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If you still believe smart safes are only appropriate for large businesses and can only be used in the depths of the back office, it’s time to learn how these devices can benefit your business.
In fact, recent advancements in cash management software and hardware have made investing in smart safes more cost-effective for businesses of all sizes, allowing business owners to enjoy the operational and security benefits of these innovative devices.
If you are wondering how smart safes can contribute to your business' efficiency and profitability, here are three key facts you need to know:
1. Smart safes limit shrinkage and increase accuracy.
No matter your business, if your employees handle cash, you’re likely tracking shrinkage, including average losses from internal theft. The average case of internal loss from a dishonest employee was $1,136 in 2022, which is a sizable hit for a small retailer to absorb.
This is where smart safes offer immediate value by providing visibility and control to identify, mitigate, and prevent shrinkage.
How does it work? Employees deposit cash into the smart safe using a personal identification number (PIN), which generates a traceable record of all transactions and limits their ability to access cash based on their role.
For instance, you might grant sole access to the smart safe to the store manager in emergencies. Alternatively, if hourly employees only require access to make change, they can be restricted to a separate coin or change compartment. By carefully managing access, smart safes can facilitate operations and reduce opportunities for shrinkage.
These same features—including automated counting and validation—enhance accuracy in reconciliation, verification, and even counterfeit detection, further reducing shrinkage.
2. Smart safes free up staff and introduce operational efficiencies.
Imagine a world in which the time spent on last-minute bank runs, time-intensive manual cash counting, and chaotic end-of-shift reconciliation is replaced with business development and customer-facing activities.
Smart safes are a great way for businesses to overcome the challenges of tight labor markets by speeding up transactions. Additionally, with real-time visibility into the contents of the smart safes, your staff members can plan cash pickups and bank visits, take advantage of provisional credit from your financial institution, and reduce manual cash management activities and cash-counting errors.
3. You can maximize your ROI on smart safes with the right partner.
The right partner can make all the difference when maximizing the value of your smart safe.
By identifying the right smart safe solutions for your business, integrating them into your cash management ecosystem, and handling full-lifecycle support, Burroughs will allow you to enjoy the peace of mind of partnering with a trusted industry leader.
We are proud of our OEM-agnostic approach. Plus, our comprehensive full lifecycle managament solution ensures all your devices have the proactive and real-time support they need to run securely, reliably, and precisely. In other words, say goodbye to fragmented solutions with your current hybrid network of providers and hello to a seamless, optimized experience that will leave you free to focus on delivering for your customers.
Why choose Burroughs?
Smart safe technology is rapidly evolving and the need for more efficient and secure cash management is increasing, making this a great time to get input and insights from a trusted industry partner like Burroughs. We offer a digital-first approach to service, tailor equipment to meet specific business requirements and provide a holistic lifecycle management solution, allowing your business to maximize ROI on smart safe investments.
So whether you are considering adding a new smart safe to your cash management ecosystem or require a reliable services partner to manage your existing fleet, reach out to the Burroughs team to learn more:
