Balance Innovations, a currency management solution provider, has launched Cash Analytics to provide retailers with end-to-end integrated cash management software. This new capability lets retailers use store-level historical data and machine learning algorithms to predict in-store cash demand, specifically forecasting needs for cash at the POS.
The software is part of Balance Innovations’ VeriBalance platform, which works in real time to identify money by denomination, then combines it with historical data to forecast how much is needed at each store. These predictions can free up capital and reduce costs, particularly at large retailers where unused cash can be spread across thousands of stores. Forecast data is integrated into existing systems to automate the cash ordering process.
Cash Analytics can help retailers remove excess cash from stores, and keep it out with intuitive tools that enable users to track compliance with recommended cash levels so that funds held at stores don’t creep back up over time.