www.insightssuccess.com September 2018
The
1
Most Innovative
POS Solution Providers
2018
Pitching Success The Importance of a Sales Strategy AndrĂŠ Malinowski CEO
Industry Trends Key POS Trends Reshaping the Retail Sector
Computop Revolutionizing Payment Processes Globally
Point of Sale: Changing the Course of Buyer-Seller Interaction
W
e are living in a world where sellers are dealing with impatient buyers. This generation needs everything in real-time and this is leading to forceful competition in the market. It has been difficult for businesses to maintain the quality and efficiency at the same time. In such extreme situations technological evolutions has been a savior for many industries. Hence, whenever they witness such mess, they turn back to the ever-changing technology for a solution. One of those solutions turns out to be Point of Sale (POS). Our interaction with POS systems takes place on daily basis but we hardly notice it. The reason is smooth transactions, which we realized only after they were implemented in the process. POS works wonders for the businesses too. For instance it tracks the performance of all the functional units and helps them to make changes in order to enhance revenue, tracks record of customer data and manages inventory based upon the same to increase productivity, create unique loyalty programs for highly valued customers, and design marketing strategy based on the behavior of customers retrieved from customer data. However, there is no 'One for All' model of POS systems as each business has its own type of requirements. Hence the differentiating factor is that systems are tailor made specifically for a particular business. For instance, a restaurant POS system is different from a bar POS system. Although many bars can use the restaurant POS systems based on their requirement. The differentiating factor is that bars demand faster billing and transactional process. On the other hand, retail stores require a system which specializes in inventory management and prizing processes. And small businesses seek mobility which requires mobile friendly app based POS systems. Looking at the recent trends in technology, the future of POS looks extraordinarily bright. With the e-
commerce industry reaching on its verge, number of cashless payments is growing with rapid pace. This enables the POS industry to adopt more and more payment options. Additionally, there is a lot of potential when we imagine POS and Artificial intelligence in one frame. Speaking about the impact of POS system on businesses, the research states that companies noticed 30% of decrease in labor hours after implementing the POS systems. Its organized inventory management helped the companies to increase the savings up to 4% and 77% of customers. In order to appreciate the constant efforts for developing the industry, Insights Success has shortlisted “The 10 Most Innovative POS Solution Providers 2018” which has provided disruptive solutions to multiple industries including retail, operations, on demand, e commerce, hospitality, and information technology. Featuring as our cover story is Computop Inc., is a leading international Payment Service Provider that enables merchants and white label customers to process global multichannel payments. Computop's state of the art and wholly owned payment platform Computop Paygate offers seamless solutions for mobile, online and in store payment transactions. Alongside this, the magazine also includes ParTech, Inc., which offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains; Bravo Pawn Systems, which provides all the technologies you need to run your business and take care of your customers in one easy place; Tillpoint Enterprise Ltd., an integrated business management and EPOS (electronic point-of-sale) system that caters to the common and unique needs of business in the retail and the hospitality industries; Sureswipe, which is the fastest growing provider of mobile credit card payment, credit card machine and mobile card readers; LivePOS, a Hybrid Cloud Point of Sale System designed for retail chains and business franchises; PHP Point Of Sale, LLC, an online point of sale system designed to help small businesses with POS tracking of customers, inventory and sales; LogBase Technologies LLP, founded by data scientists, developers, and managers at the forefront of their fields interested in applying machine learning to make faster and better data driven decisions. Also, make sure to flip through articles, written by our in-house editorial team as well as CXO standpoints of notable industry personalities to have a brief taste of the sector. Let's start reading!
Kedar Kulkarni
Managing Editor Anish Miller Executive Editor Kedar Kulkarni Assistant Editors Jenny Fernandes Shubham Khampariya Contributing Editors Abhishaj Sanjeev Bhushan Kadam Visualiser David King Art & Design Director Amol Kamble Associate Designer Nagesh Tembhekar Co-designer Priyanka Rajage Art & Picture Editors Paul Belin Jayant Khanna Senior Sales Manager Passi D. Business Development Manager Peter Collins Marketing Manager John Matthew Business Development Executives Steve, Joe, Alan, Vishal Sales Executives David, Kevin, Mark, Nilesh Technical Head Jacob Smile Technical Specialists Amar, Pratiksha Digital Marketing Manager Marry D’Souza Online Marketing Strategists Alina Sege, Shubham, Vaibhav K SME-SMO Executives Prashant Chevale, Uma Dhenge, Gemson, Irfan Research Analyst Chidiebere Moses Circulation Managers Robert, Tanaji Database Management Stella Andrew Technology Consultant David Stokes sales@insightssuccess.com
September, 2018 Corporate Ofces: Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com
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The
1
Most
Innovative
POS
SOLUTION PROVIDERS 2018
Company Name
Management
Brief
Tally Mack CEO
Bravo’s platform provides all the technologies you need to run your business and take care of your customers in one easy place.
Andre Malinowski CEO
Computop is a leading international Payment Service Provider that enables merchants and white label customers to process global multichannel payments. Computop’s state of the art and wholly owned payment platform Computop Paygate offers seamless solutions for mobile, online and in store payment transactions.
NCR, Inc counterpointpos.com
Bill Nuti CEO
The NCR Corporation is an American company that makes selfservice kiosks, point-of-sale terminals, automated teller machines, check processing systems, barcode scanners, and business consumables. They also provide IT maintenance support services.
enVista LLC envistacorp.com
Jim Barnes CEO
enVista provides global supply chain consulting and unified commerce solutions for the world’s leading retailers, manufacturers and distributors.
LivePOS livepos.com
Liad Biton CEO & Co-founder
LivePOS is a Hybrid Cloud Point of Sale System designed for retail chains and business franchises.
ParTech, Inc partech.com
Paul Rubin Chief Strategy Officer
PAR offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains.
PHP Point Of Sale, LLC phppointofsale.com
Chris Muench CEO & Founder
PHP Point of Sale (POS software) is an online point of sale system designed to help small businesses with POS tracking of customers, inventory and sales.
LogBase Technologies LLP slickpos.com
Abishek Baskaran, Saravanakumar C.P, CTO, CEO
LogBase was founded by data scientists, developers, and managers at the forefront of their fields interested in applying machine learning to make faster and better data driven decisions.
