Jan 17, 2023
Working Capital Critical For Workflow
Few manufacturers and retailers are investing in real-time payments, says research from PYMNTS and Corcentric. Its report, ‘Payments Technology’s Future: Retailers. Manufacturers Seek Better Workflows,’ says these firms are taking their time and spending the money to upgrade back-office functions. However, better cash flow visibility should be a priority for businesses as efforts to improve accounts payable and accounts receivables will pay dividends if they’re able to garner better visibility into the day-to-day cash in and cash out activities and to manage working capital more effectively. Supply chain disruptions during the past three years have made cash flow and payments a top priority. Part of a smooth interaction is dependent on procurement and on paying and getting paid in a timely fashion. To that end, a majority of retailers invested in procurement applications (57 per cent). Still, only 10 per cent of retailers and just over 12 per cent of manufacturers have made investments in real-time payments.
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