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Tip: Use Point-of-Sale Data to Strengthen Analytics

February 20, 2014

A system that's able to capture point-of-sale data is an invaluable resource to companies. POS systems provide opportunities to take data to the next level, according to Kevin Boyle of Industrial Distribution Consulting LLC, in The Untapped Potential of POS.

While a lot of POS data is currently used for things such as sales compensation or special pricing audits, they can also be used for bigger-picture items, such as market segmentation and increasing operational efficiencies.

Even companies that are considered leaders in the use of POS data are still looking to do more, as they believe these systems provide opportunities to drive growth through increased transparency and productivity in the supply chain. For example, POS data can help ensure that the right inventory in place to meet demand or highlight the best places to invest resources for growth.

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