Businesses ready to make tech investments
More retailers are focused on making investments that will advance their growth goals, according KPMG's new "2013 Retail Outlook Survey." This could mean business owners are in the market for the most updated cash and check processing equipment, allowing them to also use remote deposit capture technology as a way to improve processes.
More companies look to grow
Even though the economy still remains shaky, most executives think it will pick up through the remainder of the year. Fifty-five percent of business execs think the markets will perform strongly in another year, while only 9 percent expect economic trends to be worse a year from now. As a result, many business owners are assured their industry will grow in the coming months. Eighty-five percent of respondents believe their firms will expand in the coming year, and 74 percent of those think they will see respectable gains of 5 percent of less. A mere 2 percent of those polled expected a drop in business.
Tech can help expanding businesses succeed
In order to speed along this growth, company management teams need to make decisions that will improve overall efficiency and allow them to drive down costs and limit manhours spent on time consuming tasks. As such, many business owners are taking the initiative to enhance current processes and save resources. According to the research, 28 percent of those polled plan to spend much of their time over the next year making significant operational improvements by implementing the best technology. This ranks well above the 18 percent who hope to spend much of their time on cost reduction initiatives and 14 percent who plan to invest in organic growth.
By turning to technology like equipment that handles both cash and checks and employing RDC, businesses can find some of the significant cost savings they're seeking. When asked about the most significant growth barriers they faced, 39 percent of respondents claimed pricing pressures inhibited expansion, while 31 percent cited labor costs. Because new technology can make processes more efficient, employees can spend less time manually counting cash or driving to the bank to deposit checks, which could allow companies to staff fewer employees and drive down labor expenses. This cost-saving measure may also allow them to implement more competitive pricing strategies and drive in even more business. Enhancing backroom processes with the latest dual purpose cash and check scanner will be a strong investment for companies in the upcoming months.