I suppose we all have guilty secrets. Mine is an admiration for a young Liza Minnelli in the 1972 film ‘Cabaret’. I first saw it as a child and it was the tunes that have stayed with me, and one in particular. The lyrics of ‘Money makes the world go round’ may be somewhat repetitive but it is a refrain that not only holds true today but one that has, for me, taken on a whole new meaning.
When I was a student the idea of the impact of money on the economy took on a more complex meaning when I was taught and vaguely remember the Quantity Theory of Money. MV=PQ where M is the money supply, V the velocity of circulation or number of times the money is used and P and Q represent Price and Output. I probably wasn’t the best of students but I did get the fact that the speed with which the money went around would affect the economy.
When I joined Glory, in a stream of consciousness sort of way I was reminded of the old song when it became obvious that the speed with which cash is processed can have a significant impact on a retailer’s bottom line. The key to this is what we refer to as ‘cash in perpetual motion’. Cash adds value to your business when it moves. Traditionally, cash payments at retail outlets have involved a time consuming and labour intensive process, whether it’s at the point of sale, transporting cash in store, back office accounting or cash in transit.
Now working with Glory you can use technology to speed up the in-store cash cycle. You can automate the point of sale process, reduce cash movements in-store, lessen the time needed to count cash in the back office and enable a ‘faster time to bank’. Speeding the flow of cash in this way will lead to measurable bottom line improvements at every step.
Of course it’s not just about speed. Automating the cash payment process will improve authentication, lower shrinkage and free up staff to add value, improving customer service and enhancing sales opportunities.
Every retailer is different, but we can help you turn cash into working capital faster. If you need more information as to how we can get your cash moving and improve your bottom line why not speak to us at NRF. Now is the time to act. As Liza would say ‘What good is sitting alone in your room? …. OK perhaps that’s taking the analogy a bit too far!