The hidden opportunity in smarter cash management

Cashmaster has a proven track record of working with retailers, quick service restaurants, supermarkets, convenience stores and other global businesses where cash is regularly transacted, to deliver multi-million US dollar savings and other benefits which improve trading margins.  In Asia, many businesses are rightly fixed on large, complex, potentially high risk, strategic initiatives –embracing e-commerce, electronic payments, improving supply chain or logistics operations, to deliver savings. The size of the opportunity presented by improving cash handling and management processes surprises many retailers who are unaware of automated cash counting and the significant benefits it can bring to their businesses.

Click here to take a closer look at the benefits a Cashmaster count-by-weight cash counter could bring to your business. 

A Surprising reality - cash usage is growing

There is much debate on cash-based versus cashless societies, but environments develop in response to their circumstances. China was an early adopter of e-wallets and QR codes given the speed of its development and far-flung provinces, but currently 33% of all payments there are made by cash and it's growing. Hong Kong is no less tech-oriented but geographically compact. It has a respect for a system that already works and suits its population, with many uses for cash that are not just transactional but incorporate an element of social interaction that is valued. 

A swathe of independent reports* forecast continued growth of the circulation of cash over the next five years and beyond. Whilst the proportionate share of cash versus electronic payments is reducing, the amounts of physical cash in circulation is growing as economies across the world, including Asia, continue to expand.

*Source: The Global Cash Index May 2017


Is manual counting of cash a luxury most businesses can afford to ignore?

On average, Cashmaster count-by-weight cash counters allow a business to count cash up to 6x faster than manual counting. Our customers in Asia and across the world, see time savings of 1–3 hours per store, per day. Even at this simple level, there is generally a rapid, measurable return on investment of between 6 and 12 weeks. 

The typical investment in our count-by-weight technology is much lower than other cash-management hardware or software solutions and infinitely easier to implement and integrate with existing systems. Cashmaster’s approach is to be completely transparent about the likely benefits that will arise following installation of our customised products, as well as demonstrating the projected ROI arising. We work with customers to trial our technology in-store, ahead of any commitment, and carry out detailed time and motion studies, including video analytics, which we share with our customers, to demonstrate the likely savings and calculate the projected ROI.

Beyond the hard ROI, there are other benefits too including more productive use of employees’ time, improved loss prevention, reduced queuing times at shift changeovers and a much happier working environment for staff and customers alike.

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Better processes, reduced errors, increased accountability

Cashmaster count-by-weight cash technology creates the opportunity to have greater controls and checks in your cash management processes, significantly enhancing the security around your cash handling. Greater control not only makes staff more accountable, it encourages them to have stronger adherence to your cash-handling procedures.

In businesses where there is a significant error rate in cash counts, or where staff theft may be an issue, count-by-weight solutions can make a huge difference in reducing cash shrinkage.


Happier customers and more productive staff

Building strong customer loyalty, in a fiercely competitive marketplace has never been more important. This is particularly true of ‘bricks-and-mortar' stores where the cost of having a physical presence in the high street is growing year-on-year.

Using count-by-weight technology significantly impacts on positive customer service. With potential time savings in the range of 10 hours per location per week, staff have more time to keep shelves properly stocked with the products customers want, they can proactively engage with customers, assisting them to find the right products, and faster counting keeps queues at tills down to a minimum.


Are there hidden savings in your organisation?

Where do you start?  Below are some of the key questions that might help:

  1. Do your staff count cash by hand?
  2. Do you count cash more than once a day?
  3. Do your staff maintain multiple paper and/or electronic systems to track cash movement?
  4. Do you ever have to re-count your cash because of errors or cash shrink issues?
  5. Are clearly defined processes seen as a benefit to your business?

If you only answered ‘yes’ to Question 1, you can assume there are definite opportunities to deliver operational improvements in this specific area, and automating cash counting using count-by-weight, is a simple, low cost, measurable place to start.

Contact us to find out more.