The Awareness Of Point Of Sale Information Technology Essay

The Awareness Of Point Of Sale Information Technology Essay Point of sale is a place where transaction occurs in exchange for services and goods. The point of sale refers to the physical electronic cash register or dedicated Point of Sale hardware used during checkout, but the POS is simply the location where the sale is conducted, money changes hands and a receipt a is given, which can also occur on a smart-phones, tablets, laptops or mobile POS device when the right hardware and POS software is combined with the mobile devices. It is a system allowing business transaction to be monitored, and also facilitating tasks that would otherwise be time-consuming when they are done manually such as monitoring stock, inventory managing, etc. POS also refers to the capturing of data and customer payment information at counter when goods or services are bought and sold. The POS transaction are captured using a variety of devices which include computers, cash registers, optical and bar code scanners, magnetic card readers, or any combination of these devices. This is the physical location from where  goods  are  sold  to  the customers. Point of  sale  is often more specific than a  general  building or  store  where goods are sold, typically indicating the piece of  technology  which is used to finalize the  transaction. They are seen as a  standard  cash register  at the  front  of the store; such as, at a restaurant, grocery store, shopping malls, etc. The point of sale can also be an electronic  system  which are used by the staff for  multiple  purposes, such as ringing up  orders  as well as generating the  receipt  and finalizing purchases. Devices Used The computer software and the register are not the only devices used in POS systems. Devices such as bar code scanners are as important to use the POS system effectively. Magnetic card readers are used for debit and credit cards and optical scanners that examine the object itself for signatures and images. All these provide different sets of data to the computer which can be used to track sales more accurately. POS systems can be very expensive. Small businesses will need to invest several thousand of dollars for the system, legal bar code system, scanner and software needed to run the POS system. Even when a POS system is set up, the data it produces does no good unless managers and marketers know how to use it effectively and efficiently. Literature Review POS (Point of Sale) systems are commonly used in retail stores, restaurants, stadiums, hotels and casinos, etc. The basic use of these systems is to scan items for purchase, place in order and calculate the bills. They are usually industry specific. What can Point Of Sales System do? * Track all elements of each order, from payment, design details, delivery date and months in advance. * Customer Information: It automatically records the customers name, credit card information, address and what they bought and when. * Customer Relations: Everything regarding the customers purchases can be immediately called upon from the system. This makes handling returns, payments and other transactions easier even if the customer has misplaced the paperwork. In a multi-store environment it does not matter which store the customer goes to. All the information are available at all the stores. * Inventory Control: The computer keeps record of the stores inventory. This makes the POS terminals attached to it, automatically update the inventory with every sale or return. This helps the person in multi-inventories keep track of any stock is going to get over. The central office knows at all times how much stock each store has. * Inventory Analysis: The system is able to calculate at what rate each item is selling at all times, making it easy to decide what quantity has to be purchased. * Reduce Out of Stock: In case there is low stock, Low stock reports and purchase orders are generated automatically with enough lead time to receive goods. * Bar code Integration: Various bar-code reading devices can be used in conjunction with shelf stocking, warehousing and at the sales terminal. This will create a speedy entry and reduce human error. * Warranty Tracking: The time and date of purchase are automatically recorded. This information can be easily retrieved from the system within seconds. Warranty issues can be easily handled by stores other than the one where the purchase was made. * Special Pricing: Sales and specials discounts are easily controlled. Starting and end dates can be assigned to the products or product groups and the system will automatically handle them. * Sales Commissions: The commissions are automatically calculated and reported by the system. Different product lines can carry different commissions. Later commissions can be automatically reduced if the sales-person discounts an item. * Profit Center / Product Line Control: It is very easy to set up both profit centers and product lines. This makes tracking performance of individual sales managers and product line profitability easy. * Accounting: The Point of Sale system is completely integrated with full function accounting (Inventory, Accounts Payable, Accounts Receivable, and General Ledger) thus making the books always up-to-date. No hand entries by book-keeping staff are required. In a multi-store environment the central office always has the accounts for each individual store in real time and can produce consolidated accounting reports as well. * Data Export: The Data files and reports can be exported from the POS system for use with other software when there is need. * Data Import: Part number lists, customer lists and other bulk information from outside sources can be imported into the POS system without resorting to hand entry. * Manager Control: The manager has complete access and control to the store or chain of stores at any time of day or night. He can even do store transactions locally. * Security Levels: The Employees are only allowed the access assigned to their password only. * Loss Prevention: Record keeping is so thorough and clear that any employee theft of inventory or received cash, even if cleverly disguised can be detected and traced. Need of the study To know the level of use of POS system among the students of Amity University, Noida. To know the awareness of POS among the students. To know the amount of use of POS system among the students of Amity. Objective of the study: The objective of the study here is to know the use and awareness of the POS system among the students. The amount of use of POS transactions by the students during different courses of purchases. To increase the level of knowledge of POS system among the students. To find out the reasons why POS system is not used in case of both awareness and non-awareness. Rationale behind the study: The presence of POS system in various Malls or stores has become a common sight in todays market. People make their purchases mainly using debit/credit cards in place if paper cash. How does this POS system work? The person making the payment through his card is debited an amount which is the value of the price of the product he is purchasing from the store. This amount is directly credited into the account of the store, form which ever bank it has opened its account with. Since there is no exchange of paper money, transactions takes place in a few seconds, making it less