Sureswipe sureswipe.co.za
Paul Kent Founder & Managing Director
Sureswipe is the fastest growing provider of mobile credit card payment, credit card machine and mobile card readers.
Tillpoint Enterprise Ltd. tillpoint.com
Ahmed Ameen Co-founder & CEO
Tillpoint is an integrated business management and EPOS (electronic point-of-sale) system that caters to the common and unique needs of business in the retail and the hospitality industries.
Bravo Pawn Systems bravopawnsystems.com
Computop Inc. computop.com
The
1
Most
Innovative
POS
SOLUTION PROVIDERS 2018
Bravo Pawn Systems: Carving a Convenient and Profitable Digital Path for Pawnbrokers
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any traditional brick-and-mortar stores are facing an uphill battle for becoming online retailers. Bravo Pawn Systems, the leading point-of-sale software for the pawn industry, is helping these shops take that journey by carving out a convenient and profitable omnicommerce strategy for their customers. Developing pawn systems since 1985, Steve Mack founded Bravo in 2010 and it has grown to be a leader and trendsetter in its niche. With Mack’s reputation in the pawn industry as an innovator, it’s no surprise the company has launched some of the most revolutionary product enhancements in the last 30 years, including the pawn industry’s first two mobile apps – MobilePawn and Shopkeeper.
Steve Mack isn’t the only innovator shepherding pawnshops into the 21st-century and beyond. In 2016, Mack passed the torch to his daughter Tally Mack, a fifthgeneration pawnbroker who now directs the company as CEO. Under her leadership, Bravo completed its first acquisition, has grown the company to 40+ employees, and launched the much-praised customer success and onboarding departments. Tally’s vision for Bravo is clear: “We strive to bring powerful software to the pawn industry – an industry that continues to need technological innovation.”
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Bravo’s Success So what has made Bravo so successful? Simply put, it’s that Bravo provides a quality, comprehensive product backed by world-class support that only continues to re-up its game. Bravo is a digital outlet for pawnbrokers to attract and retain customers, evaluate merchandise, sell inventory, and process payments using a combination of in-store point-ofsale software, online eCommmerce marketplaces, and mobile technology. Bravo’s core offering, its POS software, makes pawnshop operations run smoothly by helping pawnbrokers and their employees determine loan, buy, and sale amounts using pricing and estimating tools backed by extensive data. Bravo also offers complete inventory management, in-depth reporting, and is the only cloud-based pawn software on the market. Tally has seen immense growth for Bravo’s base software. “In a short time, we have on-boarded 1,000 stores and 8,250 users on our platform. We have also successfully onboarded the biggest pawnshop chains in the US and made headway in the UK by implementing a 115 chain on their own Azure cloud instance.” On the eCommerce side, Bravo helps pawnbrokers liquidate their inventory fast using Bravo’s omnicommerce system that includes its own proprietary marketplace, Buya.com,
September 2018|
“
Bravo is bridging the gap between technology and brickand-mortar stores by giving pawnshops an innovative platform to reach a new generation of customers.
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Tally Mack CEO plus an integration with eBay, and company-branded websites. For mobile, Bravo has launched the pawn industry’s only mobile applications – MobilePawn for consumers and Shopkeeper for pawnbrokers. The two apps work both independently and in tandem and offer a host of their own features, including: Ÿ
For MobilePawn: The ability for customers to initiate a loan, make a payment, ask questions, and shop store inventory without ever stepping foot in a pawnshop.
Ÿ
For Shopkeeper: The ability to engage employees, from a sales associate to the shop owner, by allowing them to relocate merchandise, accept offers, and live
|September 2018
chat and negotiate with customers in real-time all from their smartphone. Plus, all of these omnicommerce channels are backed by top-notch customer service. When looking at the whole picture, it is clear Bravo customers could not be happier with the product. Taylor Packwood of Top Cash Pawn, a former customer of Bravo’s competitor PawnMaster, said, “Technological advancement in the pawn business hasn’t been that big. Bravo has gone above and beyond. A huge leap from any software competitor.” And this
sentiment is echoed throughout the customer testimonials prevalent on the Bravo website. Bravo in the Future Beyond its present foothold as a leader in the pawn POS arena, Bravo Pawn Systems has set its sights on the future. Abroad, the company continues to expand further into the UK and also Mexico, Canada, Panama and Costa Rica with no plans to slow its spread. It also sees a future where all pawnshops will be fully mobile enabled. To support this, Bravo plans to continue its app development adding coupons and additional engaging features. Overall, they are moving toward becoming the biggest player in the POS space with confidence, diligence, and persistence.
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The
1
Most
Innovative
POS
SOLUTION PROVIDERS 2018
LivePOS A Leading POS Solution Provider LivePOS is a leading hybrid POS solution that combines both, front-end software for managing every day transactions and back-end in real-time. Using this advanced technological solution, clients can evaluate the progress of their business 24/7. LivePOS’s robust multi-store features allow clients to manage multiple stores from anywhere. LivePOS provides free training to help clients to hit the ground running, and offers 24/7 customer support at no cost for all related queries of the clients. It also provide many other customization options which help navigate the complexities of each individual business situation. If additional customization is required and it benefits other clients, it is rolled out regularly through software upgrades. Beneficial Services When it comes to POS systems, LivePOS management realized that growing multi-store businesses were underserved and focused to address that problem. Today, other POS platforms are expanding their systems in a mindless pursuit to add more locations to the mix. LivePOS has taken a different and unique route to its development. It provides an all-in-one solution at extremely competitive prices to stay ahead of the curve. Company’s Franchise Management System (FMS) is designed to fulfill the complex needs of a multi-unit operation. On the front end, company’s intuitive software makes processing transactions and servicing customers effortless. At its back end, the centralized dashboard provides real-time, multi-unit management and reporting from any device that has an internet connection. Clients can gain instant access to sales and inventory data, analyze products list whether selling or not, compare data across several locations, track store-wide promotions, and much more.
