Despite technological advances on multiple financial fronts, most modern day money continues to be managed just as it was centuries ago. In fact, cash management wise, not much has changed since the introduction of coins around 5000 BC.
Money continues to be counted, stored in safes, and audited. Yet, theft, counterfeiting, and proper transportation and tracking remain hurdles to quality management of cold hard coin and bill capital.
The automation evolution is beginning to bring the management of cash into increasingly streamlined and safe practices. For instance, incorporating robotics and cloud-based management into the distribution, tracking, acceptance, and transmission of cash virtually eliminates error. This reinvention of cash management is driving down costs and changing perception of cash from metal and paper to currency that can be digitized.
Evention’s most recent white paper, Digitizing Dollars & Dimes: How Robotics and Cloud-Based Automation are Transforming Physical Cash into Electronic Currency, gives a glimpse into automated cash management – a practice projected to be the mainstream modern method for back office financial operations. This study considers how the move toward automation impacts a spectrum of industries including hospitality, retail, and grocery.