5 Important Questions to Ask before Implementing a Cash Automation Solution

    Apr 17 2019

    Topics: Cash Management

    Like other business leaders, you’ve been considering an investment in new cash automation solutions. Whether you’re planning to switch from manual processes or you’re upgrading an older piece of technology, you’re hopeful that new devices will help you streamline your cash handling procedures.

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    Investing in cash automation can be a big decision, which is why it’s important that you ask the right questions in order to find the best solution for your business. Before you start gathering quotes, make sure you ask yourself these five questions.

    1. What Should Automation Achieve in Your Business?

    The first question to ask yourself is what you want to achieve by automating cash management in your business.

    You may have many reasons. Some business leaders want to streamline their operations, while others are hoping to reduce labour costs or raise productivity.

    Any of these answers is perfectly valid. Answering this question gives you more insight into which solutions may be best for your business.

    2. What Tools Are You Already Using?

    Almost every business is using some cash management tools, even if they’re handling cash manually. Some may be using a calculator, for example, to tally up tills. Others may be upgrading from currency counters to coin and bank note recyclers.

    Before you implement a new cash automation solution, you should evaluate the technology already in place. Will you be replacing it in its entirety, or do you expect to run some of this technology alongside the new system?

    If you’re planning to keep some of your current devices, you’ll want to be sure you’re choosing a solution that can integrate with your older equipment. If you’re fully replacing older devices, then you’ll want to consider the best way to decommission the old system and make the switch.

    3. What Support Does Your Team Need?

    You can buy the best tool in the world, but it may not do what you want if your team doesn’t know how to use it effectively.

    Before you decide on a cash automation solution, you should ask about the support your team will need. Do some team members need additional training? Some people may not be comfortable with new technology and may require more support to start using it.

    Training should be an integral part of your implementation plan. It helps improve efficiency and productivity, but it’s often overlooked. The right guidance will help you and your team use the new system to its full potential, right from the get-go.

    4. What Is Your Schedule?

    How soon do you want to roll out your new cash automation solution? Keep in mind that the more complex the system, the longer it will likely take. This is particularly true if you’re switching between systems. Training will also add time to your schedule.

    If you’re looking to implement a solution quickly, you may want to invest in a simpler option, since it can be deployed faster.

    Knowing your schedule will also help you as you search for new solutions. You’ll have a better idea of how much time you can spend researching and when you should start gathering quotes.

    5. What Do You Need?

    Take a look around your business and ask what you absolutely need to invest in.

    It can be tempting to get an all-inclusive, state-of-the-art cash automation solution, but this may not be what you need. If your business is smaller and doesn’t handle much cash, in fact, it may be a poor investment.

    If, on the other hand, you handle large volumes of cash on a regular basis, a simple cash counter may not give you the improvements you’re seeking.

    By evaluating your needs and answering these questions, you’ll be better able to choose the right cash automation solution for your business.

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
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