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A Humble Philosophy Liad Biton is the CEO and Co-Founder of LivePOS. In 2003, he started working with a partner and established a retail business. After originated to three locations, Liad realized that they needed software to manage the business. It was sticker shock when the quotes started coming in at over $20K for three locations. The software was expensive, slow, and complicated, so he decided to write his own code and build very light web-based POS software that completed their requirement at a fraction of the cost. Other such small businesses took notice and started asking about that software. He gave that software to one of his franchisors and pretty soon others approached him to try the software. Back then there was no cloud POS platform anywhere, and when their business grew to 30+ stores, he found his passion in coding software rather than doing retail. He sold the retail business and began coding fulltime. With only five clients, he decided to launch a new business and raised money, hired more people and started LivePOS. They built a simple, powerful, cloud POS solution that delivered everything a growing business needed without an expensive price tag. In 2003, they encountered their first client who had 12 stores. Today, LivePOS have over 15,000 clients in 20 countries. Initial Hurdles When LivePOS was first launched, many malls and locations didn’t have a stable internet connection and its web-based software was crashing. Company had to overcome these hurdles by creating web-based software that could also function in an offline mode. Company stopped taking new clients for 2 years and started coding from scratch. September 2018|
“
“
Necessity is the
mother of invention.
Liad Biton CEO & Co-Founder When it introduced its pricing model, software subscriptions were unheard of and storing data in the cloud was a foreign concept. It took a lot of effort to explain cloud-based services and what clients were paying for. At the end, the struggles helped to build a better, stronger product for the benefit of its users. Back in 2007, most software had its own version of a cloud solution, but success to date of the company has come from the addition of the LivePOS Dashboard. By simply logging into the secure online dashboard, clients can view and control almost everything that relates to their organization as it happens. Turn features on and off and control multiple locations simultaneously. The data (shown both numerically and graphically) provides a quick, yet comprehensive snapshot of operations. Combine that with an easyto-use system and the top-notch customer support team, are the pillars of company’s success.
|September 2018
Tackling Challenges Head-on
Stand Ahead to Competitors
LivePOS provides solutions to organizations which are looking to maximize efficiencies and improve productivity. With its focus and experience in multi-location, multistore operations, it understands that every business has their own set of unique requirements and processes. It has designed its software to deliver an all-in-one affordable solution with a long-list of features that can be customized specifically for each business. The LivePOS team works one-on-one with every client to assess their needs and demonstrate those features that helps to simplify and elevate business growth.
LivePOS Analytics offers actionable data which helps to take the guesswork out of decision making. Also by tracking employee performance, clients can pinpoint those employees who may need additional training and those that should be recognized. LivePOS Analytics helps clients save time, money and offers them a rare competitive advantage.
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The
1
Most
Innovative
POS
SOLUTION PROVIDERS 2018
PAR Technology Corporation: Delivering State-of-the-Art POS Systems Globally
P
AR Technology Corporation has been a leading provider of restaurant and retail technology for nearly 40 years. It offers management technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants, to international quick service chains. Products from PAR can also be found in retail, cinemas, cruise lines, stadiums, and food service companies. PAR provides its restaurant and retail customers with technology to improve internal operations, enhance the customer experience, and better manage information. Its primary areas of focus are point of sale and food safety systems where a combination of hardware, software and other relevant services are provided. The company also offers hardware that is deployed in nearly 100,000 restaurants across the world, from terminals, to kitchen systems, to temperature monitoring IoT devices. On the software side, the company provides its cloud-based Brink POS® Software, PixelPoint® Software, and its food safety and checklist management solution, SureCheck®. Delivering Quality Services PAR Technology produces a variety of products and services for the restaurant and retail space. The Brink POS platform is a cloud-based, software as a service (SaaS), point of sale software solution that has been built on a modern architecture to fit the needs of the multi-unit franchise operator. The platform is designed not only to scale and grow, but also to manage operations easily. With features like loyalty, online & mobile ordering, kitchen video system and labor management built into the Brink POS application, the user gets a truly seamless solution to drive a great customer experience.
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The SureCheck application by PAR is also a cloud-based Food Safety Compliance and Checklist application for Hazard Analysis and Critical Control Points (HACCP) compliance. SureCheck is currently assisting some of the world’s largest companies to improve food safety and operational efficiencies in thousands of food service locations. PAR also produces, sells and supports a variety of hardware solutions to enable its POS software for customers. An Epitome of Expertise PAR Technology Corporation (PTC) was founded in 1968, by Dr. John Sammon, to provide consulting services to the commercial sector in the areas of digital signal and image processing. He worked as a research scientist at the Air Force’s Rome Labs. In 1970, Sammon left government service and dedicated himself in the pursuit of innovative applications of digital technology involving the detection and recognition of patterns in complex data streams. An Endeavor towards Success Throughout the year of 1970, PAR grew rapidly as a computer applications research firm. PAR’s customers included the Department of Defense, as well as several Intelligence agencies. Across the next 20 years, PAR expanded its business to international markets, installing POS systems and software across the globe. Its success in the POS market has continued over the years, as it is deployed in nearly 100,000 locations and boasts an extensive list of industry leaders like Yum! Brands, Subway, Five Guys Burgers & Fries, Jack in the Box, Pita Pit, and many others as customers. Today, PAR is recognized as the largest supplier of POS September 2018|
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PAR Technology provides its restaurant and retail customers with technology to improve the internal operations, enhance the customer experience, and manage information efficiently.
“
Paul Rubin systems to the global Quick Service Restaurants (QSR) market. It started by selling electronic cash registers, and today it sells the Brink POS and SureCheck products as subscription services, along with EverServ® Hardware. With these subscription services, the company maintains longterm mutually beneficial relationships with its customers. The Rewards of Persistence PAR founded SureCheck in 2009. This innovative device reassures that restaurants, grocery stores, and food distributors are in consistent compliance, eliminating procedural risks and meeting FDA regulated standards. In 2014, PAR acquired Brink POS® Software. The addition of Brink to the PAR software portfolio enables PAR to expand its market reach and continue to focus and invest in solutions for the restaurant market. On April 11, 2018, PAR introduced PAR Pay, a SaaS based EMV enabled transaction processing solution for processing credit, debit and store value cards. PAR Pay is seamlessly integrated as an extension of all PAR |September 2018
Chief Strategy Officer POS software solutions and supported by the PAR service infrastructure. On April 12, 2018, EverServ 600 was added to the PAR hardware family. With EverServ 600, the company has upgraded the look and feel of the conventional POS terminal, designed to grow with clientele and business needs. This versatile and adaptable model supports multi-chain concepts, small and local businesses, and everything in between. Overcoming Challenges PAR has positioned itself to meet the needs of clients by investing in its culture and intentionally works to create a conscious culture within the company. The company has worked hard to articulate its values and purpose in order to enhance the productivity of its employees and provide them with a pliable environment. PAR’s values align and provide clarity in serving the stakeholders, which includes its employees, customers, shareholders and the communities in which the organization operates.
