The food and drink industry has long become accustomed to change. Consumers’ interests and buying habits are constantly evolving: was this produced locally? Is it vegan? How sustainable is the packaging? Is it Instagram-worthy?
The problem for many businesses is that their internal processes don’t adapt in equal measure. While you may well be enjoying a period of post-pandemic growth, there’s good reason to believe that your finance or treasury teams aren’t equipped for the change.
All too often, teams across the sector are bogged down by manual processes in their banking operations that put your company-wide cashflow at risk. Not only this, but larger businesses lack an all-important overview of their cash position; you may be spending money that you don’t even have, or you’re sat on a trove of untouched capital waiting to be invested.
Right now, we’re willing to bet the following rings true for your finance or treasury teams…
➜ Your Workflow is Disparate and
Mergers and acquisitions are commonplace in the food and drink industry. However, what implies excitement and opportunity for your business has the potential to spell disaster for your internal processes.
The larger your business, the more likely it is that you’re struggling to unify multiple back-office systems and banking partners.
For smaller businesses, a non-streamlined workflow is sure to bring inefficiencies where they simply can’t be afforded.
➜ You’re Conducting Manual Processes with No Cash Visibility
Manual processes may well be tried-and-tested – but that doesn’t mean they’re effective. As we enter the 4th Wave of Banking, workflows involving spreadsheets, card readers and banking portal logins are quickly becoming unviable.
Without an automated, cloud-based service, your banking operations are at risk of human error and fraud.
And, without a modern Cash Management solution, there’s no telling where the cash is falling through the seams.
➜ Scalability is Paramount
The industry is growing fast. Chances are, so are you.
This means you need a solution that will scale with your broader business ambitions – not one that will be outdated within a couple of years.
Automation means that you aren’t restricted to a hiring spree in order to reach your targets.
In other words, it’s time to work smarter, not harder.