Some finance professionals and organizations are eager, early adopters of new technologies and solutions. Others are not for various reasons, with cost and internal adjustments being the two biggest deterrents.
Editor’s Note: Kyriba recently announced a record half-year in bookings growth and has seen an increase in demand for its working capital solutions. We interviewed Kyriba’s Edi Poloniato, Global Head of Working Capital Solutions, to find out how companies are benefitting from working capital programs like supply chain finance and dynamic discounting.
Why is working capital optimization more important than ever?
Global treasury teams are wasting an average of 4,812 hours per year using traditional spreadsheets to manage their cash, payments and accounting operations, according to a new Kyriba survey of 100 plus major brands in the U.S. and Europe.
The biggest Excel time-waster, according to survey participants, was getting the daily global cash position, which sucks an average of 1,296 hours per year, followed by treasury-related accounting tasks (1,176), payment fund transfers (960), cash forecast generation (792), and 588 hours per year for other key tasks.