Saving working capital in turbulent economic times is every bit as obvious as seeking shelter from a storm. Insufficient money on hand may force sudden decisions, such as cuts that hamper future growth. But without proper visibility — ongoing, granular views of how money shuttles through your business — generating the efficiencies that build working capital is challenging.
This may spur your organization to develop or refine a working capital strategy, initiate real-time reporting and improve your financial forecasting proficiency. Technology offers one of the shortest paths to process efficiency, helping you sharpen business insights and improve competitiveness. With the right data-driven approach to cost, cash and capital management, you can weather volatility and position your business for future growth.
Here are four ways to start saving working capital:
How can refreshing your technology strategy improve your working capital and set the stage for growth? Strategy and Transformation practice leaders Talbot Harty and John Stewart explain how to achieve these benefits and distill key takeaways, including:
Deploy efficiency tools. With the rise of generative artificial intelligence (AI), companies are paying more attention to their AI investments and evaluating tools such as chatbots to reduce IT spending and improve customer response time.
Align tech strategies with business goals. Explore how tighter alignment helps you optimize operations and increase financial stability. The right technology can enhance your forecasts and improve visibility into current and projected cash flow so you can make smarter financial decisions.
Evaluate cloud solutions for cost savings. From communications to core business applications such as data analytics, see how transitioning from on-premise solutions to cloud services can decrease costs and increase efficiency.
Gauge whether outsourcing makes sense. Understand how partnering with vendors and outsourcing non-core functions can increase capital savings. Does your team need to focus more on strategic planning and spend less time mired in daily operations?
Workforce strategy experts Katie Hered and John Stewart explain how to apply human capital strategy and change management principles to working capital. Embrace the emerging trends in workforce optimization and learn how your teams can gather insights to boost efficiency, profitability and employee engagement.
Thriving in the information age requires the ability to see what’s coming and make strategic or necessary adjustments. Partners Carmel Wynkoop and John Stewart illuminate the competitive advantages and operational efficiencies catalyzed by new forms of AI and automation.
Partners Amy Julian and John Stewart share strategies and practical solutions for optimizing operations and driving growth even in volatile financial times. Gaining a deeper understanding of consumer behavior, managing margin pressures and mastering cash flow forecasting can help you manage the inevitable ups and downs of today’s economy.
Do you know how much cash you have on hand — or how much you'll need in the future? Are your operations running as efficiently as possible? Connect with our Strategy and Transformation consultants today to assess how you can best optimize your workforce, improve processes and use technology to save working capital and boost profitability.
