Boosting competition starts with conveniences of check and cash scanners
Dual purpose cash and check scanners can put small and medium-sized businesses in a better position to take advantage of economic improvements in the future. Several signs have indicated that a significant number of industries are expecting major growth this year after an extended period of poor performance. Using automated tools to speed up the cumbersome process of manually counting cash and depositing checks can reduce costs in ways that make real growth even more accessible to organizations in the short term.
According to the most recent data from the "Semi-Annual U.S. Insurance Labor Outlook Study" from both the Jacobs Group and the Ward Group, two leading insurance companies, 62 percent of U.S. companies expect to add employees in 2014. This growth mirrors similar trends in other industries. For example, business forecaster Kiplinger found average hourly earnings in the U.S. grew 1.8 percent in the past year. This is good news for enterprises that rely heavily on positive consumer spending habits to fuel sales. The Kiplinger report also found economic growth will continue at an average rate of 2.7 percent throughout 2014.
Are enterprises prepared for growth?
These rapid improvements in the U.S. economy may also increase competition among businesses in several industries. The more opportunities there are to succeed, the more important it will be for enterprises to find ways to differentiate themselves from firms that sell similar products or services. Companies take a number of different approaches to improving overall performance. Managers can focus heavily on the providing a solid customer experience. They can also concentrate their efforts to eliminating waste and inefficiencies throughout the operation.
Investing in a dual purpose cash and check scanner makes it possible for business owners to leverage both of these approaches to long-term growth. When employees are able to utilize automated machines to count cash and then use the very same piece of equipment to electronically process checks, they will have more time available during their shifts to focus on other equally important issues. Managers can also use the cost-savings generated from these conveniences to fund other initiatives that help the company stand out from its closest industry competitors.
The many forecasts for improvement in the U.S. economy present small and midsize businesses with a unique opportunity to make small changes to their operations that create big results in the future.