February 9, 2016, Mt. Prospect, IL — In an industry where revenues are predicted to slow down while costs are anticipated to rise, grocers must find ways to improve in-store operations. 1 This year, grocers will be looking to technology to help them reduce costs, find new efficiencies and mitigate security risks.
In part two of this news brief series, Cummins Allison, the leading innovator and provider of check, currency and coin handling solutions, discusses how grocers can leverage currency and check processing solutions to meet the ongoing challenges of 2016.
Combat Rising Costs: Technology is Critical
According to the Food Marketing Institute, labor – including employee wages and benefits – accounts for the largest portion of food industry operating expenses. Because of this, it’s important for grocers to focus on evaluating technology solutions that increase productivity and minimize the variable of rising employment costs.
Savvy grocers realize that investing in single devices with the ability to perform multiple functions can result in reduced overhead spending. This includes currency and check processing solutions that count cash and scan checks on the same device. These devices also streamline the deposit process, eliminating back-office inefficiencies and errors and enabling customer service personnel to complete tasks faster – which can also eliminate costly overtime.
Replace Inefficient Processes: Consider the Cash Office
The razor-thin margins grocers operate on will continue to be a challenge this year, making it critical to improve efficiency and increase productivity in all parts of the grocery store. Advanced technology such as automated cash drawer processing systems that count down and balance cash drawers, rebuild float amounts and set up tills create new opportunities for grocers to make better use of time spent in the cash office.
Incorporating such technologies eliminates many of the inefficiencies associated with running a grocery business. Any opportunity to save time comes as a major advantage for grocers and employees; streamlining the deposit process can free up a significant amount of time in the daily schedule to focus on other important initiatives.
Mitigate Potential Security Risks: Protect Against Counterfeits
While high-profile data breaches have dominated recent retail security headlines, grocers cannot ignore the security risks posed by counterfeit bills. Despite multiple bill redesigns, advances in sophisticated low-cost digital printing have made it easier than ever to produce counterfeit bills. And reports note that as much as $88.1 million in counterfeit currency was confiscated in recent years.
Grocers can safeguard against costly losses and fines associated with counterfeit bills by investing in currency handling systems that incorporate advanced counterfeit detection technologies. And even more important to grocers is the ability to pull out counterfeits before they are returned to customers by way of giving change. Fines are one issue, but no grocer wants the distress or bad press of being the store that gives out counterfeits after a transaction.
To learn more about how grocery stores can better address the challenges of 2016 with cash and check processing solutions, visit www.cumminsallison.com/go/retail. To read part one of this news brief series, click here.
1 Food Navigator USA, “Resolutions to Eat at home Might Boost Grocery Sales, Challenges Remain.” January, 2016. http://www.foodnavigator-usa.com/Markets/Resolutions-to-eat-at-home-might-boost-grocery-sales-challenges-remain
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.