By Dave Lunn, group sales and marketing director, Tellermate Group
Retail cash management has traditionally been an exercise in creating a controlled environment focused first — and almost exclusively — on the protection of cash and profits. As such, many retailers have done a fine job of implementing strict management processes and supporting systems for monitoring cash intake and transfer. Unfortunately, many of these systems are ignorant of the modern technologies that enable operational efficiency of cash management processes, and to control cash at all costs is no longer acceptable in the ultra-competitive and thin-margin world of retail. Today, retailers must create cash management protocols that afford even stricter control of cash, and just as importantly, they must do so in a cost-conscious way. Building operational efficiency into your cash management processes not only demonstrates good stewardship of precious company resources, it rapidly accelerates the return on your cash management investment.