Smart Safe System: What Else Do You Need?
CIOREVIEW >> Financial Services >>

"Smart" "Safe" System: What Else Do You Need?

By CIOReview | Monday, July 15, 2019

There are a few major factors such as cashier labor costs, loss from theft, and durable transportation fees that are driving the demand for smart safe technology. Putting up with the right priorities while choosing a smart safe, can be a significant help to identify the strongest solution for retail business.

FREMONT, CA: In the digital age, money remains a significant player in the retail industry, and with all that cash, comes additional costs through employee errors, theft, banking fees, and armored-car pickups, for starters. Employees spend a considerable amount of time in managing cash flow through a system prone to human error, besides; internal theft is a factor at every stage of the cash cycle. Retailers come across an adjustment fee and an over-time that takes in correcting administrative or paperwork errors.

The problems faced by the retailers subsequently pushed them to turn to a cash-management system that includes remote cash capture or smart safe systems. Most of the retailers see an immediate result after implementing a smart safe system that frees the staff members from counting money, maintaining cashier tills, prepping deposits, and driving down to the bank. Smart safe systems can boost employee productivity, eliminate loss, and increase bottom lines, so considering having such a machine is beneficial, and a few points should be kept in mind while choosing one:

• It is essential to understand that a retailer has the freedom of selecting any hardware from any vendor and preferably ones that can connect systems across the region in case of multiple offices. Retailers should go for a flexible and multiple carrier system that can give greater control, competitive pricing, and comfortable modification.

• The appropriate smart safe system can instantly detect and alert management regarding unusual activities, prevent losses, and provide low-cost on-site service calls.

• The correct system can offer transparency into cash activity in every store by just a click on the central platform, which can help in observing, standardizing, and controlling cash operations.

• Smart safe systems can provide cent percent accurate e-cash counting by denomination and cashier, which helps in reducing the time-consumed, eliminating errors, and providing real-time detection.

• Along with many other factors that go into selecting the right smart safe for a specific retail business, decision-making is a critical aspect. Any choices made by the retailer should be done by keeping in mind the buy-ins and inputs from operations, finance, and loss prevention.