SINGAPORE, Sept. 5, 2023 /PRNewswire/ -- NEC Asia Pacific (NEC APAC), the regional headquarters of leading information and communications technology provider NEC Corporation (HQ: Japan) in Southeast Asia, signed a strategic agreement with TASConnect, a wholly owned subsidiary of SC Ventures Holdings Limited - Standard Chartered's innovation, fintech investment and ventures arm - to develop a joint technology solution that seeks to revolutionize the way organizations measure, monitor, manage and enhance financial performance, ultimately driving sustainable growth and improving their organization's working capital efficiency.
Through this collaboration, NEC APAC and TASConnect will provide organizations with powerful real-time analytics tools, together with TASConnect's comprehensive working capital management platform-as-a-service to make informed decisions, thereby enhancing financial efficiency. This partnership represents a powerful synergy between both organizations, united by a shared vision of transforming financial management practices.
Through NEC Financial Insights
One of the core components of this technology tool supported by NEC APAC is a single-window visualisation of crucial financial health metrics, enabling organizations to gain real-time insights into their organization's financial performance. Additionally, key decision makers can set key performance indicators (KPIs) related to working capital and other vital financial metrics. Performance against these KPIs can then be accurately tracked and measured.
Furthermore, organizations will have the ability to compare their organization's financial performance against industry benchmarks, facilitating a deeper understanding of their competitive standing. In-depth diagnostics and root cause analysis tools are also incorporated, assisting decision makers in identifying the underlying factors influencing their financial health. Most importantly, organizations will receive actionable recommendations tailored to each organization's unique situation, facilitating the improvement of financial metrics and overall operational efficiency.
Through TASConnect: Enhancing Working Capital Management
TASConnect enhances scalability, efficiency and transparency of enterprise value chain finance programs, particularly in accounts payable (AP) and accounts receivable (AR). Organizations can realise a scalable and seamless expansion in their finance programs, which is achieved through better access to diversified liquidity sources, connection to multi-parties, better value chain data analytics and the automation of complex workflows.
TASConnect's platform also enables improved yields of trapped or idle treasury cash - a critical aspect of working capital management. By optimizing idle cash, organizations can achieve enhanced working capital cycles and drive efficiencies in their financial operations.
NEC Financial Insights capabilities, together with TASConnect's enhanced working capital solutions offered on its cloud-based platform-as-a-service, promises to be a game-changer for organizations seeking to unlock sustainable economic value in their finance and treasury functions.
Mr Michio Kotegawa, Senior Vice President, NEC APAC, said, "We are thrilled about the potential impact of this collaboration with TASConnect. Through this partnership, we are equipping organizations with the tools they need to navigate the complexities of modern finance and drive sustainable growth."
"We are bringing the best to our clients by partnering with the best in the industry," said Mr Kingshuk Ghoshal, Co-founder and CEO of TASConnect. "We are honoured to join hands with NEC Asia Pacific to deliver smarter business intelligence and comprehensive analytics to our clients for enhanced decision values."
About NEC Asia Pacific Pte. Ltd.
Singapore-based NEC Asia Pacific (NEC APAC) is the regional headquarters for NEC Corporation (HQ: Japan) in Southeast Asia. As a leading information and communications technology provider, NEC APAC provides innovative solutions and infrastructure to promote safety, security and enhance the quality of life for individuals and the community. NEC APAC's expertise includes solutions for carrier networks, biometric identification, enterprise applications and infrastructure, unified communications, transportation solutions, multimedia displays and smart energy, as well as the provision of managed services and contact centre services.
Together with our research laboratories, NEC APAC provides cutting-edge public safety, cybersecurity technologies and enterprise solutions to enable safer cities, with a vision to create a brighter future. For more information, please visit https://sg.nec.com.
Headquartered in Singapore, TASConnect is a wholly owned subsidiary of SC Ventures Holdings Limited and incubated through SC Ventures - Standard Chartered's innovation, fintech investment and ventures arm. We are a leading working capital solutions platform connecting complex enterprise ecosystems to deliver economic value with end-to-end visibility and control. We are firm believers in the principles of co-creation and collaboration with our clients.
For more information, please visit http://www.tasconnect.com