Saving 4,000+ Man-hours: 7 Steps Toward Currency Processing Efficiency

08/19/2014

For many organizations, cash and currency are a significant part of their collections process. Yet, manual handling of cash remains an impediment to effective and efficient cash flow for the organization. Fortunately, innovative currency processing solutions are available to help dramatically improve this vital treasury function.

Just how much efficiency could you achieve by implementing a currency processing solution? For an international venue management company, the answer was 4,250 man-hours saved per location. The following are seven basic best-practice-steps employed by this company in achieving unprecedented currency processing success.

• Gain a solid understanding of your business at the operational level, spend quality time in the field in order to see what challenges you face
• Recognize the cost of manual processing will continue to increase as the price of technology solutions goes down
• Attain executive buy-in, build a supportive “change management culture”
• Choose a banking partner that understands your business
• Be sure the solution you choose is highly flexible, allowing you to meet changing consumer preferences
• Employ a 30-90 day pilot program to ensure the solution you’ve selected is the right fit
• Keep an open dialogue with your banking partner and let them know your specific operational needs and how they might improve the process