Group Elevates Cash Management and Mitigates Risk with Smart Cash Deposit Machines
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In a transformative move, Juma Al Majid Holding Group’s Finance Division, led by Mr. Mohammed Ramahi, Finance Manager and in charge of Treasury, has successfully implemented Smart Cash Deposit Machines (SCDM), revolutionizing its cash management processes. This strategic initiative includes the placement of 17 SCDMs at key locations, marking a significant leap toward operational excellence, financial prudence, and enhanced risk mitigation.
The introduction of SCDMs follows a thorough review of the group’s cash management process. This comprehensive evaluation aimed to identify areas for improvement, enhance efficiency, and embrace innovative solutions while addressing potential risks. As part of the meticulous planning, a soft launch of the SCDM was conducted, involving complete pressure tests of all elements over an extended period before the full implementation and rollout of all 17 units.
Mr. Mohammed Ramahi expressed enthusiasm about the project, stating, “Our approach to implementing Smart Cash Deposit Machines reflects our commitment to a meticulous review of processes. This initiative not only streamlines cash handling but also enhances the overall security and efficiency of our financial operations, contributing significantly to risk mitigation.”
The SCDMs offer rapid deposit capabilities, allowing cashiers to conveniently deposit funds at any time of the day, contributing to simplified cash handling across various locations. Equipped with advanced technology, these machines seamlessly integrate with a live access dashboard and platform, ensuring end-to-end settlement immediately upon cash deposit at the different locations.
Mr. Akef Al Attar, Group Chief Financial Officer, remarked, “The successful implementation of Smart Cash Deposit Machines underscores our commitment to adopting innovative solutions. This initiative not only aligns with our goal of achieving operational excellence but also reflects our dedication to leveraging technology for tangible benefits across the group.”
The advantages of SCDMs are multifaceted, ranging from safer cash storage to increased accuracy in counting and sorting, and rapid processing speeds. Beyond the immediate benefits, Group Finance Division also anticipates significant annual savings in the hundreds of thousands, showcasing the project’s cost-effectiveness and financial impact.
The Division remains dedicated to continuous improvement and innovation in financial processes. This strategic initiative is a testament to their commitment to delivering excellence, enhancing the overall efficiency of cash management, and proactively mitigating risks within the financial ecosystem.