IMPACT OF CASH MANAGEMENT IN THE MANUFACTURING INDUSTRY
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IMPACT OF CASH MANAGEMENT IN THE MANUFACTURING INDUSTRY
Chapter one
INTRODUCTION
1.1 Background of the Study.
Cash management is critical to the survival and expansion of any industrial firm. Managing an industry’s financial operations necessitates understanding of the economy and how to maximise revenue.
The industrial industry will be unable to function if cash management strategies are not implemented. Manufacturing industries have encountered greater worldwide competition
which has pushed them to become more competitive. In response, many manufacturers are focused on efficiency and cost reduction to remain competitive and profitable.
The impact of cash management includes proper management of cash inflows and outflows, which includes synchronising cash inflows and outflows, accelerating cash inflows and regulating cash outflows, directing available funds to where they are needed, and controlling disbursement.
Cash is generally referred to as the lifeblood of a firm. Cash also refers to currency (coin and paper) used to provide services. Cash management is the process of managing a company’s money in order to maximise available cash and invest idle funds.
To maintain the survival of the business, good and efficient cash management is required, particularly during inflationary periods.
This study would critically investigate the influence of cash management in the manufacturing business, with a particular emphasis on Champion Breweries Plc, Uyo.
1.2 Statement of Problem
Over time, adverse economic variables have had a significant impact on cash management in the industrial industries. High inflation, declining economic activity, and increases in the price of petroleum products have all contributed to a reduction in consumer purchasing power
which has had a significant negative impact on proper cash management in the manufacturing industry, including Champion Breweries plc. These difficulties alarm the researchers, prompting them to investigate the influence of cash management in industrial businesses.
1.3 Objectives of the Study
To investigate the effects of cash management in the manufacturing business.
To emphasise the risks connected with storing cash in an organisation.
To investigate challenges with cash management in the industrial business.
Develop proper cash management strategies in the industrial industry.
1.4 Research Questions.
For this study, the following research questions were formulated:
What are the implications of cash management in the manufacturing industry?
What are the hazards connected with keeping cash in an organisation?
What are the challenges involved with cash management in the industrial sector?
What are the best practices for cash management in the manufacturing industry?
1.5 Significance of the Study
Cash management has received more attention in recent years as a result of changes in the business landscape.
The significance of this study is that it will show the repercussions of not having and operating an effective cash management system in commercial organisations.
This research will also expose the management of manufacturing organisations to efficient cash management strategies for achieving organisational goals.
1.6 Scope of Study
This research focused on the impact of cash management in the manufacturing business, employing
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