Retail is a highly competitive industry, and one with slim margins. As a result, retailers large and small are always looking for ways to streamline operations.
Retail cash management is often a target of these improvement efforts. The cost of cash can be high, and retailers often see more cash transactions than other industries. Innovative solutions help you keep costs low and manage cash more effectively.
As technology continues to develop, new solutions are evolving for cash management in the retail sector. Take a look at some of these innovative solutions and discover what benefits they can have for your business.
1. Retail Cash Management Gets Automated
Automation is one of the biggest buzzwords in almost any industry, and retail is no exception. New solutions allow retailers to automate everything, including their cash management.
Today’s cash counters and sorters do more and work faster than those of the past. They also come in slim profiles, which makes them easier to add to even the most crowded of offices.
2. Coin and Banknote Recyclers Provide an All-in-One Solution
Another innovative retail cash management solution is the coin and banknote recycler. Although recyclers have been around for some time, new models keep improving on the basic idea.
Some models now incorporate additional technology, such as Bluetooth or WiFi, which allows them to connect to the Internet of Things. This in turn allows them to send messages to your bank or CIT providers.
The result is real-time monitoring of your cash and updating of your funds. It’s easier than ever to schedule deposits at optimal times with these features, meaning you can free up more of your working capital and reduce your store float.
3. Cash Management Becomes (Artificially) Intelligent
Automation has been one half of the equation in making cash management more efficient. Artificial intelligence is the other.
AI-enhanced machines can learn, which allows them to automate more efficiently. An IoT-enabled machine, for example, could help by creating a schedule for armored car pick-ups. It could even go ahead and call those pick-ups in, saving your team even more time.
4. Smart Safes Enhance Security
Another key component of retail cash management is security. Smart safes, which incorporate technologies such as AI and IoT connectivity, can certainly aid retailers on that front.
A smart safe does more than just keep money safe. It also assists you in keeping track of how much cash you have stored, and it helps with those pick-ups and deposits. It assists you in reducing your fees and your store float, which in turn helps you increase security.
5. Better Software for Record-Keeping
These innovative devices need the right software to run optimally, and new software allows you to do more than ever.
The software that runs a coin and banknote recycler or a smart safe can help you monitor cash in real time, as it comes in and out of your business. With robust reporting capabilities, you don’t need to worry about cash register printouts or tapes.
Reconciling accounts is much faster and more accurate when you have the right software on hand. These programs also offer advanced analytics, which helps you identify and interpret trends in your cash management.
Cash Management for the 21st-Century Retailer
If you’ve been holding out on adopting new cash management solutions for your retail business, now’s the time to step up to the plate. These innovative solutions do more than ever, and the retailers who adopt them are leaving their competitors in the dust.
If you’re ready to explore new retail cash management solutions for your business, get in touch with an expert team. They can guide you to the solutions that align with your business’s needs.
