Automation of cash management processes has the potential to generate considerable cost savings for retailers as well as numerous other benefits related to time efficiency.
A recent article on Loss Prevention Media Insider, entitled Cash Handling Procedures in Today’s Retail Environment, speaks about the huge value there is for retailers who haven't yet adopted automated cash processes.
The article quotes the conclusion of a Retail Cash Management study conducted by the ATM Industry Association.
It states that as cash management evolves to become fully automated...
"..., the retail market is poised for an explosive growth in products, solutions, services, and support in automated cash management."
As a result, retailers are faced with a complicated marketplace which is offering options ranging from entry-level systems to completely closed cash handling solutions.
Top 7 Key Takeaways
The LPM article goes on to make the following points:
1. Different retailers need different solutions.
2. Executives should be aware of the financial and business impacts of cash management.
3. Beyond cost savings and more efficient processes, payback from automated cash management includes:
- increased customer service levels
- more transparent monitoring of cash payment flow
- working capital benefits
4. Connected cash systems also cut service and maintenance costs – and reduce actual cash losses.
5. Saving time is cited as the primary benefit of cash handling technology.
6. Measuring value is important and time spent managing cash pre- and post-implementation is an excellent indicator of ROI.
7. Retailers should shop around and learn about the available options.
Source: Cash Handling Procedures in Today’s Retail Environment by Garett Seivold (LPM Insider, Oct 5, 2017)