外文翻譯--庫存的財(cái)務(wù)績效評價(jià)和管理(存儲版)
【正文】 on, which covers both the flow of physical goods and the ultimate financial settlement (Intel Corporation, 2020). Along the same lines, GE saved 12% of their total accounts payable by using an electronic invoice system (Hausman, 2020). This new tool improved GE’s ability to forecast cash flow requirements and to perform financial flow and information flow tasks at the same time. This trend is confirmed in Europe as well, where Deutz, a German motor manufacturer, optimized their inventory levels, accounts payables, accounts receivables and payment delays in order to overe high working capital levels and high operating costs, (Bernhard, 2020). However, the interdependency of financial flows and operational flows is rarely recognized and decisions are often made based on other criteria. Operations managers decide from an operational point of view concerning inventory, service levels or capacity needs to drive financial performance in terms of profit, working capital requirements and return on investment (Fig. 1). At the same time, financial managers make partially arbitrary decisions concerning ranges of desired financial performance and thereby inevitably e to constraint operational performance. The tradeoff between operational decisions and financial decisions is not explicitly tackled by the current practices as panies are not always able to predict the oute of a decision on both the operational view and financial view. For example, efforts to improve working capital position might have counterproductive outes: overemphasizing a decrease of accounts payables can lead to increased supplier prices and thus, excess working capital requirements (Reason, 2020). In addition, most panies might improve their overall days of working capital needs, but few will succeed in ameliorating their receivables and inventory results. Academics and practitioners agree that more than ever in today’s accelerated business environment, the convergence of the physical supply chain and the financial supply chain can enhance cash flow predictability, reduce riskrelated costs and improve working capital. By optimizing the financial supply chain, managers can efficiently manage receivables or payables, forecast the financial future and achieve significant cost
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