Leveraging Your POS Inventory Data

by Patric Caya, Director of Business Development, Springboard Retail

As cloud-based and single-sign on technologies continue upward growth, an immense toolset has become available to small to mid-size retailers through POS software. Optimizing POS data use and sharing allows business to become more nimble operationally and tap in to new markets. Point of sale data can be turned into profitable insights that help grow sales, improve margins and strengthen retail relationships.

Harnessing POS Data for Growth
Few industries are as fundamentally transformed by technology as retail. The emergence of e-commerce, omni-channel shopping (think Amazon and Walmart), to digital wallets (think Apple), to in-store location-based marketing (think McDonald’s kiosks), retailers and brands are witnessing the traditional ways of doing business undergo changes at a pace never seen in the industry.

A major improvement that technology has enabled is the ability of retailers and vendors to collaborate through the sharing of POS data. Just 25 years ago, only the largest global retailers had the resources to develop this kind of capability; technology has leveled playing field and data-sharing is the new standard in most retail channels. As Point of Sale analytics are now a required core competency of every brand hoping to create and sustain success at retail, this desire for continuous improvement will also help cope with market convergence and constriction. This presents a great opportunity to those who recognize the potential in harnessing this POS data to better manage their retail business. Retailers are reinventing business models and driving greater efficiency, becoming increasingly dependent on their vendor partners to help them optimize their business and win with the customer.

POS Data Powering Organizational Decisions 
Brands are increasingly incorporating retail POS data into their business operations and decision-making processes throughout the enterprise. The first to adopt this strategy are Sales and Marketing teams who are responsible for sourcing and managing this data. However, the market trends are showing that many brands are also feeding demand signal POS data to their supply chain and planning teams to close the feedback loop and improve accuracy. It is expected that this trend of enabling multiple teams with POS data will grow, especially as brands continue to invest in technology solutions that make collaboration and sharing easier.

The truth is, sales and marketing organizations are often flying blind and going on hunches and intuition. The old adage of “we know we’re wasting 50% of our marketing spend, but we don’t know which half” applies all too often in the world of consumer marketing. But this marketing truism is increasingly being viewed as a cop-out in the digital era where data on consumer purchasing behavior is plentiful. With retail and social media data combined with web analytics, there is no shortage of useful data. The difference will be seen as companies’ ability to make sense of all these disparate data streams and turn these insights into more effective promotions and merchandising.

Enhancing Data-driven Decision-Making 
Data sharing is the “new-er” normal between retailers and brands, with data-driven account management strategies facilitating easier analysis of trends and the ability to better understand results. Empowering the entire organization to make decisions using POS data will help companies remain one step ahead of competition. Collaborative team engagement with sales planning by retailers, demand planning and forecasting, analyzing store-level and regional trends, managing out of stocks and overstocks, tracking seasonal inventory and ROI on promotional expenditures are all data points that can be shared, tracked, and managed using POS data and systems.

About the Author
Patric Caya is a Boston native who traded in his skates to help thousands of small businesses over the past ten years streamline their retail process and grow profitably. Over the years, he has heard first-hand the inventory issues countless retailers struggle with daily.

He hosted the EDmarket webinar, How Retailers Grow Profits by Using POS Data this past January. It's available for viewing at: http://edmarket.org/webinarseries/pos-growth/.

Springboard Retail is a cloud POS and retail management platform designed by retailers, for retailers. Visit www.springboardretail.com and contact Patric at patric@springboardretail.com for questions.

Karen Volner: More than Melissa McCarthy

EDmarket looks inward to membership for insights and connections beyond typical professional exteriors. Long-time member Karen Volner of Staples Business Advantage (formerly Business Interiors by Staples) took the time to share some of her thoughts about EDmarket, life, and work, during a virtual interview. Funny, entertaining, and highly informative, her thoughts provide a unique perspective and some unexpected ideas. We started off by asking a few questions about work and quickly moved into what's really important: life.    

"Although I am not immediately involved in school construction projects given my scope of responsibilities for the country – back in the day when I was the Field Sales Director specific for the Minnesota Market – this was my baby.  I was engaged in every aspect of the project – best education I ever received. We still utilize the site for tours," Karen Volner, National Business Development Director, Furniture (SLED) State/Local Government & Education

Click here to view the case study.


How did you start out, and what's your current job? 

My first "real" job was serving as a Customer Relations coordinator for Land O’Lakes. I handled and resolved customer inquiries and customer complaints (not exactly fun, but it was a good start to my working career). I'm currently the National Business Development Director, Furniture specific to State/Local Government and Education market segments.

How many years have you been in business?
30+ (Longer than I should be willing to admit publicly). I've enjoyed my career, even with its ups and downs, and I'm still a work in progress, trying to balance work and recreation.  When I can, I like to spend my time in Palm Springs, Northern Minnesota and Tampa Bay, by the water, on the golf course, and at shopping malls (in a past life, I'm sure I was a professional shopper).

What was your childhood dream job?
I’ve been told I have a good option in a section career as a Stand-up comedian or Speech/Drama Teacher.

What's your favorite moment of your career so far?
Completion of a major new school construction project that remains a point of reference in the Minnesota market as a successful and progressive education facility. (see sidebar and photo above, click to view additional details)

What motivates you?
New challenges – constant changing landscape of education and learning.  Mentoring new talent to carry on the legacy and focus for education in our industry.

As someone in the business of focusing on the education sector, how does EDmarket help you?
Networking is number one!  Conversing with others in the sector regardless of role, expertise or distribution level/channel, input, stories and experience that I gather from other EDmarket members is invaluable.

What’s an interesting fact about your business most people don’t know?
While mergers and acquisitions in many cases deplete the focus on vertical markets with most companies, they have only served to strengthen the level of commitment from a corporate perspective on this unique vertical over numerous transitions through the years.  It has been an extreme benefit to see how new executive leaders, players and staff have delivered their business expertise to enhance our approach and strategy from their past experience.

Do you have any advice for new business owners? 
1. Don’t try to be all things to all customers.
2. Identify your strengths and apply to laser focused strategies.
3. Offer your best to a smaller segment audience than attempt to provide a wide array of service/products to a large audience.
4. Leverage what you do best.

What EDmarket benefit/service(s) is most important to you and your business?
Education, more than just being informed about current events, but always learning something new and applying it; but most importantly networking!

How long have you been a member of the EDmarket? What’s your best EDmarket experience?
27 Years is a guess (it went by in a blink).  I have been a member the entire time I have been engaged in this vertical market.  I don’t have a specific BEST experience – there are too many to name or recall, but the sum of it is that it's been an integral part of my professional career.

Tell us about your morning ritual.
I work remotely so when I get up I check my Outlook emails to see if anything new has popped up since I reviewed the night prior.  My ritual is always to look at my schedule and check my email communications prior to shutting down for a night of blissful sleep.  Then I dress and prepare for a busy day.  I need to be in casual business attire to get my mindset ready for “business”.  It is a mental and physical routine that keeps me focused.

What's the one guilty pleasure you have?
Guilty pleasures, we all have 'em, and mine's coffee; I just can't live without it.

If Hollywood made a movie of your life; who would you like to see play the lead role as you?
Not Francis McDermott – my mid-western accent already connects me to her and the movie FARGO.  I would prefer Kathy Bates, Roseanne Barr or Melissa McCarthy.  Someone sassy with high energy and no filter.