Achieve greater operational efficiency through evaluating five areas of your treasury operations.
For many of us, resolutions are forgotten almost as soon as they are made. When it comes to treasury operations, resolving to achieve greater operational efficiency is a goal well worth keeping. Here are five ways to get your resolution started:
- Assess how collections at the operational level impact your working capital
- Review your "current state" - quantify how long it takes to collect your receivables, turn inventory and deposit cash and disperse payables appropriately
- Evaluate staffing needs - realign personnel to improve treasury operations
- Determine what roadblocks stand between you and your treasury goals - recruit and engage executive support to ensure success
- Upgrade your cash conversion cycle - pinpoint what technologies can be deployed to enable you to process, collect and post receivables faster