Wednesday, 03/24/2021

For retailers, financial institutions, and cash management services: ALVARA | Digital Solutions focuses even more on digital efficiency

Leipzig, 24.03.2021. To meet the demand from retail, financial institutions, and cash service providers for a digitalization push in the cash sector, ALVARA | Digital Solutions is focusing its solution development even more on digital efficiency. Due to external influences such as the COVID-19 pandemic, changing priorities, increasing competitive pressure, and new technologies, the pressure is growing on all cash actors.

"Many companies want and need to simplify their business processes, for example through transformation into the cloud," explains ALVARA | Digital Solutions Managing Director Thomas Vietze. "Not only to reduce costs and create efficiency but also to enable employees to spend more time in value-adding activities."

The focus here is particularly on avoiding redundant and manual efforts, such as the manual maintenance of Excel lists or data entry. "Digitalizing such processes not only creates efficiency," says Thomas Vietze. "A completely new quality emerges, as human errors can be avoided."

In general, ALVARA | Digital Solutions aims for more automation in the entire cash cycle, as automated data exchange is the guarantee for efficient and thus cost-effective processing of orders, counts, and incoming and outgoing transactions for the cash industry. In this context, IT modernization and cloud transformation – mapping cash-related processes in the cloud – are especially important tasks for the Europe-wide acting solution provider. From the perspective of ALVARA experts, the digital transformation creates noticeable advantages for all cash actors, including:

    • – Processes can be recorded faster and easier.
    • – Interfaces that do not work optimally can be identified faster and easier.
    • – Delays can be identified more easily and quickly, allowing for a speedy response.

 

A simpler and more efficient process design is also advantageous for the users themselves: The more automated their work processes are designed, the more productive they can work. "In retail, it ultimately benefits the customer," explains Thomas Vietze.

Digital efficiency combines digital technologies such as cloud or artificial intelligence with methods that analyze and evaluate efficiency within the company. In this way, potential for improvement can be identified and exploited in a targeted manner.

"Our many years of industry experience make us the right solution provider for efficient, transparent, and secure cash processes," sums up ALVARA | Digital Solutions Managing Director Steven Schwarznau. "True to our slogan 'Always an idea ahead,' we create applications for more transparency, process optimization, and risk reduction. Our applications also support clearing, i.e., identifying mutual claims of cash actors among themselves as well as liabilities and delivery obligations. At the same time, they automatically detect and report process deviations and correct manual errors."

Process automation in reporting is created by ALVARA solutions, for example, through a management report: All outstanding cash items in trading companies and internationally operating subsidiaries are consolidated from various reports and systems into the online platform ICC and automatically sent to the CFO and responsible employees at the desired time. Also, daily differences resulting from the retailer's target specifications and deposit data from cash service providers are displayed and compared. Moreover, an automatic notification is sent to insurers if deposits are not received at the Bundesbank on time, allowing the retailer to fulfill their reporting obligations.