PAR’s largest advantage over its competitors is its people. The company’s team has valuable years of experience in all facets of restaurant technology needed to serve customers and the industry. It has used that experience to create compelling solutions for the customers. The organization was among the first to create cloud-based solutions for restaurant POS and food safety applications and today those solutions are among the most advanced ones available. The organization continues to evolve and improve with time. It intentionally focuses on adoption of new technologies in its product portfolio, as well as team structures and processes that ensure efficient production of high-quality software, which its customers need. “We will continue to pioneer new technologies that improve experiences for our customers and, in turn, their customers,” states Paul Rubin, Chief Strategy Officer.
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Pitching Success
OF A SALES STRATEGY
E
very business thrives solely on its sales as the revenue generation revolves around the efficiency of its sales strategy. This strategy can only be devised by engaging in the creation and implementation of a sales management system. It is a technique of formulating sales strength, synchronizing sales operations, and applying sales skills that lets a business to constantly improvise and exceed its sales targets. Sales management aids the functioning of activities and tasks which are involved in the dispersal of goods and services. Selling a product or a service, even to an average consumer needs strategic planning and its effective implementation. One thing evident in a product’s life cycle is that sales management isn’t as easy as it sounds. It depends comprehensively on crafting the organizations’ offerings in terms of the targeted market needs and desires, and using evaluation, communication and distribution. Sales management as a terminology directly applies to the section of a business that interacts with a prospective customer and attempts to convert it into a sale. Although this task sounds effortless, prolonged research and planning are involved behind its execution. On a less technical note, sales management can
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in the accurate functioning of any devised strategy. To be precise, a sales workforce is as important to the organization as increased profits. Evidently, both these factors are inter-dependent. Therefore, a sales manager or any employer has to craft up a proficient team to meet the organization’s desired goals. This task of staffing competent sales representatives requires an employer to consider certain facts. For instance, if the organization functions locally, a sales representative with the knowledge of the local language would be the desired candidate. Other such constraints, which should be considered while hiring a candidate include, familiarity with local geographies, willingness to travel, to work on varying time zones etc. An effectively working sales team will carry out all the vital tasks that directly lead to the sale of a product, thus resulting into increased profit.
be called as the art of assessing and surpassing the sales objective of an organization through efficient planning, controlling, budgeting and effective leadership. An efficient sales management strategy can act as a massive turnabout for any organization in its long run. The process involved in sales management: = Planning the Sales Process: The primary task in the hands of anyone managing the sales of an organization, before even forming a team is planning the sales process. One has to analyze who’d be the prospective buyers and construct a sales plan to meet their requirements. For instance, an organization which sells computers plans to enter a new market. To do so, it will have to devise a sales plan based on an extensive research about that market’s economy and the scope of their product’s sale potential. The channels of targeted audience; be it online or offline should be adequately analyzed, and recognizing the geographical areas where the organization would thrive should be considered as a priority while planning a sales process. =
Hiring the right people: Efficient staffing plays a vital role
=
Designing the Sales Strategy: A sales strategy is fundamentally the most vital requirement of an organization in order to sell its products and gain profits. This strategy is usually formulated by the aforesaid sales team. But for a strategy to be derived, the manager of the team has to
September 2018|
provide insights and essentially indulge in the activity. This strategy should be based on the factors considered during the planning of the sales process. The designing process of the strategy should include clarity and shouldn’t jeopardize the integrity of a team member. Every team member’s performance should be assessed and provided with guidance during difficulty in attaining targets or deadlines. Regular appreciations and rewards account for improved work motivation and performance. Such a design of the sales strategy when implemented, prove to be beneficial for the organization as well as the team members. =
=
Forecasting the Sales Results: Positive sales forecasting is possible only by a productive analysis of the organization’s sales patterns and also considering the current trends in the industry. This allows one to interpret the number of sales one can achieve in the next term. This analysis is provided by the sales team with the data they have collected over the time, about the amount of leads turned into customers and the leads which are yet to be converted for business. By the use of sales forecasting, the future sales plan can be assessed, providing an opportunity to employ experimental strategies and methods. This also allows one to expel the old and unproductive strategies. Reporting the sales: The sales reporting process inspects the efficacy of the various sales strategies applied currently or previously. It is essential to measure the performance of the sales team as well as the proposed sales strategies to evaluate their productivity. The sales team should be required to provide reports of the tasks executed based |September 2018
on which, the future decisions must be taken by the management to implement measures of improvement. =
Analyzing the Sales Efforts: The resulting productivity of the sales strategies should be constantly measured. Every strategy implemented must be evaluated pertaining to the data of its performance, so as to understand how well it has been executed. This aids the sales team in analyzing common errors in the strategies and achieves enhanced sales.
Why sales management isn’t a walk in the park: It’s a common stereotype that sales people work comparatively less than people in other departments. The role of a sales representative is not just making voice calls and having conversations with people. It involves a giant of an effort in converting a lead into a customer. This isn’t feasibly possible unless a sales representative possesses equivalent skills and smart work techniques. The sales department in contrast to any other workforce is accountable to target achievements and regular performance reviews. This creates a constraint which evidently proves the complexity involved in the profile of a sales representative. Since sales people personally interact with a probable customer, they gain the benefit of being able to gain knowledge which will help in performing their sales pitch and offerings to the customer. A sales person is also responsible in building trust and loyalty between customers and businesses. This can only be achieved pertaining to the transparency between the sales person and the customer. While making sales interactions, urging a customer to recommend a friend or provide positive feedback draws an impact on the development of the business through brand awareness and sales. Efficient sales person not only make a sale, but also build a continual impact on the customer. Long term customer associations lead to repeated customer referrals that increase the organization’s reputation. To conclude, sales play a pivotal role in the allencompassing growth of an organization and thus, cannot be overlooked.
