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  "documentTitle": "Navigating uncertainty: PwC’s annual global Working Capital Study",
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      "text": "Between receivables and inventories, we've seen an estimated €600bn reduction in nominal working capital requirements on the asset side, relative to what we would have seen on prior year trends.",
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      "text": "The general reduction in supply chain disruption has allowed companies to manage inventories more efficiently, rather than falling back on a 'just in case' stocking approach, which eases uncertainty over availability, but creates excessive amounts of working capital. The change of tack in inventory management is especially evident in the EU and Asia.",
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      "text": "Even if the rises in inflation and interest rates may be tailing off, they are likely to remain high for some time to come. This underlines the continuing need for careful WCM in bolstering liquidity and cushioning any further shocks ahead. In particular, the still fragile and uncertain economic outlook increases the need to consider forward investment in inventories to cover future sales, tighten up the management of outstanding payment exposure and guarantee surety of supply.",
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      "text": "The results are encouraging, albeit with important caveats. Overall working capital days (the level of net operating working capital held by businesses relative to their sales) have improved across most major economies in our study. This improvement is especially pronounced in the EU, which normally shows higher relative levels of working capital. In previous years, companies tended to manage working capital by stretching supplier payments and terms. But the latest improvements mainly stem from the asset side of working capital through better management of customer collections and closer control of inventories. Between receivables and inventories, we've seen an estimated €600bn reduction in nominal working capital requirements on the asset side, relative to what we would have seen on prior year trends. More than €250bn of this has come from the EU alone.",
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