For many businesses dealing with cash on a regular basis, keeping on top of day-to-day tasks is essential for a smooth and secure operation. Fortunately, the rise of automation and software makes achieving this a whole lot easier.

With the implementation of cash management software solutions, central banks, commercial banks, and bulk cash handling companies can track and manage their processes at a greater, more accurate scale.

In essence, cash management software has the power to improve both the efficiency and security in an environment where organisations are facing cash management challenges daily.

Here, we explore 3 reasons why cash management software is worth the investment.

1. Control and Reputation

Managing Risk is an essential for any cash processing organisation. Maximising security and visibility across the entire operation is essential to manage that risk. In fact, in many countries this is a legislative requirement. Cash management software solutions can be used to provide the necessary tools to secure and monitor internal processes which will manage the operational and corporate risk.  CPS’s Enterprise Cash Management (ECMTM) has the following functionality that provides total control and visibility:

  • Full traceability and audit trail of each internal process and inventory within the cash operation
  • Realtime visibility of inventory, including external inventory e.g. branches via dedicated reporting and dashboards
  • Full management of the deposit and withdrawal process with adaptable governance controls that enhance control in the strictest of operating environments
  • Security control access to the system

2. Increase productivity

One of the main purposes of any software solution is to standardise, automate and optimise processes within the cash operation. The utilisation of such a system will reduce touch points and increase speed through consistency of operation.  These improvements will translate into lower operating costs and increased capacity, increasing operational effectiveness.  CPS’s Enterprise Cash Management (ECMTM) has the following functionality that increases productivity:

  • Operational performance dashboards
  • KPI monitoring
  • Configurable performance reports
  • Raw data analysis and exports

3. Boost flexibility

Flexibility of service, especially in the cash industry, is what allows Banks and CIT’s to be able to provide tailored customer offerings and generate new revenue opportunities. This flexibility will often come at a cost, as it impacts on operational performance. However, finding the right software solution that has the flexibility to deliver tailored solutions to end customers with the standardisation required to deliver internal productivity is critical. CPS’s Enterprise Cash Management (ECMTM) has the following functionality that can combine flexibility and productivity and deliver improved revenue generation through new product offerings without increased costs:

  • ISA Cash Services Portal – Customer access to pre advise deposits and place orders
  • Self-service reporting for customers
  • Simple integration with core banking platforms

In short, your cash management software won’t be set in stone. Adapting to suit both your organisation and customers’ needs is essential, and the right software solution will allow you to do exactly that.

Cash management software solutions from CPS

At CPS, we’ve developed Enterprise Cash Management (ECM™) - An integrate suite of software solutions to help manage end-to-end cash cycles. Not only has it been designed to tackle cash management processes at best practice, but is continuously improved to provide the flexibility and visibility needed for full control over your operation.

For further information on our cash management software solutions, request an ECM brochure today, or gain a wider overview on our software solutions page.

Prefer to speak with us? Get in touch today and speak to one of our software solution experts, we’re more than happy to help.