|[January 23, 2014]
Cummins Allison Explains How Technology Can Enhance the Retail Customer Experience While Boosting Efficiency and Profitability
MT. PROSPECT, Ill. --(Business Wire)--
Competition among today's retailers to differentiate themselves against
others and increase profits is fierce. The role of the retail store is
changing. Consumers want convenient, fast interactions, and retailers
need streamlined ways to improve efficiency and increase the bottom line.
Allison, leading innovator of coin, currency and check processing
technology as well as ATM solutions, explains how, from transactions at
the checkout to cash-office operations, retailers can leverage
technology to address customer demands and meet internal business
Automation Improves Cash-Office Processes
Sorting and cash-handling technologies, like back-office
cash management systems, can help stores effectively deal with
processes that, when done manually, create bottlenecks and errors, not
to mention unhappy employees.
Implementing a back-office cash management system can help retailers in
a number of ways, including:
Gaining a better handle on preparing tills for the next day or shift
Counting and balancing cash drawer tills quickly and efficiently
Accurately verifying register sales against payments received
High-speed coin sorting, hassle-free bank deposits and more
This technology reduces the redundancies and risks that can occur from
counting by hand, and such technology lessens the possibility of human
error for more efficient, timelier processing and ultimately cost
Enhance the Customer Experience through Self-Service Options
Self-service checkouts are on the rise and provide another avenue for
retailers to realize efficiency gains. According to the Global EPOS and
Self-Checkout 201 study from London-based research firm RBR, the number
of self-checkout terminal shipments will soar to 60,000 by 2018. In
2012, that number was only 27,000.
Self-service checkout technology can positively impact both the
consumer's experience and the store's bottom line. For instance, today's
self-checkout terminals accept both mixed bills and coins as payment,
making it easy for the consumer. When the self-checkout unit is
processed, retailers rely on high-speed
currency scanners and coin
sorters to quickly denominate, count and sort the large amounts of
mixed currency and coin and prepare the money for deposit or to reset
the self-checkout machine.
In addition, retailers can save on labor costs, both in terms of
currency handling as well as their staff-to-customer ratio - more
customers can be helped by fewer employees by leveraging self-service
terminals. Another significant benefit is the greater convenience
offered to consumers - they can come in, get what they need and check
out in a timelier manner.
Leverage Technology to Impact Overall Profitability
Retailers who take advantage of unique technologies to leverage process
improvements in today's fast-paced environment can help improve their
In addition to cash-office technology and self-service kiosks, this
could also mean utilizing cash-handling technologies at the front
register to shave time off counting and sorting, while reducing balance
errors. Or it could mean combining cash
counting and check scanning capabilities on one device to streamline
deposits for faster access to needed funds. Even something as simple as
using technology to count and roll loose coin into tubes for use in cash
drawers, instead of purchasing rolled coin, can help significantly
reduce expenditures in the long run.
Today's data-driven, instant-access marketplace puts retailers under
pressure to improve efficiency at every opportunity. For more
information on how strategically leveraged automation technologies can
help elevate accuracy and customer engagement and better position
retailers to differentiate themselves from their competition visit www.cumminsallison.com.
About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly
and efficiently count, sort and authenticate currency, checks and coin.
We also offer a complete line of full-function automated teller machines
(ATMs). Our leadership in technology and product innovation spans more
than 125 years. Cummins Allison serves the majority of financial
institutions worldwide, as well as leading organizations in retail,
gaming, law enforcement and government. Ninety-seven percent of our
customers would recommend our products and services. The company holds
more than 350 patents and invests double the industry average in R&D.
Our world-class sales and service network includes hundreds of local
representatives in more than 50 offices in North America, wholly-owned
subsidiaries in Canada, the United Kingdom, Germany, France, Ireland and
Australia and is represented in more than 70 countries around the world.
For more information, visit www.cumminsallison.com.
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