Web-based Cash Management Connectivity

Short Drawers and Sticky FIngers
How Cash Control Curbs Losses

In previous installments of this guest series, we discussed operational policies that improve cash control and made an ROI case for cash control solutions. This time, we’re going to zero in on the cash management efficiencies enabled by modern Web-based technology.

For several years now, automated cash counting solutions have been helping retailers take giant leaps forward in terms of store-level operational efficiency and cash loss mitigation. As noted in the recent column authored by our own Bob Brown, the simple implementation of a cash management solution typically allows a retailer to gain one hour of “hard labor savings” per day and win back two dollars per day in “hard expense recovery,”per store, resulting in a 3- to 6-month payback. But in distributed retail settings, there existed plenty of room for improvement on the back end, where cash reporting and data entry into financial and related systems remained a somewhat manual process. Tellermate took early steps to develop standardized reporting on the “who, when, and how much” of cash handling, eliminating some of those manual attempts to record cash activity and movement. This standardization resulted in automated, electronic record keeping and auditing that is easily retrievable, legible, and traceable. Today, we’ve ramped up to the next generation of automation and connectivity. Thanks to the Internet, some sophisticated software, and simple integration with back office systems, Tellermate has catapulted the store-level efficiencies gained by cash management solutions into the corporate back office.

CASH MANAGEMENT IN THE CLOUD
Last Spring, Tellermate unveiled its T-knx Connected Cash Management Solution. It’s a Web-based management tool that integrates cash counting equipment into back office business processes. Essentially, the solution gives retail executives real-time, any time, accurate data on any till associated with a T-ix electronic cash counter. T-knx takes the cash counting data from the cash counter and sends it to a secure cloud-based server. From there, cash counting data is presented in a clear, graphic format that allows users to drill into till-level data at the location, POS lane, and associate levels.

Web services have created great opportunities for distributed enterprises to become more connected, but is it a good place for retailers to manage their cash? There are a number of considerations retailers should contemplate about moving cash counting applications to the cloud.

  • Consider the value of real-time. Automated, real-time exception reporting via e-mail can alert managers to missing counts or  discrepancies. The real-time nature of the system allows the manager an immediate understanding of the issue and enables them to take corrective action immediately. Real-time information and reporting stems further losses by allowing managers to curb fraudulent or erroneous activity as it happens, not after the fact.
  • Will your application and the data it processes be safe? Data security should be a primary concern for any enterprise-class cloud computing application, but securing cash data exchange and storage is profoundly important. The best way to ensure the security of your data is to validate that the data centers you work with are certified and compliant with SAS 70 Level 2, ISO 27001, PCI DSS Level 1, and HIPAA. You should demand SSL encryption of information traveling between the user’s browser and the server, and choose a partner that will help you implement best practices that safeguard the interface from unauthorized use. Finally, ensure measures are taken at the physical server levels to account for seamless operation in the event of local disaster.
  • What does support look like in the cloud? Some cloudbased application providers have gained bad reputations for their “set it and forget it” mentalities. Be sure your vendor of choice doesn’t offer “virtual” service and support. Look for the promise of dedicated product specialists with local language and niche market knowledge skills. Make sure that support is available whenever you might need it. 
  • Ensure integration and scalability. Data, regardless of its accuracy or availability, is only as good as its application. The value of accurate and real-time till count, safe, and deposit data is inherently useful to many back office applications. Make sure your service provider enables the seamless download of your cash data to any office application you find relevant to increase the efficiency of your operation. Multi-site retailers of any distribution should have access to lane-specific and LP-enabling cash operations data without having to make huge capital expenditures. The cloud is an enabler, and Tellermate is positioned to help you leverage it.

As seen in the 7/21/11 edition of the Retail Solutions Online newsletter — www.retailsolutionsonline.com.

About the Author
Dave Lunn is the Global Sales & Marketing director for Tellermate Group. Tellermate Group is a leading provider of cash management solutions in retail, banking, QSR and leisure. Tellermate is trading with a global footprint with its headquarters in Newport, Wales.
With more then a decade of experience in leading marketing and sales positions, Dave worked as managing director for global companies like GE Lighting and Security and Cooper Security both in the UK and North America.
His work ethic is based on building teams and leading through example, selling across multiple continents and channels. He is a commercial front line leader that builds enduring customer and partner relationships. He joined Tellermate in 2008 and expanded the business globally, without losing the focus of customized solutions and service within the cash management environment.