When it comes to almost anything in business, the best thing you can do is make a plan. Need to market your business? Create a strategy. Need financing? A business plan could help you secure the loan you need. Looking to keep the talented people you already have on board? A strategic HR plan will help.
The same is true when it comes to technology for your business. You must handle and implement it strategically. For retail businesses looking to streamline and update their money-handling policies, this couldn’t be more true. A fintech strategy can help you leverage the cutting-edge technologies out there, revamp your payment and money-handling procedures, and even grow your business.
So, how do you create an effective strategy? Keep these pointers in mind.
Plan to Create a New Normal
Technology is a disruptor, and many people prefer not to adopt it. Some people want to play wait-and-see with new technologies, to determine if they’re actually worth the money. Others wait for the wrinkles in new systems to be “ironed out.” Still others are satisfied with current procedures and see no use in upgrading.
Fintech is changing everything in the retail experience, from how you track your inventory to how people pay. It even affects how your team handles cash and deposits. These technologies bring with them plenty of benefits, such as improved accuracy, lower overhead costs, and higher productivity.
Adopting them just makes good sense. That’s easier said than done, though, since you’ll be disrupting how things have “always been done” in your business.
The first order of business, then, is to discover what you need. Envision your “new normal.” Are there more ways for your customers to pay? How do the systems you’re using make it easier for your customers to pay or you to track inventory?
Once you know what your business’s “new normal” looks like, it’s time for the next step.
Rather than adopting new fintech solutions piecemeal, you must consider the whole picture. You can still implement pieces of the new system one by one, but you’ll want to think about the system end to end.
Say you adopt a smart safe only to find out you’ll need to adopt a new accounting system to accommodate it. You’ll then need to create workarounds, which can cause headaches and erode any time or cost-savings for your business.
You’ll also want to think about your computer systems, such as servers and other network equipment. If you adopt a new device that’s constantly backing up, you must be sure you have enough bandwidth and enough storage space. If not, your systems could get bogged down or the back-ups may not be recorded.
As you can see, it’s important to think through updates across the entire technological ecosystem of a business, not just on the floor or in the cash office.
If you’re planning to adopt a smart safe or a currency recycler, security may be one of the features you’re interested in. You’re looking to protect your cash assets.
When you adopt new technology, think about security beyond your four walls as well. It’s one thing to improve cash storage, but it’s another to ensure devices are storing and transmitting their data securely. PIN pads, smart safes, and other devices all need to be protected as a result.
If you plan to use any fintech in your retail business, cybersecurity should be part and parcel of your fintech strategy.
Automate and Gather Intelligence
Finally, consider two functions for the fintech you do adopt: automation and data collection. Data collection helps you get the insights you need to make smarter business decisions. It could tell you about how your customers prefer to pay or even about which days of the week are busiest for cash handling.
Automation helps your team get through their to-do lists faster, with more accuracy and less stress. With the right technology, they’ll be more productive in no time.