As retailers transition out of the holiday season, store managers are tasked with avoiding the post-holiday slump and maintaining sales in the new year. With much of their time spent on value-added activities such as recruiting and training employees, merchandising and maintaining inventories, efforts to improve store productivity often come secondary. Retailers across the industry continue to search for up-to-date and automated cash management solutions to empower their staff and further improve business operations.
“There is much to be gained by both increasing the productivity of the current workforce, and incorporating new types of contingent workers. Every retailer is looking at how they can make their existing workforce more productive, but only some are looking at using automation as a solution.”
Employee Productivity Challenges
While managers oversee back office operations, retail employees are challenged with servicing their customers while efficiently handling transactions at the register. With an increasing amount of cash at the point of sale, several challenges arise throughout the course of the business day:
Increased Risk – Internal theft, counterfeit bills and miscalculation of cash and coin often occur at the point of sale. Cash exposure during reconciliation also creates an increased risk of loss when it is retrieved from the store’s register.
Time Management – Deposit preparation, shift checkouts and other manual tasks are time consuming and susceptible to human intervention. Less time is spent on prepping inventory and preparing your store for the next business day.
Transportation of Cash – Employee safety issues, labor costs and risks of external theft arise when managers or employees transport deposits to the bank. Travel time during business hours also takes away from servicing your customers and running your business.
Lack of Visibility – Managers lose visibility of their cash when it is transported to the bank and have limited access to processing and reporting capabilities. Additionally, retailers must ensure their bank receives timely deposits to avoid disruptions to their business.
Cash Management Solutions
Automated cash management solutions allow businesses to mitigate the risks and inefficiencies of cash handling, increase their bottom line and free up time to focus on day-to-day operations. Retailers now have the ability to service their customers without having to compromise security as a top priority. Effective cash management systems also integrate with the latest technologies to provide a single-source solution for retailers across the board. Integration capabilities include:
Smart Safes – Employees can detect counterfeit currency and leverage the benefits of automation at the point of sale including counting, deposit preparation and shift check-out procedures. Electronic smart safes reduce labor costs and the risks of internal and external theft.
Change Order Services – Streamline the change order process and save time that would have been spent on trips back and forth to the bank. After orders are placed, armored trucks deliver change to your retail establishment on the next service day.
Armored Car Services – Secure transportation of cash to and from retail stores eliminates time and reduces the risk of employees transporting currency on their own. Armored services provide a comprehensive cash management solution to keep you freed up to focus on your customers.
Tracking Technology – Track and manage pickups, deposits and change orders through a central location. Accessing detailed and accurate cash management information allows your business to enhance cash logistics and tighten loss prevention controls.