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The
1
Most
Innovative
POS
SOLUTION PROVIDERS 2018
PHP Point of Sale: Redefining POS Solutions
I
magine standing in a long queue at a retail store as the cashier is manually entering the prices of items bought into a cash register. Point of sale (POS) systems have made the process of transections resilient. Be it a retail store, a restaurant, or even a hospital, the demand for a quality POS is increasing everywhere. A good system adds value to the enterprises it serves including efficiency, better stock management and accuracy. POS systems can also be customized according to business needs. The main classifications include a Terminal POS, which is commonly used in all the businesses equipped with physical tools such as barcode scanners, cash drawers, etc., a Mobile POS, which is operated on smartphones or tablets making it ideal for small outlets and remote transactions, or a Cloud Hosted POS which features an online setup backed up by cloud data which is most useful in large corporations.
The quality of services provided by POS systems is refining due to the growing competition of its industry and PHP Point of Sale (PHP POS) is one of the leading players in this industry. PHP Point of Sale provides cloud and onpremise/downloadable software for retail businesses. It delivers cost effective software that is user friendly and supported in numerous countries. Founded in 2010, the company’s primary focus is to assist small businesses that need flexibility and cost effectiveness built into their system. PHP POS’s software is used in a wide variety of markets such as cell phone/electronics stores, clothing sales, tree nurseries, hardware shops, and breweries. The Leading Light of PHP Point of Sale Chris Muench is the CEO and the Founder of PHP POS. His responsibilities include development, overall direction
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of the product, and customer service. He has done about 95% of the development of the system himself and manages the support. He believes in offering affordable yet powerful software systems to the market. According to him, “The point of sale industry is very competitive and there are hundreds, if not thousands of point of sale systems. It is an ever changing industry as retail evolves. Omni channel is becoming very popular to always be where the buyer is. Amazon has made it normal to purchase online where buying in the store is usually not as convenient.” He also adds, “While I don’t see brick and mortar businesses going away, companies will have to evolve to be price competitive to the big players. One way that I have found my customers help keep their customers coming back is through loyalty programs. This offers a stickiness factor to keep customers coming back and not use alternatives such as Amazon.” Turning an Idea into a Business The journey of PHP Point of Sale started when Chris was in high school. A local tennis shop asked Chris to help them find a software platform to keep track of their sales. Chris was learning computer science in high school at the time and decided to make a system for them from scratch. The owners loved the system so much that they used it all the way until they retired last year. Since the project worked great for them, Chris decided to turn his custom POS software into a business after graduating from college. PHP POS believes in developing the software purely on the basis of his customer’s feedback. They recently released the 16.0 version which was successful due to the addition of customer requested features. Chris noticed that this particular release had the highest upgrade rate from new and existing customers as the release boasted features such
September 2018|
“
“
Simple, Powerful,
and Affordable POS!
as API and e-commerce integration. The company continues to innovate with each release while always listening to customers suggestions while making the program even easier to use. Delivering Distinctive Products Increased efficiency is one of the primary features of PHP POS’s software system. It automates the inventory, purchasing, receipts, and credit card processing to decrease manual processes. The company also has a tight integration with WooCommerce, an online extension to help enterprises sell their product so it can even connect to the pre-existing online stores. Business owners save a lot of time since the system manages all aspects of retail store including inventory. The system can also show which items are selling well and the ones that aren’t, so the purchasing department can decide what to buy more of based on PHP POS’s advanced reporting features.
Chris Muench CEO and Founder flexibility. It can deploy the system onto a client’s server directly or host in the cloud based version. Also, it is affordable and accessible to a wide variety of users. A Smart Approach toward Hurdles Chris says managing contractors/employees to work on aspects of the system has been the biggest challenges for PHP Point of Sale. The company has hired several contractors and employees for development assistance. Some of them have worked out well, while others have taken excessive amounts of time to finish a feature making it difficult for
Chris to estimate when a feature might be completed. As the company’s CEO, Chris has decided to only use contractors when absolutely necessary so the software can keep up with development sprints without compromising quality. Innovation and Integration PHP Point of Sale is planning to have more integration with accounting systems in the near future. The company has enough customers where most of the development is driven by its customers’ needs and requests. They will continue to pursue the Omni channel strategy by focusing on Amazon and eBay integrations as their customers typically sell products through these main platforms.
One of the differentiating factors of PHP Point of Sale’s products is |September 2018
29
Experts Insights
Matthew Telesca President & CEO 30
September 2018|
Savior of the Logistics Industry
BLOCK CHAIN|September 2018
About the author: Company founder, Matthew Telesca serves as the President and CEO of MGN Logistics, Inc. Telesca is a serial entrepreneur, investor, and tech enthusiast, who sold his ďŹ rst company by age 32. A ďŹ ve-time recipient of Inc. Magazine's prestigious Fastest Growing Private Companies in America award, and two-time nominee for CEO of the year, Telesca is a long-time member of The International society of Logistics. He was selected as one of the top 50 most creative CEOs to watch in 2016 and has been featured in numerous technology and logistics magazines.
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Experts Insights
T
echnology in business continues to evolve and disrupt major companies and markets. If you need confirmation of that point, just look at the top 10 retailers fifteen years ago compared to today's list. Nearly all the largest retailers from a bygone era have either closed or filed for bankruptcy. They have been replaced by an online retail model that emphasizes convenience and nearly unlimited options. Think about what Uber has done to the taxi industry, or Facebook to the advertising market. Yes, technology is not only here to stay, but will continue to influence nearly every part of our lives, and business is not immune. In fact, for business, it becomes even more imperative to stay attuned to these changes and differentiate between passing fads versus a truly transformative technology. One such example has been the introduction of blockchain, originally devised for the digital currency, Bitcoin. The blockchain technology has since exploded with a vast number of other potential uses and varying platforms. However, many main stream businesses have been very slow to adopt this technology, often taking a wait and see mentality. And rightly so, if a company is not careful, they could recklessly spend substantial resources, time and money, pursuing a technology that could ultimately be a passing fad. Or worse, bet on a technology that the market doesn't assimilate and find them with a worthless platform. Blockchain, however, in many ways is revolutionary. It doesn’t address make believe problems or over exaggerated inconveniences, but rather, the real-world challenge that nearly every transaction involves, that of trust and incorruptible data. Yes, every transaction of value has the potential to be corrupted or compromised in today’s digital world. Therein lies the genius of blockchain. It is a decentralized digital ledger that can guarantee the validity of a transaction through it distributed registers and secure validation mechanism. Simply put, it brings the highest level of accountability to every transaction. With such an essential key attribute, how could blockchain be anything other than a revolutionary new technology that will eventually need to be embraced?
