To compensate for current labor shortages, companies of all sizes are investing or increasing their investment in automated practices that allow their businesses to remain buoyant during periods of high turnover.
A recent survey reported that 83% of executives say their companies already use automation tools, and 78% are likely to invest more in automation to offset labor shortages.
Automation can particularly benefit businesses that manage cash through improved safety measures, customization, and cash recycling. Discover the benefits of automation and how processes like compact cash recycling can improve your business.
How Does Automation Benefit Businesses That Manage Cash?
Businesses that manage significant amounts of cash face unique struggles and requirements. Cash automation can reduce a company’s reliance on manual cash counting, centralize reporting and analytics, and improve security so companies can thrive even during labor shortages.
Manually counting cash requires extra manpower and comes with a high risk of human error. The time and energy spent counting, handling, and safeguarding cash takes away from customer interactions, reducing sales. Automated cash management allows employees to spend more time with customers or focus on other essential growth areas.
Built-in software offers automation that adds layers of communication, visibility, and accountability to your cash management cycle. Automation software can help:
- Improve cashier efficiency
- Deliver transaction data to banks
- Deliver transaction and status info to analytics platforms
- Deliver data to POS apps for real-time reconciliation
- Centrally manage all devices
- View cash position for all locations in real-time
- Deliver accurate information to stakeholders
Cash automation also means fewer people handle the cash, which generally decreases overall losses.
Back-Office Management Pain Points for Cash Businesses
Cash businesses that have not implemented automation strategies, and those whose current automation strategies are insufficient, may fall victim to the three main challenges facing most cash businesses: low efficiency, loss of funds, and lack of compliance.
- Efficiency: Cash businesses that spend a lot of time counting, verifying, and depositing cash are not operating at peak efficiency and may experience revenue losses and fewer growth opportunities.
- Security risk: With cash, there is always an increased risk of exposure, which can lead to loss or security risks like stolen funds. Banks and financial institutions can benefit from automated machines that report who used the device, when, and how much cash they accessed.
- Compliance: Automation also allows businesses to customize their cash management system, which can help companies maintain or achieve compliance and produce compliance reports.
To combat these pain points and streamline back-office management, companies of all sizes have invested in, or improved cash recycling approaches. Cash recycling is an essential strategy for any business hoping to remain profitable during periods of high turnover and market volatility.
Why Compact Cash Recycling is Essential
Compact cash recycling allows smaller businesses to reap the benefits of cash recycling. This approach allows smaller companies access to software and benefits that only larger companies typically enjoy.
Through compact cash recycling, small businesses can also benefit from improved efficiency, reduced security risks, and increased compliance. CIMA manufactures a comprehensive and diverse range of back-office cash recycling solutions that can help businesses of all sizes reduce the cost of handling cash.
CIMA’s INLANE cash recyclers feature a compact design that allows companies to place them under counters where they will not interfere with workplace operations and are easy to access when needed. Due to their compact architecture, they provide the same benefits that larger companies enjoy from larger cash recycling solutions.
CIMA’s extensive product line includes options for all budgets, with offerings that span fit-for-purpose affordability to feature-rich, higher-capacity units. CIMA offers entry-level, mid-range, and high-capacity solutions so your company can choose the right option for its specific needs.
Along with physical tools like cash recyclers, CIMA delivers three categories of cash automation software. On-device software (CAOS) helps employees streamline their daily tasks, while integration software delivers data from machines to a third party.
CIMA’s device management platform allows you to access real-time status reports to manage, monitor, and update all your devices from one central location.
Cash Recycling with CIMA
Compact cash recycling can streamline the cash management process of your business and help reduce costs and human error along the way. CIMA offers a range of cash-recycling products and software that will allow your company to capitalize on the many benefits of automation.
Contact us for more information about our products and services.