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 additional charges.
For example, something as simple as a branch or ATM staff member missing cash order time deadlines results in extra communication steps with the money supplier and the armored car carrier, expensive emergency shipment costs and delays in the cash supply chain. Inefficient communication is also derived from antiquated processes. Another example is when a branch manually calculates its order or deposit amounts based on gut feeling, limits and spreadsheets, then emails their numbers to a central department. Then, that central department is aggregating those orders and manually typing each denomination for each location into the money supplier’s online system.
One of the many ways to improve communication around your cash ordering process is to hire dependable partners that you can trust. Look for cash management partners that provide a centralized portal so you can communicate and receive important information about your cash in one centralized location. This allows you to communicate more efficiently and effectively while saving additional time and money.
“Centralized portals have really proven to be a lot more efficient than traditional phone calls or emails,” says Robert Lynch, Senior Vice President of National Financial Business Development for Loomis US. “In conjunction with a cash forecasting solution, your financial institution can have a pretty robust system to manage cash to eliminate those time-wasting communications.”
To learn more about where to look for waste and areas of improvement in the cash supply chain, click the link the link below to download our new e-book, “The 7 Areas of Waste That are Killing Your Bank’s Efficiency.”