the logistics industries first blockchain based Transportation Management System (TMS). An early adaptor of webbased technology and one of the first companies to launch a fully automated on-line freight platform called LogisticsQuote, MGN has continued to bring to market cutting edge technology for the transportation space. These innovations include its' award winning TMS, big data truckload and LTL pricing apps, sophisticated business intelligence KPIs and hundreds of API connections. The company has grown organically and through a series of private party acquisitions, including offices in Pennsylvania, New Jersey, Massachusetts, Michigan, Florida, and the Dominican Republic. The company’s current undertaking entails utilizing blockchain's incorruptible ledger to synthesize with transportation related transactions. With many transportation processes still being very manual and the high level of human error or even fraud in the market place, MGN felt it was ripe timing to introduce a new robust TMS that offered its users and those interfaced with a higher level of accountability, true end to end visibility and greater degree of automation. While several companies in the space have been focused on the international application, MGN has concentrated on the domestic LTL and truckload markets where their blockchain technology would be first to market. Today, with fraudulent double brokered loads on the rise, and shippers losing visibility into this process, we envision a platform that would end double payments for loads that have been delivered. We are creating a technology; we believe will end the insanity of tending a load of value to a carrier or broker with potentially little or no validation of who they are. We are creating a platform based on blockchain technology that will provide the most secure transportation transactions on earth. And we have a track record of not just talking or envisioning but delivering on those innovations.
It's been with this core belief, that MGN Logistics, based out of Easton, Pennsylvania has been pushing forward with
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September 2018|
Industry Trends
Key POS
Trends
Reshaping
the Retail
Sector
n recent times, the retail industry hasn’t seen a more exciting invention since the invention of cash register. With new and innovative technologies helping shape both online and offline experiences for consumers, the landscape is continuously changing in a way which was unimaginable even few years back. The best part is that there seems to be no end of the innovation, which only influencing the purchase decision of the consumers.
I
clock starts ticking the moment a customer enters, no matter how good the product is, if the process is slow and the attention to details are missing, then customers will leave disappointed. As a retailer, one cannot please everyone, but with a modern and efficient POS, the service can be improved. A modern POS simplifies the communication between various departments and can save a lot of time for both the retailer and the customer respectively.
Nowadays the main focus of retailers is to create a safe, engaging, and unique shopping experience for its consumers, it’s very important for the retailers to understand the importance of Big Data and in-store analytics and adapting to the cloud. With the retail industry at the verge of massive transformation, we are listing out few key trends that everyone needs to know to be successful in the ecosystem that is transforming quickly.
Managing Stocks Keeping and managing inventory is a nightmare for most of the retailers, and it's quite natural. Managing inventory is a never-ending task and takes a lot of effort, time, and manpower. However, it is quite important to manage inventories when it comes to long-time survival. An efficient POS system always makes the process of managing the inventory much easier. The best part of a POS is, one can monitor the status of stocked items, shipped products, and new orders anytime. This is a huge time saver for a cumbersome and a tedious process, and eventually helps retailers to focus on other important aspects of running the business.
Multi-system Integration Multi-system integration with various applications gets the utmost priority from top retailers. Most of the retailers list out POS integration with other applications as a key priority alongside the implementation of dynamic marketing content through mobile devices. This is mostly due to the retailer’s interest to store all the customer information and purchase history in a database, which is completely centralized that could be easily integrated with multiple applications. However, in order to do that, a retailer needs to use an ERP database that can handle all these. Speed People always look for quick solutions for everything. A
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Customized Experience With POS systems, retailers just need to provide personalization that scoops out every shopper. Every passing year, retailers are adapting to personalized technology solutions that allow an interactive user experience. Thanks to the emergence of all new mobile POS technology, now retailers can offer its customers more choices to accommodate their shopping habits by letting them to complete transactions anywhere in the store. Now
September 2018|
with the invention of improved POS marketers and customer service teams can contact the buyer at each point of their purchase decision. With so much data retailers and consumers can have better customer service, quicker payment processes and access to better offers and real-time personalization. Promotions and Marketing at its Best Nowadays with the advent of digital technology, marketing involves maintaining a digital presence as well. A POS can integrate all the advertised offers with transactions, making it easier to keep track of all the campaigns. Additionally, it can integrate with CRM and track customer behavior. When an offer gets popular among the masses, then the retailer will see it in his transaction data. Usage of Big Data analytics In order to compete with e-commerce, retailers are now taking the help of Big-Data and in store analytics just to have a better idea about what's happening inside the store. Big-Data analytics helps retailers to track how frequently a specific item moves from shelf to shopping cart allows retailers to know the trends that are dominant in the market. Analytics helps the retail industry in a big way to better understand consumer purchase pattern and behaviors. Keeping Track of Employees To run a business smoothly a retailer, need few people. A POS system enables to manage them with great accuracy. With a Point of Sale system in place, employees can sign on or off easily and the system will automatically log their work hours and break hours. Security Above all, a POS system offers great security protections that help keeping customer data safe. Retail stores and businesses are always prime targets for Cyber Criminals, and a data breach is not good for a business. So, by using standard encryption and firewall, businesses can be secured from cyber-attacks and customers can swipe their cards with a peace of mind. So, here we have listed out few of the POS trends that will shape the future of the retail industry. As we look ahead, these trends will be on focus for both retailers and customers. The main advantage of an advanced POS system is greater efficiency and optimization, it links all the departments together which eventually allows to have better control over the inventory, better profitability, and to manage processes in an efficient way.
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The
1
Most
Innovative
POS
SOLUTION PROVIDERS 2018
SlickPOS: A Tailor-made Cloud-based POS Solution for Ambitious Businesses n a current market scenario, it has become necessary for businesses to keep pace with today’s increasingly demanding and well-informed consumers. Thus, many new innovative inventions have been evolved in the business world to streamline the business operations that can satisfy customers with the services or products they offer. As initially, most of the businesses were using cash registers for maintaining sales transactions. Since then, cloud based Point of Sale (POS) systems has continued to evolve that are far beyond a payment and accounting system to drive highly individualized interactions that consistently gratify customers in the moment. This led to the inception of a leading POS company, SlickPOS.
