|By Business Wire||
|January 23, 2014 05:03 PM EST||
Competition among today’s retailers to differentiate themselves against others and increase profits is fierce. The role of the retail store is changing. Consumers want convenient, fast interactions, and retailers need streamlined ways to improve efficiency and increase the bottom line.
Cummins Allison, leading innovator of coin, currency and check processing technology as well as ATM solutions, explains how, from transactions at the checkout to cash-office operations, retailers can leverage technology to address customer demands and meet internal business requirements.
Automation Improves Cash-Office Processes
Sorting and cash-handling technologies, like back-office cash management systems, can help stores effectively deal with processes that, when done manually, create bottlenecks and errors, not to mention unhappy employees.
Implementing a back-office cash management system can help retailers in a number of ways, including:
- Gaining a better handle on preparing tills for the next day or shift change
- Counting and balancing cash drawer tills quickly and efficiently
- Accurately verifying register sales against payments received
- High-speed coin sorting, hassle-free bank deposits and more
This technology reduces the redundancies and risks that can occur from counting by hand, and such technology lessens the possibility of human error for more efficient, timelier processing and ultimately cost savings.
Enhance the Customer Experience through Self-Service Options
Self-service checkouts are on the rise and provide another avenue for retailers to realize efficiency gains. According to the Global EPOS and Self-Checkout 2013 study from London-based research firm RBR, the number of self-checkout terminal shipments will soar to 60,000 by 2018. In 2012, that number was only 27,000.
Self-service checkout technology can positively impact both the consumer’s experience and the store’s bottom line. For instance, today’s self-checkout terminals accept both mixed bills and coins as payment, making it easy for the consumer. When the self-checkout unit is processed, retailers rely on high-speed currency scanners and coin sorters to quickly denominate, count and sort the large amounts of mixed currency and coin and prepare the money for deposit or to reset the self-checkout machine.
In addition, retailers can save on labor costs, both in terms of currency handling as well as their staff-to-customer ratio – more customers can be helped by fewer employees by leveraging self-service terminals. Another significant benefit is the greater convenience offered to consumers – they can come in, get what they need and check out in a timelier manner.
Leverage Technology to Impact Overall Profitability
Retailers who take advantage of unique technologies to leverage process improvements in today’s fast-paced environment can help improve their bottom line.
In addition to cash-office technology and self-service kiosks, this could also mean utilizing cash-handling technologies at the front register to shave time off counting and sorting, while reducing balance errors. Or it could mean combining cash counting and check scanning capabilities on one device to streamline deposits for faster access to needed funds. Even something as simple as using technology to count and roll loose coin into tubes for use in cash drawers, instead of purchasing rolled coin, can help significantly reduce expenditures in the long run.
Today’s data-driven, instant-access marketplace puts retailers under pressure to improve efficiency at every opportunity. For more information on how strategically leveraged automation technologies can help elevate accuracy and customer engagement and better position retailers to differentiate themselves from their competition visit www.cumminsallison.com.
About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly and efficiently count, sort and authenticate currency, checks and coin. We also offer a complete line of full-function automated teller machines (ATMs). Our leadership in technology and product innovation spans more than 125 years. Cummins Allison serves the majority of financial institutions worldwide, as well as leading organizations in retail, gaming, law enforcement and government. Ninety-seven percent of our customers would recommend our products and services. The company holds more than 350 patents and invests double the industry average in R&D. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, wholly-owned subsidiaries in Canada, the United Kingdom, Germany, France, Ireland and Australia and is represented in more than 70 countries around the world. For more information, visit www.cumminsallison.com.