More than a year after the credit crisis reduced cash on hand atmost American companies by an average of 10% and froze many out ofthe credit markets, establishing a cash management culture remainsstill a struggle, according to a new study from managementconsultancy REL, a unit of the Miami-based Hackett Group.

Mark Tennant, president of REL, says that despite the new focuson cash, many companies still aren't integrating the idea of cashoptimization into the fundamental workings of their businesses.

The study identifies four key areas for improving cashmanagement: accounts receivable, accounts payable, spend managementand inventory optimization. Of the 53 companies surveyed, withaverage annual revenues of about $24 billion, 97% reportedinitiatives in at least one of these areas, but only half said theyhad initiatives in all four. Furthermore, many firms reportunsatisfactory results of their efforts–a problem that Tennantattributes to companies' failure to take a “strategic approach” tothe issue.