New feature leverages machine learning to predict cash demand and free up capital
Lenexa, Kan.: Balance Innovations, the only hardware-neutral, end-to-end integrated cash management software provider, today rolls out Cash Forecasting, a revolutionary new capability that leverages the power of data and machine learning to help customers predict cash needs, cut cash exposure, and lower the overall cost of cash.
Cash Forecasting is the first data analytics offering for the Balance Innovations VeriBalance platform. It uses store- and corporate-level historical data, combined with machine learning and artificial intelligence algorithms, to forecast cash demand and predict how much cash by denomination should available at stores throughout an enterprise. Armed with this data and insights into the cash journey, businesses can dramatically reduce the amount of cash assets kept on hand, while optimizing deposit and change order management.
The new capability automates manual, error-prone processes, freeing up staff to focus on the in-store customer experience, and provides transparency to corporate management, so they can ensure cash-on-hand policies are being followed by all locations in real-time.
“Across self-checkouts, recyclers, tills, and safes, retailers have a significant amount of cash tied up in their stores. Our analytics platform is demonstrating there is tremendous opportunity to reduce the amount of cash kept in the stores, while still comfortably meeting demand, so clients can reallocate those assets towards other capital-intensive initiatives,” said Balance Innovations President/CEO Darren Knipp.
About Balance Innovations
Based in Lenexa, Kansas, Balance Innovations revolutionizes retail through powerful, fully integrated, cloud-based currency management solutions. Its VeriBalance platform is the only enterprise software platform that connects all points of currency operations, lowering the cost of accepting cash and increasing efficiency at all levels of the organization. Harnessing the power of data, Balance Innovations systems drive increased productivity and operational innovation by giving valuable time back to retail organizations throughout the U.S. Visit www.balanceinnovations.com.