logicpath Blog | Whoknew

The True Cost of Inefficient Communication in Your Cash Ordering Process

May 10, 2021 | Meghan Quinlin

When people think about inefficient communication within an organization, they automatically think about delays between emails, phone calls, etc., but what is the true cost of inefficient communication? Inefficient communication can have many detrimental effects on your financial institution’s overall efficiency that result in waste in the form of time and money. When communication is ineffective or erroneous, it leads to extra internal and external emails, phone calls, report pulling, and addit...

Topics: Cash Management, Supply Chain Management

The Risk of Unnecessary Movement (of Cash) in Your Financial Institution

Apr 22, 2021 | Kelly MacConnell

Banks and credit unions do not often consider the risk or expense associated with unnecessary cash movement around their network. The truth is, there can be a significant amount of waste hidden in the process of moving cash to and from your institution and cash points.

Topics: Cash Management, Supply Chain Management

The Hidden Cost of Inaccurate Inventory Levels

Mar 18, 2021 | Michele Mooney

In our last blog, we discussed areas of waste in financial institutions that often go undetected. It’s important to remember that “waste” can be defined as inefficiencies in processes. Next, we will begin to break down each of the seven areas that waste can lurk in operational processes of a bank or credit union. The first area is caused by inaccurate cash inventory levels.

Topics: Cash Management, Supply Chain Management

The 7 Areas of Waste Killing Your Bank’s Efficiency

Mar 4, 2021 | Stephanie Jordan

You may not be aware of the 7 forms of waste in the manufacturing industry, first defined by Toyota; but what about banking where manufacturing waste isn’t relevant? In this blog series we explore 7 areas of waste in banking that occur in the cash inventory management process and how you can identify them to improve your efficiency.

Topics: Cash Management, Supply Chain Management

Optimizing Orders and Deliveries with Your Armored Car Carrier

Feb 18, 2021 | Kelly MacConnell

How do you optimize the cash supply chain to minimize fulfillment costs? The first thing you need to do is ask yourself if you have armored car deliveries that are coming too often or too infrequent that are costly to your financial institution. In this blog post, we will discuss certain armored car cost scenarios that could be impacting your cash supply chain’s overall efficiency and bottom line. In addition, we will share our smart tips for an armored car cost analysis.

Topics: Branches and ATMs, Cash Management

Why Banks and Credit Unions Should Automate the Cash Supply Chain

Feb 4, 2021 | Kelly MacConnell

Banks and credit unions have some of the most intricate supply chain systems in the world. The main driver for this is the increased use of sophisticated technology such as ATMs/ITMs, Video Tellers, Recyclers and Kiosks.

Topics: Branches and ATMs, Cash Management, Vault Cash

Leveraging Technology for a Successful Future with Data

Jan 22, 2021 | Kelly MacConnell

As we previously covered, cloud software has removed significant barriers when it comes to allowing community banks and credit unions to leverage data with the addition of advanced technology.

Topics: Branches and ATMs, Cash Management, Vault Cash

The Importance of Process and Quality Data with Your Cloud Software

Jan 7, 2021 | Kelly MacConnell

In the last few blog posts we have discussed how cloud software has given community banks and credit unions increased accessibility to data. However, there are steps financial institutions need to take to ensure they are getting the highest quality of data out of their software through efficient processes.

Topics: Branches and ATMs, Cash Management, Vault Cash

Setting the Stage for Success Part 2: Cultural Adoption of a Data Informed Mindset

Dec 11, 2020 | Kelly MacConnell

Have you ever bought a new piece of helpful technology that sits unused despite there being a good reason to have purchased it? We’ve all been there. The same concept also applies to getting your team members to adopt a data informed mindset to make every data-driven initiative a success, and while you’re exploring cloud software applications to help manage data, provide reporting, cash forecasting, and more—it’s important to begin by thinking about the data itself. There are already well-define...

Topics: Branches and ATMs, Cash Management, Vault Cash

Setting the Stage for Success Part 1: How to Become a Data Informed Cash Manager

Nov 12, 2020 | Kelly MacConnell

As we discussed in our previous blog post, banks and credit unions now have access to more data than ever which can be used to make strategic business decisions. However, it is not uncommon for financial institutions to miss the opportunity to take advantage of their data due to a lack of the right mindset.

Topics: Branches and ATMs, Cash Management, Vault Cash