Cash management and retail
With the recent publication of RBR’s* 2023 Retail Cash Automation Report stating that Glory leads the EMEA market for retail cash recycling solutions, it’s fair to say this technology is an essential part of today’s retail industry.
Efficient secure cash handling, at both the point of sale (POS) and in the back office, is essential for any business that accepts cash, but for retailers, the sheer size of the task can be overwhelming - even for a small business.
While cash acceptance solutions have been deployed for many years, more and more retailers are increasingly shifting from simple cash deposit systems to more flexible cash recyclers, seeing the performance benefits provided by these solutions.
What’s the most effective solution to manage cash efficiently?
For retailers to efficiently and securely manage cash inventory, their POS systems, and reduce cashier activities, automating their cash handling processes is a no-brainer.
Cash management technology not only improves accuracy and efficiency, but also enhances staff productivity, reduces costs, and provides a standard methodology to managing business processes.
Cash management and automation
Retail technologies are revolutionising the retail landscape, from how consumers shop – for example, the use of self-checkout terminals and self-service kiosks - to how the retail industry operates. Automation is one such area where retailers are investing more.
According to McKinsey, 52% of all retail activities can be automated with existing technology. It reduces human errors, improves quality and speed of service, boosts employee productivity, and saves money. Automation could generate 300 to 500 basis points of incremental margin, a significant benefit for retailers facing margin pressures. This makes automation, not a choice but a requirement, in a competitive retail environment.
The way forward
As technology continues to advance, so do cash management solutions available to retailers. Data now becomes a revenue driver, equally as valuable to retailers as their existing products and services. While device reliability will always remain key to the continuous day-to-day operations, data insights will provide the competitive advantage needed to make informed business decisions.
To allow retailers to do this, Glory customers can take advantage of UBIQULAR™ Digital Services - a suite of cloud-based solutions that complement a hardware investment. Three key solutions make up this suite, each with a unique purpose, working together for a stronger offering.
Designed to provide data driven insights to inform effective and cost-saving decisions, UBIQULAR drives an improved user experience by ensuring Glory cash solutions are fully operational, firmware and currency template compliant, while providing visibility to cash inventory and transactional data. This allows retailers to view, compare and analyse cash data from their Glory connected devices regardless of geographical location, remotely and in real time.
Enabling retailers to access device-generated data in a timely manner not only results in improved transparency across multiple stakeholders of the business, but also reduces human error, often due to the manual process of report generation.
So how can this enhance a retailers’ business?
1. Improved Capability - Retailers can use their connected cash devices to transform hard-to-see data into meaningful and actionable insights within their stores. This helps identify cash movement and will guide operational improvements.
2. Enhanced Overview - Retailers that benefit from their own Help Desk, can identify any forthcoming device health issues, along with how to resolve them. Others can leverage Glory’s experience for enhanced support.
3. Cost Reductions - Retailers can reduce cash induced expenses, such as cash holdings to optimise inventory levels. Reducing any technical on-site time.
4. Creating a better customer experience - Retailers can confidently focus on their core business and profitability by improving overall performance.
For more information about how Glory can help your business unlock the power of automation and transform your cash management, contact us today.
*RBR is a strategic research and consulting company with three decades of experience in banking and retail automation, cards, and payments.
