LENEXA, Kan., Jan. 15 -- Balance Innovations has introduced vbForecast, an advanced cash management software application that helps retailers optimize profitability by accurately monitoring and forecasting cash demands. Optimized for retail use and integrated into Balance Innovation's proprietary cash office management software, VeriBalance, vbForecast uses historical data to predict cash demand by denomination, allowing retailers for the first time to accurately determine proper cash needs for store and corporate use. By using vbForecast, retailers avoid incurring unnecessary bank and courier fees and can reduce a retailer's cash-on-hand by 30-45 percent. The product also offers corporate reporting and controls, ensuring that decision makers have access to the information they need regarding their company's cash position and requirements on a daily basis.
vbForecast has integrated GMT Corporation's CashMaster solution, a leading cash management application used extensively in retail banking. Balance Innovations has partnered with GMT Corporation, a leading provider of cash and resource management applications worldwide, to offer retailers this optimization solution. Through the partnership, Balance Innovations has exclusive license and distribution rights to GMT's CashMaster software for the retail industry.
"We saw an opportunity to leverage the leading cash forecasting solution in the financial industry to satisfy a growing need in the retail industry," said Gil Anderson, CIO of Balance Innovations. "With retailers today deploying self-checkout systems like banks did with ATMs in the 1980s, most retailers do not have the tools to effectively monitor, utilize, and properly understand their cash inventory. This can tie up a significant amount of cash for a retailer."
vbForecast provides a variety of benefits to a retailer, including:
-- Accurate cash forecasting
-- Monitoring cash point (safe and self-checkout) balances
-- Order recommendations
-- Web-based ordering
-- Just-in-time shipment advice
-- Emergency shipment notifications
-- Performance reporting and analytics
-- Cash audit and reconcilement
-- Transportation schedule optimization
"Retailers often spend tremendous amounts of time and money managing their inventory within the store, but they don't have the tools to manage one of their largest assets - cash," said Keith Molzer , president and CEO of Balance Innovations. "vbForecast helps retailers maintain optimal cash levels, similar to the balance they want to maintain with other inventory. This is a terrific new solution for our retailers. The power to see how each store is utilizing cash resources is invaluable to a CFO. Using this software will provide retailers with the real-time information they need to retain control of their cash assets."
Simon Angove, CEO for GMT, said the technology had been well-tested in the banking industry and was a natural fit for retailers.
"We believe that the retail industry will see significant profitability improvement through the use of vbForecast. Ten of the top 20 retail banks have enjoyed the benefits of cash forecasting and order management with CashMaster for many years," Angove said. "The combination of CashMaster and VeriBalance provides a retailer with the capability to effectively manage, on a denomination level, their cash assets. I'm confident that the retail industry will realize many of the benefits our banking customers have."
About Balance Innovations
Balance Innovations LLC is the leader in technology-based cash management solutions for the retail industry. Our leading-edge, customizable solutions integrate seamlessly with existing POS technologies to simplify and improve retailers' cash management operations including revenue balancing, check processing, cash forecasting and tracking of non-cash tender items. Balance Innovations' premier product, VeriBalance, is a patented, innovative, easy-to- use software solution that is helping retailers across the country increase profitability and improve operations by reducing labor, bank fees and shrink. Current customers include companies from independent grocers to Fortune 50 retailers.
GMT's workforce and cash optimization solutions create competitive advantage by enabling companies to improve customer service and sales, while decreasing their variable expenses. The company's product line combines precision forecasting and intelligent scheduling with powerful analytics and performance management tools - together delivering a complete solution that is priced to deliver quick return on investment. GMT serves financial services and contact center customers worldwide, including ABN AMRO, Citibank, Nielsen Media, Pizza Hut, SunTrust, UPS, Washington Mutual and Wells Fargo. The company is privately held with headquarters in Atlanta , Georgia , and offices in the U.K. , Australia and India . For more information, visit www.gmt.com .
CONTACT: Renee Maler of Philosophy PR + Marketing for GMT, +1-925-968-9495, email@example.com