INNOVATION

Building on those pillars, financial managers help their companies in a variety of ways, including but not limited to: a) Maximizing profits Provide insights on, for example, rising costs of raw materials that might trigger an increase in the cost of goods sold. b) Tracking liquidity and cash flow ensure the company has enough money on hand to meet its obligations. c) Ensuring compliancee Keep up with state, federal and industry-specific regulations. d) Developing financial scenarios these are based on the business’ current state and forecasts that assume a wide range of outcomes based on possible market conditions. e) Manage relationships dealing effectively with investors and the boards of directors.

iii. Ware House and Procurement management a) Optimizing the use of warehouse space to maximize inventory storage;. b) Good warehouse management—namely fast, high-quality service at low cost—can ripple out to the entire supply chain, strengthening relationships with suppliers as well as customers. c) Procurement management solutions to streamline and automate the source-to-settle process. d) Procurement management software in managing costs by increasing savings and Expenses are managed by directing purchases to approved suppliers through applications e) Enforce buying policies. Source-to-settle solutions also improve procurement efficiencies by streamlining internal processes and reducing risk through more effective supplier management and contracts. iv. Customer care Service a) Building an emotional connection with your customers, b) Less quantifiable than customer service and is more concerned with one-to-one customer interactions. c) Increase customer satisfaction, customer service does this by answering questions and providing support. d) Focuses on active listening and understanding the customer's emotional needs as much as the physical or business ones. By doing so, your e) Company creates a long-term, mutually-beneficial relationship with your customers. f) Assist customers for the sake of helping them, even if the customer's goal isn't related to your business. By doing so, your company becomes a trusted resource in the eyes of your consumers