I included this one partially in jest the acronym is ironic given the term’s intended use is to provide clarity - but unless the market adopts it, it’s just another three-letter acronym we need to Google. It stands for Store Operating Software and has been favored lately by industry analysts as the most accurate term when it comes to describing retail operating systems (ROS… the acronyms are truly endless). SOS is not quite a real term, so don’t beat yourself up if that stumped you. As a result, ERP software usually takes a long time to implement. They have a reputation for being clunky, expensive, inflexible, and complex. The most common usage today is to integrate an ERP with a POS to create a powerhouse of efficiency.ĮRP software was initially focused on large enterprise but as lite versions have come into play, they are gaining more popularity within small and medium businesses (SMBs) too. But, adoption was low, which is why most companies will include both POS and RMS in their marketing.ĮRP stands for Enterprise Resource Planning and refers to business management software that takes care of all aspects of your business - manufacturing, accounting, sales, marketing, etc.Ī lot of the functionality of an ERP crosses over with a modern-day POS, and that’s why when you Google ERP vs. RMS is an amicable example of the industry attempting to rename a product to better describe its usage and implementation today. RMS stands for Retail Management System, and refers to the modern-day, more robust POS I described above. And that’s where the playground gets muddy. That’s because there are so many other business modules within our software, which makes it so much more than a traditional description of a POS. You’ll notice we say “more than a POS” throughout the iQmetrix site. Many POS solutions include various other management tools such as inventory management, customer relationship management (CRM), reporting, as well as more Point of Service qualities like being able to schedule appointments and repairs. Modern POS solutions are so much more than just a point of purchase. The sales associate scans the item and charges the customer for their purchase, processes a return, or goes through with an exchange. Traditionally, POS software was built to handle the processing of a transaction. POS is the most common of the four acronyms and stands for Point of Sale, or more recently Point of Service. While some are more popular and have been around for years, are they actually that different or have we started using them interchangeably to mean the same thing? If you’re in the retail space you’ve no doubt heard these acronyms thrown around many times.
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