Leipzig, 24.03.2021. ALVARA | Digital Solutions is shifting the focus of its solution development even more towards digital efficiency in order to meet the needs of retailers, financial institutions and cash-in-transit companies for a digitalisation offensive in the cash sector. Due to external influences such as the COVID-19 pandemic, changing priorities, increasing competitive pressure and new technologies, the pressure is growing on all players in cash services.
“Many companies want and need to simplify their business processes, for example by moving to the cloud”, explains ALVARA | Digital Solutions Managing Director Thomas Vietze. “Not only to reduce costs and create efficiencies, but also to allow more time for staff in value-added areas of activity.”
The focus here is particularly on avoiding redundant and manual efforts, such as manual maintenance of Excel lists or data entry. “Digitising such processes not only creates efficiency”, says Thomas Vietze. “It also creates a whole new level of quality because human error can be avoided.”
ALVARA | Digital Solutions generally strives for greater automation in the entire cash cycle. After all, automated data exchange is a guarantee for the cash industry for the efficient and cost-effective processing of orders, counts as well as incoming and outgoing transactions. In this context, IT modernisation and cloud transformation – i.e. the mapping of cash-related processes in the cloud – are particularly important for the Europe-wide solutions provider. From the point of view of ALVARA’s experts, the digital transformation creates tangible benefits for all players in cash services. These benefits include:
- – Processes can be recorded more quickly and easily.
- – Interfaces that do not function optimally can be recognised more quickly and easily.
- – Delays can be identified more easily and quickly, and consequently a swift response is possible.
Simpler and more efficient process design is also beneficial for the users themselves: The more automated their work processes are, the more productive they can be. “In retail, it’s ultimately the customer who profits”, explains Thomas Vietze.
Digital efficiency combines digital technologies such as the cloud and artificial intelligence with methods that analyse and evaluate efficiency in the respective company. This allows potential for improvement to be identified and exploited in a targeted way.
“Our many years of experience in the industry make us the right solutions provider for efficient, transparent and secure cash processes”, says ALVARA | Digital Solutions Managing Director Steven Schwarznau. “True to our slogan “Always an idea ahead”, we create applications for greater transparency, process optimisation and risk reduction. Our applications also provide support in the area of clearing, i.e. in establishing mutual claims between cash handlers as well as liabilities and delivery obligations. At the same time, they automatically detect and report process deviations and correct manual errors.”
ALVARA solutions create process automation in reporting, for example, through management reports: In the process, all outstanding cash items in retail companies and internationally operating subsidiaries are brought together from various reports and systems in the online platform ICC. Automatically and at the desired time, these are sent to the CFO and responsible employees. Daily differences resulting from the merchants’ target specifications and the deposit data of the CITs are also displayed and compared. An automatic report is also sent to the insurers if deposits have not been received by the Federal Bank in time for the merchant to comply with its reporting obligation.