I
Foremen behind SlickPOS
A Platform Providing Quality Customer Services
Both of them have been involved in successfully launching and running an online cake store. Apart from these, they both also have an experience in running retail food outlets. The experience from the industry has enabled them to build a solution that addresses the pain point in the industry.
SlickPOS is a platform with an app-based ecosystem enabling customers to try features they require. The company prides itself in providing quality customer service. POS being a critical part of daily operations needs to be up and running all the time and thus in case of issues, SlickPOS makes sure that the issues are addressed within 30 minutes. It also makes sure that the price remains affordable even as more features are added to the POS. SlickPOS provides tailor-made cloud-based POS solutions to the businesses including restaurants, cafes, QSR and food trucks. The company works across the platforms like windows, Android and iOS devices. It gives the customers a capability to manage both standalone and chain of stores. Being a cloud-based solution, it works offline too when there is no internet.
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SlickPOS is headed by two of its co-founders, Abishek Baskaran, CTO and Saravanakumar C.P., CEO. Prior to SlickPOS, Abishek has worked with Goldman Sachs and Oracle. As the co-founder and technology lead, he looks after product development, architecture and product management. Saravanakumar has worked with Deloitte Consulting before SlickPOS. He has worked across all phases of the system development life cycle, with a broad spectrum of clients from industries like semiconductors, banking, warehouse management, consumer & industrial products and technology.
Value-added Features SlickPOS enables the owners of food outlets to grow their business by providing certain features such as avoiding pilferage with inventory management app, avoiding customer loss through the feedback app, and monitoring key metrics of their store for anywhere with the owner app. The additional features of the company’s product includes cloud POS, works offline, available for every device, accept booking, credit sales, table management, order tickets, discounts and payment modes, multiple cashier accounts, inventory management, recipe management, SMS & digital receipts, customer feedback, store owner app, dashboard
September 2018|
“
“
Don’t compromise quality over quantity.
and reporting, responsive support and API integration. A Journey through Challenges As challenges are the part of journey, SlickPOS also went through hurdles to reach a certain level. Initially, its primary customer acquisition channel was online as the offline channels were expensive for a startup. Thus, the company tried different approaches by analyzing their effectiveness and finally stuck on to a few strategies that worked. The point of sale is a product that can have hundreds of features built into it. With a small team, SlickPOS had to make sure that it was building the features that the customers required most. The company also made sure about the differentiating factors of its products.
|September 2018
Higher cost of operations such as salary, technology infrastructure, office infrastructure, etc. means higher cost of product. The biggest challenge for SlickPOS was to keep the operational cost low in order to deliver a quality product to the customer at a reasonable cost. After passing through these challenges, SlickPOS has set the benchmark of its offerings in the POS Market. The Minimum Viable Product (MVP) of SlickPOS was developed in 3 months on a budget of $4000. In a year since launch SlickPOS has been tried by more than 5000 customers. Paving the Way to build a Technology Platform for Retail Stores SlickPOS envisions building a technology platform for retail stores. As every store and its owner’s
Team SlickPOS
requirement are unique in a way, it aims to provide single click customizations to its users. The company wants to enable data collection to its users and the same data collection is being leveraged to help in-growth of user’s store at minimum cost. The other problem store owners mostly face is to manage a store with unskilled labor. Thus, ease of use is an underlying philosophy of SlickPOS’s product. SlickPOS’s near future goal is to focus on the food industry. It is developing a new product in a way that with each release it adds new features in the product to target the next category of customers in the food industry. The company has distributed food industry into different categories that includes cafes, quick serve restaurants, food trucks, restaurants with single kitchen, multi cuisine restaurants, and restaurant chains.
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Tech Implementation
Challenges in Implementing
ERP Solutions
R 40
September 2018|
H
ow you gather, manage, and use information will determine whether you win or lose. — Bill Gates.
Enterprise Resource Planning (ERP) is an application to integrate the different functions of an organization in a centralized approach in order to gather and manage information, maintain stability, and enhance efficiency. ERP came into existence in the 90s when enterprises were using specific tools for specific tasks of a manufacturing process including material requirement planning, manufacturing resource planning and computer integrated manufacturing. ERP handled those entire tasks single handedly and all other core functional areas of the enterprise came along. The primary focus of ERP was to automate the back office functions of enterprises. With time, all other functions were added in the task list including, Customer Relationship Management (CRM), Supplier Relationship Management (SRM) and ecommerce.
Keeping the above details in mind, one must assume that every company that is using ERP must be generating large revenues and achieving all the targets. But the fact is that only 20% of the enterprises benefit from ERP systems. 60% of the implementation projects fail and 90% of the ERP systems fail to deliver the estimated ROI. Many companies also report disappointment with ERP solutions. However, this story requires a further explanation as in most cases; ERP solutions deliver unparalleled benefits to enterprises. The answer lies in the process of implementation and the challenges that arise while the same. Following are the challenges that enterprises encounter while implementing the ERP systems: Challenges Ÿ
Compatibility The primary focus behind the implementation is efficiency. If the estimated growth is not visible in the results then the whole project of switching to an ERP system can be considered a failure. This means that the enterprises must double check the requirements before adapting the new system. Moreover, the system must be flexible to be optimized in accordance with the type and structure of the organization. There must be a proper research of the provider including its customer base, competences and other specific features related to the product.
Ÿ
Change The most common mistake made by the organizations is considering the implementation, as just an update of software. It needs to be taken as the transformation of management. The process affects all the functions and it is a challenge for all the functions to respond as per the requirement to the change. There should be a proper communication to the departments regarding the new job roles and responsibilities.
