Feb. 6, 2017: By Dave Lunn, Commercial Director, Tellermate
Last year, I wrote about the innovative cash management technology set to take the retail world by storm. From Intelligent Cash Drawers to polymer notes, I predicted the cash management trends likely to have the biggest impact – and how your business could prepare for these. But, that was last year. Going into 2017, there’s a new agenda...
So, fresh off the plane from NRF Retail’s Big Show, here’s a roundup of the best new cash management technology and my prediction of the issues set to impact global retail over the next twelve months:
1. Reducing the cost of cash management
If your business takes cash, there’s usually a cost involved. From bank charges, to CIT fees and security costs – processing your cash costs you money. Plus, what about the associated labor costs? It may not be obvious, but even simple tasks such as counting your cash have a related cost. Because, when your employees spend time managing your cash they aren’t spending time driving sales or improving customer service – and that impacts your bottom line. That’s why reducing the cost of cash management is a big challenge for businesses this year. In fact, 70% of participants in our Cost of Cash research agreed that reducing the cost of managing their cash was a strategic priority for the next 12 months.
2. Touch screen cash counters
Cash counters (or cash scales) are undergoing a makeover in 2017. Far from their origins as large back-office units – the new small, portable and robust devices are candidates to be refreshed with the addition of touch screen technology. The touch screen functionality will make these innovative cash counting machines even easier to use, and an intuitive user interface means that efficiency is improved. Counting your cash drawers with these clever devices takes less than a minute – freeing up cashiers to focus on what really matters – your customers.
3. Real-time cash tracking
How much cash is in your cash drawers right now? What about in your safes? How much is currently in transit? This year, the need for real-time cash management data will make its way to the top of the agenda for retailers and restaurants alike. To meet this demand, businesses are looking towards advanced Cash Office Software that integrates with their Intelligent Cash Drawers, safes and even cash counters. These clever cash tracking solutions give both store managers and head office real-time visibility of the physical cash across their organization. This real-time insight could not only reduce cash loss, but could also generate savings, and even inform strategy. Plus, with the addition of exception based reporting and email/sms alerts cash tracking software can help Loss Prevention identify and solve instances of cash loss as and when they occur.
Finally, one the key cash management trends from this year’s NRF Exhibition, was the resurgence in appetite for cash management technology from retailers. With cash still the primary form of payment globally – it’s no surprise that retailers continue to look for innovative technology to help them manage this cash quickly and efficiently.
So what’s top of your agenda in 2017? Are you looking to drive efficiency, generate better visibility of the physical cash across your organization or improve your bottom line by reducing the costs associated with managing your cash?
Learn how to save time and money by streamlining your cash management. Download our insider’s guide to counting cash by weight.