Pre-purchasing equipment has various benefits for businesses, from customer satisfaction to saving money by buying in bulk. With supply chain struggles a common issue, companies must plan ahead and keep their inventory stocked. Maintaining an inventory of pre-purchased equipment ensures you have the necessary tools to keep your business running smoothly and efficiently. This post will discuss some benefits of pre-purchasing equipment focused on financial institutions and hardware needed for day-to-day operations.
Benefits of Pre-Purchasing Equipment
Efficient procurement processes can increase return on investment ROI, improve day-to-day operational efficiency and increase customer satisfaction. For example, in financial institutions working with equipment directly related to processing payments and deposits, pre-purchasing equipment can also lead to expedited access to cash flow, enhanced security for financial transactions, and reduced risk of internal errors often experienced when using traditional methods of operation.
Supply Chain Issues
The global supply chain continues to face challenges such as a need for more reliable transportation and shipping capacity, goods and parts shortages, and uncertain customer demand. Implementing a new supply chain design is warranted but presents more challenges, such as cost and logistics for contingency planning and technology solutions. Consumers and businesses continue to face shortages of essential products for daily life and business operations. Supply chain issues ebb and flow with geopolitical tensions, inflation, and economic recession. In addition, climate change, weather, and other unpredictable and unavoidable events affect the supply chain.
Supply chain uncertainty presents unique challenges for businesses. One way to plan for supply chain issues is by strategically pre-purchasing equipment and storage fulfillment.
Remote Deposit Capture (RDC)
Remote deposit capture is a technology that enables the deposit of checks quickly and securely into a designated bank account. Instead of a paper check depository, remote deposit capture deposits a check electronically using an encrypted internet connection. There are several ways to process a remote deposit today. An RDC scanner is a device that allows a business to scan a paper check. Once the paper check is scanned, it becomes a digital image transmitted to the bank and cleared electronically. Mobile remote deposit capture is a new technology that allows banking customers to activate a scanning mode on a smartphone through a banking application. While mobile banking applications are practical for personal use, an RDC scanner is a more efficient option for businesses processing multiple paper check transactions at a time.
Benefits of Pre-Purchasing Remote Deposit Capture (RDC) Scanners
Immediate Availability for New Clients
As a financial institution, ensuring you have a stored inventory of remote deposit capture scanners lets you immediately provide scanners to new business customers. Immediate access to RDC equipment expedites their ability to begin making deposits to your branch. A digitized banking experience is a priority for business customers today. Banks that adopt new technology, such as remote deposit capture, have more growth and better performance than those that stick with traditional back-office processes.
Sales Team Support
As direct sales teams work to develop business relationships to increase sales of banking products, they must have access to RDC equipment. Eliminating the fear of supply chain issues helps businesses quickly equip sales teams with RDC scanners to continue performing their jobs efficiently.
Teller Image Capture (TIC)
Teller image capture (TIC) is the process bank tellers use at the window to convert paper checks and other financial documents directly to digital images. The TIC process requires the use of scanners to convert checks and documents into digital images. Implementing TIC improves branch efficiency, increases accuracy, and reduces the risk of errors due to document loss. In addition, teller image capture can improve customer experience by saving time and reducing fraud. Financial institutions need to have working TIC scanners at each teller station.
Benefits of Pre-Purchasing Teller Image Capture (TIC)
Financial institutions using teller image capture at each teller station at every branch will have thousands of scanner devices to manage. Part of device management solutions includes pre-purchasing teller image capture scanners for equipment storage. Pre-purchasing scanners for inventory storage eliminates downtime if a device needs service or to be replaced. Another advantage of maintaining an inventory of TIC scanners is the ability to open new teller stations as needed.
Six Ways Strategic Purchasing Benefits Businesses
Eliminates Supply Chain Issues
Since 2020 major supply chain issues have steadily increased, affecting many aspects of business, including a significant loss in finances. Strategic purchasing and inventory management can help eliminate supply chain issues. Inventory management through processes like pre-purchasing equipment is integral to optimizing inventory for business management.
Streamlines Operations
Ensuring you have the right equipment on hand can streamline day-to-day operations. Without the right equipment, business operations can be slowed or interrupted, causing financial loss, negative customer experience, and potential loss of customers. Maintaining inventory through pre-purchasing equipment can help decrease the risk of these potential problems.
Simplifies Inventory Management
Financial institutions must maintain thousands of pieces of equipment to operate efficiently. Implementing a strategic purchasing plan simplifies inventory management, allowing you to meet branch equipment needs quickly and efficiently.
Increases Return on Investment (ROI)
Strategic purchasing can increase return on investment (ROI) by negotiating better prices through bulk orders. Acquiring high-quality equipment for the best price increases ROI by reducing purchasing costs. In addition, the best equipment can increase overall sales and profitability for each branch.
Improves Branch and Business Efficiency
Establishing an effective strategic purchasing process helps identify and correct inefficient processes, consolidates supplier lists, and helps standardize the procurement process for the equipment needed company-wide. Strategic purchasing processes save time and money while providing increased transparency for shareholders.
Expedites Deposits
In regards to remote deposit capture and teller image capture scanners, strategic purchasing and pre-purchasing inventory can expedite deposits for financial institutions benefiting banks and the businesses they serve. Accelerated clearing of checks deposited into accounts improves cash flow, and businesses benefit from saving valuable time and money associated with manual deposits.
Teksetra
At Teksetra, we are proud to say we are a trusted national partner for technology and automation challenges for many businesses. As an experienced third-party logistics (3PL) partner, we can help you take advantage of bulk pricing to avoid future price increases common in the current inflationary economic climate.
Teksetra can help prepare you to convert to new technology by shipping equipment like Teller Peripheral Kits of Parts (KOPs). KOPs include scanners, receipt printers, and signature pads that can be shipped to designated locations upon request. In addition, working with Teksetra gives you access to a nationwide technician pool to help expedite hardware swaps and get your branch up and running quickly and efficiently with as little disruption to your day-to-day operations as possible.
Following an equipment swap, we can take care of old devices. We have years of IT asset disposition (ITAD) experience following industry best practices to dispose of old hardware responsibly. Working with a trusted third-party logistics company can help save money on shipping by avoiding rush orders and approaching purchasing in a strategic, well-established manner conducive to efficient operations and technology conversions.
Are you looking for a third-party logistics provider? Contact Teksetra today! We are happy to discuss your specific needs and help you optimize your strategic purchasing plan. Get in touch with one of our technology experts for a personal consultation.
