diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 065264c..98b977d 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.10.0
+current_version = 1.10.1
 commit = False
 tag = False
 parse = (?P<major>\d+)\.(?P<minor>\d+)\.(?P<patch>\d+)(\-(?P<release>[a-z]+)(?P<build>\d+))?
diff --git a/nwastdlib/__init__.py b/nwastdlib/__init__.py
index 6253744..4509678 100644
--- a/nwastdlib/__init__.py
+++ b/nwastdlib/__init__.py
@@ -13,7 +13,7 @@
 #
 """The NWA-stdlib module."""
 
-__version__ = "1.10.0"
+__version__ = "1.10.1"
 
 from nwastdlib.f import const, identity
 
diff --git a/nwastdlib/asyncio_cache.py b/nwastdlib/asyncio_cache.py
index 22d7653..373f360 100644
--- a/nwastdlib/asyncio_cache.py
+++ b/nwastdlib/asyncio_cache.py
@@ -117,13 +117,13 @@ async def get_signed_cache_value(pool: AIORedis, secret: str, cache_key: str, se
     return _deserialize(pickled_value, serializer)
 
 
-def _generate_cache_key_suffix(*, skip_first: bool, args: tuple, kwargs: dict) -> str:
+def _generate_cache_key_suffix(*, skip_first: bool, args: tuple, kwargs: dict) -> str | None:
     # Auto generate cache key suffix based on the arguments
     # Note: this makes no attempt to handle non-hashable values like lists and sets or other complex objects
     filtered_args = args[int(skip_first) :]
     filtered_kwargs = frozenset(kwargs.items())
     if not filtered_args and not filtered_kwargs:
-        raise ValueError("Cannot generate cache key without args/kwargs")
+        return None
     args_and_kwargs_string = (filtered_args, filtered_kwargs)
     return str(args_and_kwargs_string)
 
@@ -244,6 +244,7 @@ def my_other_function...
     def cache_decorator(func: Callable) -> Callable:
         _validate_coroutine(func)
         skip_first = _validate_signature(func)
+        prefix_version_func = f"{prefix_version}:{func.__qualname__}".lower()
 
         @wraps(func)
         async def func_wrapper(*args: tuple[Any], **kwargs: dict[str, Any]) -> Any:
@@ -251,9 +252,10 @@ async def func_wrapper(*args: tuple[Any], **kwargs: dict[str, Any]) -> Any:
 
             if static_cache_key:
                 cache_key = static_cache_key
+            elif suffix := _generate_cache_key_suffix(skip_first=skip_first, args=args, kwargs=kwargs):
+                cache_key = f"{prefix_version_func}:{suffix}"
             else:
-                suffix = _generate_cache_key_suffix(skip_first=skip_first, args=args, kwargs=kwargs)
-                cache_key = f"{prefix_version}:{func.__name__}:{suffix}"
+                cache_key = prefix_version_func
 
             if from_cache:
                 logger.debug("Cache called with wrapper func", func_name=func.__name__, cache_key=cache_key)
diff --git a/tests/test_asyncio_cache.py b/tests/test_asyncio_cache.py
index 174f004..4865a3c 100644
--- a/tests/test_asyncio_cache.py
+++ b/tests/test_asyncio_cache.py
@@ -306,18 +306,8 @@ async def foo(param: str):
             {},
             "((UUID('12345678-0000-1111-2222-0123456789ab'),), frozenset())",
         ),
+        (False, (), {}, None),
     ],
 )
 def test_generate_cache_key_suffix(skip_first, args, kwargs, expected_key):
     assert _generate_cache_key_suffix(skip_first=skip_first, args=args, kwargs=kwargs) == expected_key
-
-
-@pytest.mark.parametrize(
-    ("skip_first", "args", "kwargs", "expected_exception"),
-    [
-        (False, (), {}, ValueError),
-    ],
-)
-def test_generate_cache_key_errors(skip_first, args, kwargs, expected_exception):
-    with pytest.raises(expected_exception):
-        _generate_cache_key_suffix(skip_first=skip_first, args=args, kwargs=kwargs)