RE:been a while since I posted... Management Focus and Outlook
We continue to focus on the five business priorities we have talked about for some time now:
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Core enterprise customers;
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Improving gross margins;
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Reducing SG&A;
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Improving working capital and paying down debt; and
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Digital innovation to support the ongoing efficiency and future growth of our clients.
We are now beginning to see operating benefits associated with the implementation of our ERP system in 2019, have addressed almost all invoicing-related issues at origin, and expect greater benefits to be realized in the coming year. In addition, we continued to make progress in the third quarter with respect to the conversion of our “BAR” clients to bill and hold warehousing arrangements and, to date, have realized close to $12 million in proceeds from BAR related conversions. Our plan remains to convert all BAR customers and, in doing so, further improve our working capital.
Our results over the first three quarters of 2020 speak to our focus on operating efficiencies and improvements in SG&A during a challenging and uncertain economic environment. We expect that focus and momentum to continue and to deliver similar improvements in operating efficiency and SG&A in 202