For retailers, it’s clear that cash management and other treasury functions are becoming more and more important every year. Without a strong, efficient corporate operation and stores that follow suit, your products and customer service can’t shine through – no matter how strong they are.

It’s easy for retailers to believe the media narrative that the industry is dying, slowly having the life squeezed from it by Amazon and its virtual companions. The fear that we’re all just running, Indiana Jones-style, from the boulder that is internet shopping can make it hard to make good decisions about the future of your enterprise. 

But you can stop worrying that you’re about to go out of business — as long as you keep up with the changing times.

Payment reconciliation might seem like a no-brainer to many retailers. After all, so many of today’s transactions are by card, right? Not necessarily. According to the Federal Reserve’s Diary of Consumer Payment Choice study, 32 percent of consumer spending is still in cash. In retail categories like food and personal care supplies, auto-related spending, entertainment, and personal services, cash still reigns supreme over credit, debit, checks and electronic payments.

Retail has a tough turnover rate, and losing an employee when you’ve spent time training them is frustrating. How much time should you spend training your employees — and is it worth it?

The retail world was abuzz last week with the news that Amazon would purchase Whole Foods for $13.7 billion. Recent headlines have trumpeted the death of traditional retail as stores close, and some feared this development was the nail in retail’s coffin.  But it might actually be Amazon realizing that brick-and-mortar stores are an important element of success on the path toward sustained profitability.  

Today's installment is a guest post from the experts at TechnologyAdvice, who specialize in connecting companies with technology vendors.

Point-of-sale (POS) systems have evolved significantly in recent years. While many transactions used to involve clunky cash registers and manual records, today’s POS software can integrate with other platforms to automate tasks, making supply chain management more efficient.

Around the world last week, 200,000 users in 150 countries found their computers inoperable, held hostage with ransomware called WannaCry. The virus locked users’ computers unless they paid hackers $300 in bitcoin, an online currency. While the spread of the virus seems to have slowed due to some of its flaws, it managed to hit hospitals in England as well as thousands of other users across Europe, Asia and the United States.

When it comes to selecting new technology for your business, who’s choosing what you implement? Maybe it’s IT, maybe it’s the treasury department, or maybe it’s the purchasing team. But without input from other key departments, you might not end up with the best technology choice for your organization.

Last week, I had my eye on a humidor. I had done my research online, found one I liked and loaded it into my Amazon shopping cart. I was ready to pull the trigger, but at the last minute I decided to go see it in person at a local shop and get the opinion of the employees, who I guessed would be experts on the topic. It was a bit more money, but I’d have it instantly.

New technology can be one of the best investments you make in your retail business. The right solutions can improve your bottom line, your employee productivity and your customer satisfaction. On the other hand, implementing the wrong technology for your needs can hinder your profits, waste your employees’ time and lead to customer frustration.