Cash Management.iQ: estimating the price of CIT operationsWednesday, April 18, 2018
The CIT cost optimizations is one of the main tasks for Financial Institutions and specialized encashment services. However, in order to find a way to reduce costs, it is important to calculate how much funds banks and other organizations spend on providing their objects (offices, shops and self-service devices) with cash. In the last Cash Management.iQ version, BS/2 added a truly important feature: using the CIT.iQ module, the operator can manage the cash collection routes and calculate its cost individually.
This feature is due to the initial coordinates input of the cash deposition and dispense points along with automatic path measurement, used by particular CIT team, between these objects and the cash storage.
In addition, to get calculations that are more accurate, the system takes into account the following data:
- CIT team employees’ hourly wage;
- Fuels consumption for particular vehicle;
- Transport and equipment depreciation.
The previous version of Cash Management.iQ already had the feature variably constructing cash collection routes based on security considerations. Due to the newest functionality, the head of the encashment service department can apply the optimal route, generated by the system, for cash collection by each team. The data for all routes are registered in the system, which subsequently could be used to perform the corresponding automatic calculations.
For the automatic accounting, the database needs to be filled with the following data:
- Location of all objects (including storages);
- Service cars data and depreciation rates;
- Consumption of petroleum products and other materials;
- Number and composition of CIT staff rosters;
- CIT staff salary.
Thus, the system’s operator will be able to obtain reliable information on the cash collection costs in real time in the form of analytical reports. For the bank's accounting department or CIT Service Company, detailed data can be uploaded for the certain period along with the final price of the operating activity associated with the cash transportation.
When the third-party cash collection services is using the solution, it is possible to calculate the price of provided services for each individual route with a high degree of accuracy in order to build more flexible and effective pricing policy.
More information about the Cash Management.iQ system can be found on the product page or by contacting our specialists who will be happy to advise you on the application of the solution within the current infrastructure of your organization.