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28


Future of Retail — The CFO Issue


issue 04


cashiers managing different tills and floats daily, there is a lot of cash in circulation within one store that could be re-allocated. Imagine if the number of cash floats were reduced in a way that shoppers are still served with the correct change.


THE POWER OF DATA The benefits of cash management solutions go beyond an individual store. Intelligent cash drawers keep track of the same level of detail for an entire enterprise, rolling up store-level detail to corporate headquarters. This in turn allows corporate management to make decisions based on real-time data. When integrated with the retailer’s back office, HQ or store level, the data stream of cash management solutions supplies retailers with additional business intelligence including manager security alerts, cash transaction errors, manager operational alerts, cash lifts, float top-ups, instant cashier profiling and drawer performance analysis.


THE FUTURE OF CASH MANAGEMENT The next iteration of cash management solutions will cut cash losses and maximise revenue growth. Retailers need to invest in new cash handling technologies that provide operational efficiency through the automation of cash


counting and real-time cash visibility. Intelligent cash drawers offer benefits at the PoS and across an entire organisation in operations, loss prevention, treasury and data analytics. One of the world’s largest grocery retailers rolled out


the solution in over 25,000 stores throughout Europe, where previously 30 minutes a day per PoS station were wasted counting cash. Cash losses were common, as quick transactions throughout the day were sometimes miscounted, leading to discrepancies. With the intelligent cash management solutions in place, time saved has been reapplied to profit-generating activities. Estimated cash losses are down as much as 90% because it’s possible to identify losses by transaction and cashier. Management can provide more training to employees who require it, while honest employees don’t have to fear being unfairly blamed for losses. Some cash-related costs are inevitable; technology


can substantially reduce those costs. Intelligent cash drawers integrated with PoS systems are affordable cash management solutions which save businesses substantial amounts of money through automatic reconciliation. That means no more manual cash counts. Instead, you get reliable, accurate data on the cash sums contained in the drawers all with an attractive ROI of 9-20 months.


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