Now, more than ever, organizations depend on Treasurers to be the fiscal watchdog. Most critically, Treasurers are asked to be the steward of the company’s most important asset: Cash. Everyone knows this asset is the life blood of an organization, propelling the generation of goods and services and the rewards that come along with their delivery. Treasurers also keep the organization running smoothly by forecasting what financial flexibility the organization can rely upon through various business cycles. Because when cash runs out, or if there’s even a question about liquidity, production is thrown off, or worse, grinds to a halt.
Agree or disagree with this overarching generalization, the fact is some things in life are not absolute. Take the case of automating your entire invoice volume (a promise rarely kept). This promise is not broken out of misunderstanding, overselling or over-promising. It’s just the reality of our time, when we want and expect a single solution to solve all our problems.
On June 26th Nitor hosted a 1-hour webinar about how to best enable Procurement Transformation, titled: Realizing Value Through Procurement Transformation.
(If you were unable to attend the live event, don’t worry, you will be able to request access to the recording in the link below.)
The session, featuring Gary Stoddard, Partner at Nitor, highlighted what it takes for organizations to realize true value when looking to transform their Procurement practices.
CFOs today depend on the strategic function of treasurers more than in previous years. One reason why the treasurer’s role has become more aligned to the CFO’s agenda is a direct result of the treasurer’s ability to unlock value within the organization at a low cost, and drive strategic objectives of the CFO, such as offering a more comprehensive view of cash and payments, acquisition strategies and capital allocation strategies.
CFOs today are under more pressure than ever before from their board of directors and CEO to unlock trapped cash. Unfortunately, regional operations hold unnecessary cash buffers to protect their balance sheet. This cash-hoarding culture is detrimental to free cash flow, and could eliminate the opportunity to execute the corporate capital allocation strategy, including share repurchase targets, corporate debt repayments, shareholder dividends, and M&A initiatives.
Topics: treasury management
Treasury professionals who manage cash are faced with many challenges, especially if they have not invested in a modern solution to help centralize their payments operations. These challenges are amplified when considering the recent escalation in payments fraud. More than three-quarters (78 percent) of organizations admitted that their payments operations were targeted by fraudsters last year, according to the Association for Financial Professionals (AFP’s) 2018 Payments Fraud Survey. Companies using disparate payment systems, applying inconsistent controls, and adopting manual payment policies, rather than digitized policies were more likely to have experienced loss from fraud, according to the survey. Furthermore, AFP’s research found that business email compromise (BEC) has become a very significant fraud threat, with 77 percent of organizations experiencing it in 2017.
Topics: treasury management
You have probably heard some flavor of the old adage, "There's a difference between just doing things and doing them right."
It speaks to the importance of being very intentional in our choices and actions versus being satisfied with just making an effort of any size. Often, it's the difference between really being effective in what we do and...well...just "being". Fact is, we face these kinds of choices throughout our day, in both our work and in our personal lives.
Topics: category management
CLEVELAND, Feb. 6, 2018 /PRNewswire/ -- Nitor Partners introduces NitorAurora, a source-to-pay solution bundling the best procurement software with turnkey services designed for fast time-to-value results.
Historically, source-to-pay technology solutions have been out of reach for many mid-market organizations due to high cost and scope. NitorAurora opens the door to these organizations, allowing them to realize efficiencies in their source-to-pay processes.
NitorAurora is also the perfect procurement solution for any size organization looking to take the first step in procurement transformation.
Finding long-term success in the ever-changing world of Procurement can be a difficult task and often a moving target: markets, suppliers and internal business needs constantly shift, quickly making the winning methods of the past obsolete for maintaining future success. Many organizations have matured beyond traditional procurement measures that produced big wins via low-hanging fruit opportunities, however many still lag behind wondering, “who moved the cheese...again?” Today’s continuously evolving marketplaces demand a fresh perspective, sharp eyes, and the ability to adapt to change. Just as Spencer Johnson’s infamous book teaches us to “move with the cheese,” for Procurement leaders this same philosophy remains true: Adapt. We’ve compiled the top questions every CPO should be asking as they navigate the procurement maze to get and keep the cheese (also known as best total value) for their organizations.
Join us for a timely panel discussion on Treasury's impact on Working Capital, the importance of fair market payment terms, and how terms management can impact company financials for both buyers and suppliers.
The lunch will be held at Gallaghers Steak House, 228 W 52nd St, New York, NY 10019 on May 15th from 12 – 2 PM.
Our esteemed panel will discuss:
- Industry trends and best practices in Working Capital
- Tactical elements needed to succeed in running a Working Capital Program
- Importance of fair market payment terms in a changing economy
Topics: treasury and working capital