The manufacturing industry is continuing to evolve. The past couple of years have brought unprecedented levels of disruption to your supply chains, finances, and overall growth.
As we begin to move beyond the pandemic, it’s crucial that your internal processes modernise in equal measure. Put simply, finance and treasury functions’ tried-and-tested approach – spreadsheets, banking portal logins, manual processes – is no longer viable. Right now, we’re willing to bet the following rings true for your banking operations…
➜ You’re Bogged Down by Manual Processes
Whether you’re making hundreds of manual payments a day or tens of thousands, the truth remains this: it isn’t an effective use of your time.
When your finance or treasury teams are spending hours every day managing spreadsheets and logging into a variety of banking portals, they’re being taken away from mission-critical, value-added tasks.
Not only this, but mundane tasks are often linked with low workplace morale and overall motivation.
➜ Human Error is a Huge Concern
You may not even realise it, but human error is a real issue. When conducting manual processes, all it takes is a misplaced decimal point or extra zero to send your company into shortfall.
If you ever get that lost cash back, it won’t be anytime soon. In fact, as many as 90% of spreadsheets are thought to contain errors.
When your company is growing at such a rapid pace, too, this problem is only catalysed.
➜ Cash Visibility Seems Out of Reach
For large corporations, keeping track of your total cash position can be a near-impossibility.
With entities in multiple countries and various subsidiaries, a simple, consolidated view of all your cash is a rarity.
Without cash visibility, you’re unable to further control human error and fraud – nor can you effectively strategise and forecast.
Around five years ago NSG had a cash visibility problem that needed to be solved. The world-leading glass and glazing manufacturer needed to streamline their payment operations and gain global visibility and control over their cash.
With a creaking ‘de-centralised structure’ it was time for change and a project was launched. Their aims were to increase cash visibility, become bank agnostic and allow for more agile banking.
After extensive market research, the team decided that they needed a cloud-based solution and chose SWIFT, a leading provider of secure financial messaging services.
Rather than a slow and costly DIY approach they decided to go through a SWIFT vendor. Their wise investment led them to global fintech provider AccessPay.Read More
Given the sector’s fast-changing nature, there’s never been a more vital time to modernise your banking operations. Thankfully, AccessPay is here to help.
We bring order to your finance and treasury functions, acting as the glue between your banks and ERP systems. With a fully-automated, cloud-based solution, you can wave goodbye to those pesky spreadsheets and tiresome manual processes for good.
Not only this, but our Cash Management solution provides total transparency of your business’s funds, compiling your balances from across the world. With AccessPay, you can see your global cash position, regain control of your banking operations through risk mitigation, and optimise your spending with the availability of richer data.
With the availability of HSM, Host-to-Host, API, and statement piping capabilities, there’s nothing more your banking operations will need.Learn More