The Importance of Training When Implementing Cash Management Technology

    Dec 19 2018

    Topics: cash management

    You’ve heard all about the importance of adopting new cash management technology for your business. With it, you can save time, reduce overhead costs, increase productivity, and so much more.

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    With all that in mind, you’ve decided to adopt some new technology to manage cash more effectively for your business. In terms of implementing new technology, you’re probably expecting you’ll purchase the machine, have it delivered, and start using it in your business immediately.

    You might want to add an extra step in there. You need to ensure everyone is being trained to use the new technology properly.


    Training to Understand the Importance of Cash Management

    You’ve probably thought about at least some training around cash management for your employees. It’s important for them to understand not only the how of managing cash effectively, but also the why.

    Training helps your employees use your processes effectively. It also helps them see why they need to manage cash properly, which motivates them to use the right processes. Better accuracy and productivity can result from the right training.

    When you introduce new technology to assist with this task, you’re also changing your processes. It’s important to help your employees not only understand these new processes, but also why and how new technologies help them complete their jobs.


    Understanding the Equipment

    One important aspect of training for new cash management technology is teaching everyone in the business to understand the new equipment.

    This will help your employees use it correctly. It will also help them care for it. Proper maintenance is a key component of a long life for your new cash handling equipment. The better your employees understand the machines they’re using, the better they’ll be able to care for them.


    Introducing New Processes and Revising Old Ones

    Introducing new technology can be both exciting and challenging. Some of your staff members will easily adapt to the new equipment. Others might take some time to warm up to it. Demonstrating why the machine is important and how it can help people complete their jobs is key to overcoming any resistance.

    You’ll also need to rethink your cash management processes. New technology can completely overhaul how you’ve been handling cash in the business until now. This can create a steep learning curve for your employees.

    Some older processes may be completely obsolete. Others will be modified to accommodate the new equipment. You’ll likely need to implement a few new procedures as well. Your employees need to be trained on these updated guidelines for cash management in the business.


    The Right Training Helps Staff Members Do Their Jobs

    Of course, the right technology has many benefits for the business. It also has benefits for your employees. Good training will communicate these benefits to your staff members.

    Training should emphasize how the new cash management equipment will help employees save time and become more efficient and accurate. This can make technology less threatening and motivate people to learn. Just how does a coin and bank note recycler make a cashier’s job more streamlined? Count the ways.


    The Right Training Increases the ROI of Equipment

    You likely invested in new cash management solutions to take advantage of the time and labour savings. If you don’t train everyone in your business to use it properly, however, you won’t be able to maximize those benefits.

    Essentially, training can help you increase the return on investment you get from the equipment. If your employees aren’t using the solutions correctly, you won’t be saving time or money. You might even see more errors, and employees could even be more frustrated.

    With this in mind, it’s easy to see why training is so important when you’re introducing new cash management equipment in your business. Take the time to teach everyone how to use the new equipment effectively, and you’ll reap the benefits.


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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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