Lastly, to ensure a robust and efficient approach, managers need to consider the benefits of increased automation. Further investment in new technology and compliance and reducing manual labor can help minimize potential issues in the payment chain, in particular the risk of mistakes or fraud.
During these uncertain times, greater centralisation, visibility, access, efficiency, automation, and innovation are a must for companies aiming to grasp the opportunities presented. As the European Union’s economy, according to EU datai, is set to continue expanding, these steps will help companies position themselves for the future. It is now much more important than ever for companies to partner with an industry leader, such as HSBC, that can provide a holistic cash management service and support companies to ensure their needs are being met.