it simply impossible to handle the day to day cash management and inventory requirements.
The advent of EPOS and its integration with financial and inventory control has given businesses the insight and effectiveness to manage their products, control inventory and keep abreast of their business operations.