Ÿ
Skill It needs highly skilled workforce to successfully complete a project as large as this. However, it is
The global market value of ERP software market was $82.3 billion in 2016 and it is projected to reach around $84.7 billion by2021. In a recent study, it was shown that the new ERP systems enabled companies to attain 24% of growth in on-time deliveries due to increase in efficiency. 81% of the organizations have either completed the process of implementation, or are in the process. 16% of the organizations implemented the ERP system with the motive switching into an updated system. Below are the benefits of having an ERP system: Ÿ
Ÿ Ÿ Ÿ Ÿ Ÿ
Helps the enterprise to survive and give an edge over other enterprises from the cut throat competition of the market. Enhances the flow and use of data in order to retrieve the optimum result from the same. Increases the productivity of the organization as a whole by not wasting any resources. Offers better security through the cutting edge features offered in the modern systems. Enables the enterprise to prepare for the upcoming obstacles by offering better risk management. Improves the quality of services offered to customers by managing their data in real time.
|September 2018
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doubtful for the enterprises to expect and maintain the same standard of work from each individual of the lot. Organizations need to invest good amount of resources while the hiring for the top level management of such process. In some cases, fresh leaders have performed immensely in these projects while in others; the experience has spoken for itself. This means a training process should be organized for the existing workforce before the process. Not to mention the training for the software after the implementation. Ÿ
Time Large projects are often known for consuming more time than expected as they are complex, dynamic and can go off the track by small errors. Delay in the completion of the projects is one of the most expensive consequences for enterprises. The cost of delay affects the estimated budget by huge margins, which means losing the purpose of implementing the system in the first place. This happens due to lack of planning. Even though it is difficult to completely avoid the uncertainty, a better plan saves a ton of resources.
Ÿ
Governance Many enterprises lack supervision in large projects. Moreover, in order to be effective, projects also requires long term vision and keen observation on the complexity of the project. Usually such planning is not possible with the help of a few managers. There should be a governing body to supervise the project and must evaluate the growth on a daily basis.
Ÿ
Costing It is impossible to estimate the cost of a project with accuracy. Big projects, especially when there is an implementation or upgrade of software, cost huge amount of money. And it is difficult to predict the future expenses in advance without the help of an extensive and systematic solution. Enterprises need to consult experts in this area as it would cost much less than the uncertainty.
Looking at the trends, ERP has a bright future. With its collaboration with technologies like Internet of Things and Cloud Services, the system will become more efficient and productive. But it comes with challenges. And the enterprises must take care of these challenges in order to retrieve the purpose it offers to fulfill.
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September 2018|
The
1
Most
Innovative
POS
SOLUTION PROVIDERS 2018
A Complete and Revolutionary POS Offering
W
use Tillpoint. The original plan was to begin by slowly releasing Tillpoint to the UK market only, with a focus on independent SMEs. Due to such overwhelming demand for Tillpoint, which is incredibly encouraging and rewarding for the company, they released the app worldwide.
hen InsightsSuccess was looking for an innovative and complete POS package, we did not have look further than Tillpoint Enterprise Ltd. We realized that you, as a businessperson, can run your entire business through Tillpoint. It is the first truly complete cloud-based EPOS & Business Management System for businesses within the retail, hospitality and service industries.
Ÿ
The system contains over 20 specialized modules, each to manage a certain aspect of business operation, including point of sale, inventory and stock management, accounting, staff, customer loyalty, and sales reporting. All modules are fully accessible in every plan, with no restrictions on features or functionality. People no longer need to use, integrate, and pay for, multiple pieces of business software, as Tillpoint contains everything you need to run your business, sole trader to enterprise-level, making it inherently scalable and future-proof.
A Near Perfect Solution With a team of three founders they decided to embark on an extremely challenging journey of researching, designing and developing an application that would usually require dozens of employees. They were planning to build an application that was scalable, feature-rich, and modular, in order to meet the requirements of small and large businesses within three different industries - retail, hospitality and services.
Milestones worth Remembering Tillpoint is a next-generation piece of business software that covers every aspect of business operation through a system of interconnected modules, all working together as one complete solution. its customers have access to all modules in every subscription plan, meaning there’s never a need to purchase additional software as your business grows, everything you need is already there. All page layouts are similar throughout the app, with a very sleek user-interface that was designed for intuitive usability.
The software has generated highly positive feedback along with the customer service.
The founders had to think ahead and consider every variable, including usability, design, programming, scalability, practicality, pricing, and the system’s ability to problem solve, just to name a few. Another challenge was to ensure a smooth cash flow issue that almost all startups
The biggest milestones achieved, according to the CEO, thus far would be: Ÿ
Releasing Tillpoint after such a long and painstaking period of research, design and development.
Ÿ
Effectively managing the rapidly growing number of both domestic and international multi-store clients who now
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September 2018|
“
Our highly intuitive and easy-to-use system is the only piece of software business owners need in order to run their entire store, centralizing operations and removing the need to pay for multiple business software.
“
face. The founders managed to handle every situation by working hard, remaining positive and persevering to reach their goal. The Pillar of Success Tillpoint’s Co-founder & CEO, Ahmed Ameen, has been the foundation and backbone of the business, bringing highly relevant educational experience due to a background in Information Technology and a master’s degree in Business Administration, coupled with extensive and diverse experience working in the retail, hospitality, manufacturing, and IT industries. His contributions include business planning and market research, most notably in discovering solutions to issues faced by management within the retail, hospitality and service sectors. He also plays a large role in the user design process, guiding and leading the team, and contributing to the funding of the company. Disruptive Technology Tillpoint’s vision seeks to disrupt traditional business functions by providing the first complete mobile cloud-based software platform,
|September 2018
Ahmed Ameen Co-founder & CEO revolutionizing management operation, and to enhance and increase efficiency in customer engagement and experience. The company aims to help businesses adopt modern technology and methods in order to keep up with rapidly changing consumer behavior and expectations. At the moment they are working on a few new modules, and developing a web- based version of Tillpoint, allowing it to run cross-platform, meaning on any device with a webbrowser, which will seamlessly tie in with the current iOS version of the system. In the near future, Tillpoint is likely to become one of the most popular complete cloud-based business management systems with EPOS and ecommerce capabilities, helping businesses of all shapes and sizes better organize and improve their operational efficiency, and to enhance customer engagement and experience.
A Unique EPOS System Many of the current and widespread pieces of business software are singlepurpose, only performing one function. People are required to install multiple pieces of software, each to handle a different aspect of business operation, whether that be accounting, inventory management, point of sale, or purchase ordering. This is highly inconvenient for business owners as they need to take time to learn how to use each of these systems and then teach them to their staff. And in order for data to be automatically reconciled between these systems you would need to integrate a practice which is notoriously unreliable. Tillpoint is a complete system which can run every facet of business activity, and which requires no software integration, all from the comfort of an iPad. Not only is Tillpoint more reliable in terms of data security, it’s also cost-effective, as you limit the expense of business software to one outlay, instead of several.
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