Queen’s Award for Innovation: SMARTtill Technology
Global cash management solution provider recognized with prestigious Enterprise in Innovation Award.
Cash Bases Limited, established in 1981, has won the Queen’s Awards for Enterprise in Innovation 2016 for its SMARTtill Intelligent Cash Drawer. The award signifies another great accolade in the history of this company. A global provider of cash management solutions, Cash Bases designs and manufactures a wide range of innovative products for its customers that enhance security and efficiency at the point of sale.
The Queen's Awards for Enterprise are made each year by Her Majesty the Queen, on the advice of the British Prime Minister, who is assisted by an Advisory Committee that includes representatives of Government, industry and commerce, and the trade unions. The Awards are given solely on merit and competition is fierce. The number of Awards presented each year is not pre-set and depends on the quality of the applications received.
Phil Stone, Managing Director at Cash Bases said: “A Queen's Award is the highest honour that can be bestowed on a UK company. I am delighted that Cash Bases has received this internationally renowned and highly sought after award in recognition of its contribution to British enterprise. This award has been achieved through the sustained effort of our staff, who have continued to drive business forward by cultivating cutting-edge solutions for our customers. We won our first Queen's Award in 1995 for Export Achievement and another in 2000 for Enterprise International Trade. We will continue to fly the flag for Britain with our commitment to global product innovation and manufacturing excellence.”
A Cash Bases employee commented: "The Queen is the most recognisable woman in the world and, on her 90th birthday, there can be no greater honour than to receive an award in her name. This will be a story for all of us to share with our children and grandchildren for years to come." As well as attending the celebratory reception at Buckingham Palace, Cash Bases will also be visited by a Royal representative, so that the whole workforce can join in with the celebration, and will be presented with a crystal bowl to mark the achievement.
The award winning innovation
The award is a consequence of Cash Bases’ dedication and determination to lead the field in ground breaking cash drawer technology and cash management solutions. Cash Bases drew on over 30 years of experience to develop the innovative SMARTtill™ Technology; which has been designed to combat the ever-present problem of cash loss and reduce the costs associated with managing the cash in a variety of retail and hospitality outlets.
The pioneering SMARTtill™ Solution is the first intelligent cash drawer in the market that automatically counts the contents of the drawer and reconciles the value of cash held to the sales made; enabling businesses to track every coin and note in their cash drawer. It also generates alerts when there is not enough or, in some cases, too much cash in the till. Retailers that use the SMARTtill™ Solution are able to eliminate the need to regularly count the cash in the till and utilise the labour hours it saves to increase sales by providing a better customer experience. Other benefits includes the early identification of cash discrepancies; businesses now have a deterrent and tool with which to significantly reduce the cost of cash losses.
The new technology was first embraced by Tesco UK in a roll-out into its Tesco Extra and Superstore's outlets and now many retailers in Europe are looking to adopt the solution. The innovation has helped Cash Bases Limited to grow both financially and in staff numbers, and has led to high profile orders from Tesco. In August 2015 Cash Bases merged with APG Cash Drawer of Minneapolis Minnesota, USA. The new combined entity is taking the SMARTtill™ Solution into the United States’ retail markets.
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