It is said that in times of crisis, cash is king.
With COVID-19 casting its rather ominous shadow over the business landscape, it would appear that these words are undeniably pertinent as we deal with 2022 and beyond.
The last seven months have forced companies to do more than simply adjust to remote workforces.
Virtually all CFOs and COOs have had to reexamine their pre-pandemic strategies - specifically, shifting their focus to protecting the financial health of the organization at all costs.
A large part of this requires minimizing the common supply chain disruptions that all too often negatively affect working capital.
Now, similar to the Great Recession of 2009, this moment represents a unique opportunity for many companies to seize or sustain a significant competitive edge or risk damaging their financial health across the supply chain.
Traditionally, turning inventory has occupied the top spot of most supply chain leaders’ to-do lists.
However, due to ongoing economic instability and uncertainty, more and more of them are being asked to focus their attention on activities such as minimizing the amount of money tied up in inventory as well as the money held up in other parts of the organization.
This has resulted in a shift of mindset -thinking of the supply chain, not as a construct made up of disparate parts, but as something more holistic where every process has to work in concert to achieve a common goal.
Within order management, for example, incorrect or incomplete orders slow down order entry cycle time and on-time deliveries which, in turn, impacts cash collection and cash flow. One weak link within processes such as accounts payable (AP), order management, or accounts receivable (AR) can make all the difference.
Document process automation has been around for decades.
However, while it’s often regarded as a “down the road” aspiration for businesses looking to save time and money, it is quickly becoming a necessary solution for maintaining a successful and sustainable business model thanks to its much broader and more transformational impact.
Intuitive cloud-based platforms, such as the one Esker offers, help today’s businesses connect every part of the procure-to-pay (P2P) and order-to-cash (O2C) process.
By creating a collaborative environment of end-to-end efficiency, companies can shore up back-office activities such as paying bills, processing orders and collecting cash, while transforming the way customers and suppliers interact within your organization.
Automation solutions give supply chain leaders an added level of intelligence over the people, processes, and technology that constitute their day-to-day operations. Powered by RPA- and AI-driven technology, users have the ability to:
Efficiently Manage Your Supply Chain & Business
If cash flow is the lifeblood of a business, it only makes sense that achieving optimal performance requires a high-functioning “circulatory system.”
This is precisely what automation delivers - a 100% cloud-based solution that spans the Cash Conversion Cycle and transforms the way customers and suppliers interact within your organization. Connecting every part of the Procure-to-Pay and Order-to-Cash process creates a collaborative environment of end-to-end efficiency.
Cash flow is the lifeblood of a business - ready to learn more about the benefits of automation? Esker has you covered. Check out our latest educational eBook, Supply Chain Automation: Optimizing Cash Flow in the Age of Uncertainty.
About the Author
Dan Rogney is Esker’s Senior Copywriter. Dan plays a central role in creating thought-provoking marketing content designed to educate and engage audiences on the benefits of document process automation.
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