time consuming and less energy involved. On the customers side he does not have the pain of carrying ready cash with him. This wide use of POS system brings us to a study of whether this facility is aware to the young minds of the future leaders and entrepreneurs. The research topic will study how much are the students aware about the POS system that are available in the market. With both the mode of cash and card purchases available, it will see what is used more often and why. It will study the positive as well as the negative impacts in the minds of the students using the system and also who dont use it. The level of awareness of both the group of people who use and who dont will be required to obtain, which will provide the researcher to obtain the final result. Research Methodology: Research method: Descriptive research Sampling method: Convenience Sampling Sampling size: 200 Sampling Universe: Student of Amity University, Noida Sector 125. Data collected: Primary Statistical tool Analysis: Microsoft Excel. Data Collection Method: Data will be collected through the distribution of questionnaires and interaction with the students. After the questionnaires are filled up as required and obtaining the required number of responses, it will be analyzed to reach the necessary findings. Primary Data: The data will be collected by the means of survey which will be done on the basis of various interactions with the students. A questionnaire prepared by the researcher will also be given to the responder who will be filling up the necessary questions. This set of questions will later be analyzed to obtain the required result. Hypothesis: Null: H0: the students are aware about the Point of Sales system Alternative: H1: The students are not aware about the Point of Sales system. Null H0: The students use the POS system Alternative: H1: The students do not use the POS system. Data Analysis and Interpretation Period of using a bank account: Respond Frequency Percentage Less than 6 months 117 58.5% Between 6 months to 1 year 35 17.5% 1 to 2 years 27 13.5% More than 2 years 21 10.5% According to the data collected from the survey, it was found that most of the students had their accounts operating from two years and above. The others had accounts opened just a few months back or a year. Mode of Purchases more frequently used: Response Frequency Percentage Cash Purchase 52 26% Card Purchase 148 74% The research Survey shows that majority of the students used the mode of cash payment. Card payment was also used but at a lower scale. When asked why, their reply would be because they felt more comfortable using cash other than cards. Their main reason for not using card payments was lack of security and confidence. Awareness on Point of Sale system: Response Percentage Good 36 Average 38 Poor 10 It has been found that the level of awareness of Point of Sale system among the students were good. Majority of them had an idea or knowledge what exactly a point of sale could do and also were aware about its benefits as well as its short-comings. There were very less percentage of students who had less or no knowledge a all of the POS systems. Frequency of using Debit/Credit Card Response Frequency Percentage Always 32 16% Very Frequently 60 30% Occasionally 42 21% Rarely 20 10% Very rarely Never 10 5% The survey shows us that the use of POS is very frequently used. This frequency is mostly among the students who are aware about the POS systems and use both cash as well as card purchases. Rank of POS system according to preferences Ticketing 3 Entertainment 4 Online Shopping 2 Shopping 1 Cash Transfers 5 The survey shows that majority of the students who use the POS systems are using them mainly for the purpose of shopping and online purchases. The facility o cash transfers are the least used. Satisfaction of using Point of Sale system: Response Frequency Percentage Strongly Agree 20 10% Agree 60 30% Neutral 30 15% Disagree 5 2.5% Strongly disagree The level of satisfaction among the students using POS system has been agreed by a majority. A neutral feeling is followed by the students who has been aware and using this service. Also a strong level of satisfaction is also found among the sampled sized. Reason for not using Point of Sale system Lack of advertisement 5 Lack of interest 15 No use 4 Lack of security 10 Lack of confidence 10 Any other 2 The survey studied the various reasons why some of the students were not using this POS system when it made transactions so much easier. The main reason for this was due to the Lack of interest in the minds of the students. This was followed lack of security and interest. Lack of advertisement was another reason for causing a low awareness among the students. Findings: The level of awareness about the POS system among the students is good. The use of this system is also found at a good scale among the students who are aware about the POS system. Though the level of awareness is good, some students still do not use as frequently as expected due to different reasons. The use of POS system is more among the group of students who have opened their bank accounts from 2 years and above. Students using accounts below a year have lesser use. Reason for lack of awareness is mainly because of not having a account for themselves. Another reason for not using this system is the lack of proper advertisements, lack of confidence and security. The POS system is mainly used for the purpose of shopping and online purchases by the students. They are more comfortable with these simple transactions that the POS offers. Suggestions: Banks and any other financial institutions providing this facility should make the effort of educating the POS system to its customers. Effective advertisements should be made in order to make the customers more aware of the system available. The Lack of security and confidence among the customers can be eradicated by using effective softwares that are immune to hackers and other flaws. Proper education should be implanted in the minds of the consumers in order to make them aware as well as use this facility. Adequate on sight experience from frequent users can also be done to motivate the individuals who do not use due to various reasons. Conclusion: The study of the topic Study on Awareness of Point of Sale system among the students of Amity University, Sector 125 found that a large number of students are aware about the presence of POS systems around them. Many use them because they are convenient and easy. Others though they have the knowledge and awareness are still hesitated to use them for various reasons. The Point of Sale system has made transactions operating in various stores very fast and efficient. They not only provide the benefit of cash less transactions but also keep track of every product or product group in the stores. This information helps the store manger to keep track of his products in his store and make necessary purchases before they run out of stock. Countries like USA mostly use this facility on a very large scale. Thus the final conclusion to this study was that the level of awareness of the POS system among the students is above average. In order to promote it more, a good amount of work in the field of advertisements and security has to be done. The above few reasons were the most prominent for its non use by certain people. It is only when they use the system they will realize the benefits of it.