More than 2.5 quintillion bytes of data are generated daily. Data is more available than ever. As many business leaders are discovering, it’s also more valuable than ever.
The right technology may help you collect the data you need to power the business insights that will let you make more informed business decisions. These decisions can help with everything from growing your customer base to streamlining your overhead costs.
Retailers in particular can benefit from using data. Better buying decisions lead to more sales, and the right cash automation technology aids you in cutting costs. Here’s how.
Cash Automation Technology Gets Smart
Credit, debt, and smart payments have long provided retailers with data. Cash has been much harder to track, but the introduction of modern cash automation technology changes the story. Today’s devices are equipped to do much more than just store your cash securely.
It can improve security, and it also provides much more in the way of data collection and analytics.
Want to know who accessed the safe and how much they put in the vault? Smart safes keep track of that information, providing real-time reporting on how much cash you have on hand. They also record information on deposits and pick-ups, allowing you to track how many CIT pick-ups you make over the course of a day, a week, or a month.
This data can then be transformed into cost savings for your retail business.
Cutting Costs the Smart Way
Once you’ve invested in cash management technology for your business, you’ll begin collecting data. With this information in hand, you’ll have a clearer picture of your cash-handling costs.
One good example is your CIT and deposit fees. You can use the information collected by a smart safe or coin and banknote recycler to determine trends in the amount of cash you have on hand, as well as how many deposits you’re making.
In turn, you can create a more streamlined pick-up and deposit schedule. Your CIT fees will come down, and your team won’t be running to the bank twice a day to put money into your account and then pull it back out.
Can Data Save You on Labour?
The largest portion of cash handling expenses is the human costs associated with management. Without cash management technology, you’re probably relying on your team to count your cash, record the amounts, schedule deposits, and more.
How much time could you save if they didn’t need to tally up those banknotes or balance the till at the end of their shift?
Cash management technology does all of those things, which then reduces the amount of time your team spends on cash handling.
Data can help you streamline your shift schedules. If you know you process more cash transactions on Thursdays and Fridays, then you can schedule appropriately. If Mondays are slow, then you may only need one cash attendant in the back office. Shifts might also be shorter.
Getting the Edge on Your Competitors
There’s no denying the retail industry has slim margins and intense competition. By employing cash management technology and using the data collected, retailers can power their business decisions.
Getting this big-picture view of your business’s cash handling is crucial to staying competitive. If you handle your cash in a way that lowers costs and streamlines processes, you can free up both your capital and your team. Your competitors may not be doing the same.
If your competition is already employing cash automation technology, then it’s time to level the analytical playing field. With the right devices, you can manage cash the smart way and start saving.