As the global economy slowly gets to its feet, business leaders are looking to the CFO to guide them toward recovery, driven by insights to make the best possible decisions. With such global economic uncertainty, few things are a foregone conclusion, but what data-driven insights do businesses need to best respond to persistent change? In this article, we take a closer look at three key areas finance must address if companies are to emerge from this period in a position to thrive.
Gain Greater Visibility into Working Capital
Managing cash pressures will remain a top priority for CFOs as we head into 2021. Many organizations have seen revenues plunge during the COVID-19 pandemic, which has had a negative impact on cash flow due to delayed supplier payments. According to Fortune, 94 percent of the Fortune 1000 are seeing coronavirus supply chain disruptions, and facing the reality that they will need to become more agile in managing inventory. Fragility across the entire procure-to-pay cycle can have a negative impact on working capital and how organizations manage it.
The problem is that many businesses have limited insight into—and management over—cash inflows and outflows. This hinders their ability to fund critical business initiatives
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