An interesting analysis of how the COVID-19 pandemic has put cash and working capital into the limelight is in the 2021 edition of PwC’s annual “Working Capital Report,” DACH and Benelux regions. DACH is comprised of Germany, Austria, and Switzerland, while the Benelux region is made up of Belgium, the Netherlands, and Luxembourg. The report points out an important fundamental: “Cash tied up in working capital provides no yield.” Stockpiling cash to ease the way to recovery is certainly valid, but the key to driving value will be the optimal management of working capital. “Now is the right time to focus on cash and working capital management,” the report says. “Not prioritizing cash is both ignoring an opportunity to drive value and risking a negative impact on cash flow.”