New technologies that simplified and standardized ways of working even made it possible for the accounts receivable team to seamlessly adopt a work-from-home model amid the COVID-19 crisis. The move took just a week and caused no disruption to the business or downtime in service.
Moving forward, the company will continue transforming the organization with intelligent finance operations. It will use applied intelligence and predictive analytics to identify new opportunities for addressing payable variables such as immediate and early payments, discount capture, terms rationalization and purchase order (PO) compliance. A cash flow monitoring tool and intelligent collections tool are being implemented to provide uniformity of processes across all geographies of operation. And strategies to further improve working capital by reducing electronic vendor invoicing issues are being evaluated.
These ongoing initiatives, combined with the strong core finance operations, are positioning finance as a strategic partner to the business, capable of outmaneuvering uncertainty, and boosting growth and shareholder value for years to come.