Adapting your approach and implementation
Demonstrating agility to survive is essential for businesses, and when it comes to working capital optimization, organizations must implement solutions effectively to minimize disruption and achieve desired results.
In today’s competitive market, business models evolve rapidly as start-ups continue to challenge traditional ways of working. Keeping up with the pace of change is critical for everyone involved – and given that business cycles are getting shorter and shorter, speed is of the essence.
To remain competitive, companies must be able to invest in infrastructure and support research and development. However, the necessary resources are not always readily available. This can apply to companies of all stages and sizes. Tech start-ups may have the ideas and talent needed to bring new products and processes to life, but they can be limited by a lack of cash reserves. Big companies, meanwhile, may have significant resources available within their balance sheets – but unlocking this source of cash isn’t always easy.
Organizations face daily challenges, and there is much to consider in today’s market. Corporate rates and interest rates are on the rise and with small and medium-sized suppliers likely to see the biggest impact – the health of supply chains could be at risk.
While adapting an approach and implementing the solution is simple in theory, this aspect of project management can be challenging, especially for globally dispersed and decentralized organizations. In particular, you need to involve relevant stakeholders in the implementation of the project and communicate with them effectively at every stage.
Read the next chapters in working capital optimization: