Cash logistics management refers to the process of securely transporting, storing, and managing cash in various forms, such as banknotes and coins, throughout its lifecycle within the financial system. It involves the coordination of activities related to cash handling, including cash collection, processing, sorting, counting, verification, and distribution. Cash logistics management is crucial for banks, retailers, businesses, and other institutions that deal with large volumes of cash transactions.
The traditional methods of managing cash supply chains often face significant challenges, including delays, inaccuracies, and manual inefficiencies. Enter the Cash Logistics Management System (CLMS) – a groundbreaking solution designed to address these pressing issues and revolutionize cash logistics operations.
PROBLEMS:
- Delays and Disruptions: Ensuring timely replenishment of cash to ATMs and branches is crucial for maintaining seamless banking services. Yet, manual processes frequently lead to delays and disruptions, impacting service levels and operational efficiency.
- Inaccurate Reconciliation: Daily reconciliation of cash transactions is prone to inaccuracies and discrepancies due to manual recording and tracking methods. This poses challenges in maintaining accurate financial records and regulatory compliance.
SOLUTION:
CLMS harnesses the power of OutSystems to transform cash logistics management.
Key features and functionalities include:
- Enrollment Workflow: Using Outsystems, the CLMS facilitates the enrollment of cashpoints (ATMs and branches) with a structured approval workflow.
- Inventory Management: Branches will record the total cash at the start of the day, including amounts subtracted and added, and the end-of-day total. These records will then be compared to the actual cash on hand.
- Cash Delivery Requests: Cashpoints can request cash to be delivered or picked up from other cashpoints in case of a surplus or shortage. This request process will also follow an approval workflow.
- Request Approval: Approvals involve a checker who verifies the inventory across all cashpoints to confirm any surplus or shortage in the requester’s branch and identifies which cashpoint can fulfill the request.
RESULTS & BENEFITS:
Implementing CLMS will bring real improvements to cash logistics operations, such as:
- Real-time Monitoring: CLMS provides real-time monitoring of cash requests for pickup and delivery, enhancing visibility and responsiveness across the supply chain.
- Centralized Management: Routes, vehicles, and employee assignments are managed centrally within a single platform, streamlining operations, and reducing administrative overhead.
- Enhanced Efficiency: By automating processes and reducing manual intervention, CLMS significantly reduces the time required for branch reconciliation, enabling resources to be allocated more effectively.
In conclusion, the Cash Logistics Management System (CLMS) represents a paradigm shift in the management of cash logistics operations. By leveraging technology and innovation, CLMS empowers organizations to overcome traditional challenges, optimize efficiency, and deliver superior service in the ever-evolving landscape of cash logistics.
Interested? for your questions and inquiries, send us an email at inquiry@infomax.com.ph or you can call us at 8813-6721 !
