Reducing losses, improving processes and saving time
Old Time Pottery (OTP) is an expanding multi-site discount home décor retailer, with stores in eleven states in North America. OTP stores utilize multi-lane cashier-operated checkouts, with significant volumes of cash being processed every day.
To support their continuous growth strategy, OTP recognized that its business operational processes, including cash-handling, would have to be responsive, more reliable and scalable. Upon initial review, the business acknowledged that many processes and procedures were out-dated – particularly around the monitoring and resolution of ‘cash-shrink’ within their retail outlets.
Director of Loss Prevention & Risk Management at OTP, Jerry Snider, has an extensive background in the retail industry. In his previous role as Director of Loss Prevention at Dollar General, North America’s largest discount retailer, he had had direct experience of the Cashmaster cash counter, so understood the significant loss-prevention and time-saving benefits that could be achieved by incorporating a cash counter into the OTP cash management processes.
For such a large estate, each unit was also connected to OTP's central information system, providing the retailer with greater visibility of cash held throughout their retail estate as well as additional benefits of automated cash count transfers and a means to manage software updates across the entire estate.
OTP cashiers were spending long periods preparing and reconciling their tills at the start and end of the shift. The time spent to do this varied significantly and took the team away from serving customers.
Significant time and resource was being spent investigating discrepancies – particularly disruptive for customers during the working day (as the task would effectively close the cashier lane whilst in progress) - but also for managers investigating cash reporting errors, potentially long after the transaction.
From inefficient use of resource by double-counting cash at shift changes, to filling in paper records and manual keying of count information into multiple systems, the opportunity for cash reconciliation errors and, potentially, theft was substantial.
Reducing losses, freeing up the team’s time spent investigating cash shrink and reducing the time it took to count and reconcile cash takings, were highlighted as commercially important objectives for the business
Trinity Resources, an authorised Channel Partner for Cashmaster with over 20 years’ experience in the cash management sector in the USA, worked with Cashmaster and OTP to identify the right product mix and set-up for the business needs. Focusing on loss prevention and process improvement, the Cashmaster Omega 230 scale and integrated printer, provided each store with an audit trail of cash transactions at every cash touch point. The printer was a critical part of the solution, removing the need for double counting and paper record-keeping.
The process was refined through store pilots and the Omega 230 was configured specifically to meet the needs of OTP stores.
• Time savings achieved are around 3 hours per day, per store
• The investment payback period was less than 12 weeks
• Staff freed up to do more productive customer-facing tasks
• Losses reduced – now negligible
For Jerry Snider, implementation in-store was a real success:
“Time is precious in retail and working with Cashmaster has empowered us to reclaim valuable resource back to the front-line of our business. With Cashmaster, counting the till at the beginning or end of the shift, now takes a matter of seconds, irrespective of our colleagues’ levels of experience”.
“The Cashmaster count-by-weight scale is now at the center of robust, documented processes and procedures, providing an immediate verification of funds which can be monitored and checked quickly as the cash moves through our business’ various cash-handling processes”.
“Training the team up to use Cashmaster units has been straightforward. The technology is accessible, user-friendly and the benefits far-reaching”.
“Cash is still king and our losses are now are negligible. This frees up our management team to concentrate on serving our customers”.
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