As the pandemic continues to disrupt how companies do business, it’s even more critical for leaders to have access to accurate cash flow projections. In Salt Lake, many companies closed their offices and switched to a remote work model, for example, which impacted how funds were being transferred into and out businesses. Dramatic, pandemic-driven changes like these shed light on major weaknesses in the ways companies predict their cash positions. These include lack of access to a complete view of data, as well as limited analytics for making cash flow predictions based on historical activity.
To combat these challenges, many finance teams are embracing new forecasting solutions that use machine learning to harness data and improve confidence. Empowered by treasury digitization, companies can better predict future cash needs without significant manual efforts or costly technology investments, both of which have been major pain points for middle market companies.
Read the complete article to find out the three ways companies can immediately improve cash flow processes and help grow their business