According to retail experts – 2016 is the year of mobile, loyalty schemes, big data, omnichannel fraud management, social media and the Internet of Things. Addressing these things, they say, will make or break the future growth of many UK retailers. But what has this got to do with Finance?
Being paid on time is one of the major concerns for all suppliers, and yet many organisations extend payment terms in order to increase working capital, which can inject risk and pressure into the supply chain. To say there’s a late payment “culture” in the UK is something of a misnomer, because the implication is that paying late is both intentional and endemic. But the reality is a little more complex. From October this year, the government plans to make it mandatory for all qualifying organisations to publish their terms. Nobody wants to make headlines for the wrong reasons – so how should an organisation react?
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