Automating your cash management is a smart move for almost any business in this day and age. Automation helps people keep better track of their cash, improve security, cut costs, and so much more.
As with anything, though, you must roll cash automation out with care. These lessons have been learned by many other business leaders, so you don’t have to make the same mistakes. Take heed and you’ll be able to add automation the right way.
1. Overdoing Automation
When you begin to consider cash automation, it may be tempting to spring for the top-of-the-line solution. After all, with a robust solution like a currency recycler, you can streamline almost every aspect of your cash management.
While this sounds great in theory, there have been cases where it leads to a business owner overreaching. They sink too much time into learning everything the machine does or they end up not using all the features. The costs don’t balance out.
You might expect the business to “grow” into a robust solution so you adopt it right away. You may be laying out capital before you need to, which can hurt productivity and cash flow.
2. Choosing the Simple Solution
Sometimes, business owners go the opposite direction. They choose the lowest-priced automation solution, then wonder why it hasn’t solved their cash management issues.
Take the example of a business owner who handles hundreds of thousands of dollars of cash on a regular basis. They know they need to automate. Their cash management team spends all their time handling cash and can’t complete other tasks on their to-do list. Manual processes make it difficult to keep track of cash, and the cost of cash is through the roof.
The business owner adopts a banknote sorter to automate part of the process. While adopting this technology will help the team, it’s not enough. The issues around cash transparency still exist, and the team is still spending too much time and effort on cash management.
In this case, a more robust solution will yield better results.
3. Not Launching Automation Solutions Effectively
Another common misstep business owners make with automating cash management is rolling it out in an ineffective manner. In many cases, they simply add the machine to their procedures, then expect cash management to improve.
They forget that their team needs help to use the machines the right way. Proper training and other supports are crucial to successful implementation.
Sometimes, this isn’t the business owner’s fault. The technology provider they choose to work with may not offer training, or they might provide subpar training. They may not offer troubleshooting. That’s why you should always vet your provider carefully and make sure your team will get the support they need to integrate your new tech the right way.
4. Devices Don’t Play Nice
Another common stumbling block for business owners is choosing a solution that doesn’t work with the other systems they have in place. You might have your heart set on a particular cash recycler, but you must make sure it will incorporate into your business’s existing cash management system.
Poor integration causes all kinds of headaches, from malfunctions to downtime. You may end up spending more time extracting data from reports or inputting information because the systems you’re using just don’t play nice.
The right provider helps here too. They can assist you with integrating cash management technology into your existing cash management processes with more ease. Their advice and expertise can help you make the right choices.
5. Not Planning for the Future
The most common mistake with automation is that most business owners don’t plan for the future. They adopt a new device and call it a day. Nothing is said about preventative maintenance, the lifecycle of the technology, or ongoing training and support.
The right provider can help you avoid all these missteps. Adopting automation and doing it the right way is easier than ever.
