For many organizations, goals for 2021 may be quite different from the goals set at the beginning of 2020. A year ago, most organizations were likely focusing on Top Line and Bottom Line numbers. This year, I suspect many more may be concerned with Cash Management. Cash will be King in 2021 if we are to survive and be ready to maximize our recovery.
Our team looks at how we can help organizations leverage technology to improve the management of their cash and previous investments. While fixed/business assets aren’t the sexiest of business operations, they often represent the second-largest operating investments after employee cost. With the millions of dollars these assets represent, they also offer one of the easiest and fastest areas to re-capture money.
With the changing workplace environment – a more remote workforce, less travel, and alternate work processes – 2021 brings an opportunity for new approaches in this New Normal.
One of the biggest challenges to initiating change is access to current, accurate data. Data provides the foundation for driving this new planning and business process. And technology is the best catalyst for getting that data.
Better “actual” asset information can have a significant impact on your cash management. It doesn’t just address the usual ROI subjects in asset management like reduced labor, decreased taxes, and insurance costs, but real strategic values.
An accurate picture of what you have, its condition, and its location can ensure that your previous investments truly deliver on their planned return. Without that information, how can you ensure you have your resources in the right place at the right time? Asset availability – or lack thereof – can make or break a process.
Another key benefit of better asset knowledge is the dramatic impact on expenditures. Timely and accurate asset data enables strategic procurement. Again, one of the major challenges in 2021 is “cash management.” Ensuring asset investments align with your current asset status and needs can significantly impact this challenge.
Our mobilePLUS inventory solution has significantly impacted our customers and may be of value to your organization in 2021. Whether you’re tracking your business assets in Workday, PeopleSoft, or other ERPs, or just complying with DOD mandates for DPAS or other regulations, mobilePLUS is a viable option.
Its ability to deploy and be in production use within a few days immediately drives a positive ROI in your first use. Coupled with minimal investment, it also provides a powerful tool for your cash management!
Not a bad first step for those 2021 Cash Management goals, right?