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Logicpath Insights

Learn more about the latest industry best practices, news, and topics with a fresh perspective inspired by logicpath’s technology and innovation.

The Hidden Cost of Inaccurate Inventory Levels

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.
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The 7 Areas of Waste Killing Your Bank’s Efficiency

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.
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Optimizing Orders and Deliveries with Your Armored Car Carrier

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.
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Why Banks and Credit Unions Should Automate the Cash Supply Chain

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. Supply chain management (SCM), or inventory management is the process of sourcing materials that a business needs to create a product or service and deliver it to its customers.
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Leveraging Technology for a Successful Future with Data

Cloud-based software has become more cost-effective and has even helped remove monotonous day-to-day tasks and responsibilities from your team members as it applies to data collection and aggregation. Additionally, new technology has nearly eliminated the need for data scientist roles as the new technology empowers everyone to be able to understand, analyze and act on the data they are given. Now the tough question, how do you choose the right technology and cloud software to adopt? In this blog we will discuss five criteria you should look for in a cloud software.
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The Importance of Process and Quality Data with Your Cloud Software

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

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-defined strategies in place that you can use to ensure the process toward a data informed mindset and an operational structure are as efficient and easy to follow as possible.
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Setting the Stage for Success Part 1: How to Become a Data Informed Cash Manager

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.
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Industry Insights: The Final Step in a Successful Digital Transformation

“The Financial Brand,” a digital publication and industry leader focused on providing thoughtful insights on marketing and strategy issues affecting retail banks and credit unions recently published an article titled, “Digital Transformation Demands a Culture of Innovation.” We are highlighting this article because it examines a critical side of digital transformation strategy that isn’t often discussed: the importance of adopting a culture of innovation for a successful digital transformation.
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Cloud Software has Changed the Game for Banks and Credit Unions

It is no secret that cloud software has been a game changer for many organizations across a multitude of industries including financial services. Today, cloud software has become affordable and more accessible to organizations of any size to leverage, but why is this important? Banks and credit unions are accumulating data more quickly than ever before due to the rapid advancement in technology. Financial institutions are now more empowered with data because of the easy access and usability of Excel and other cloud software applications.
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