The Covid-19 pandemic made working capital management uniquely challenging. Companies of all sizes were facing revenue uncertainties and a liquidity squeeze, as customers and lenders simultaneously reacted to shifting market conditions. At the same time, many companies found that their suppliers had little flexibility to absorb the liquidity problems by extending payment terms.

Those that pressured suppliers to take a working capital hit risked damaging crucial relationships or perhaps even driving some suppliers out of business. This year's Alexander Hamilton Award winners in the category Working Capital & Payments explored less antagonistic, more innovative, and mutually beneficial approaches to improving working capital even as the pandemic disrupted supply chains around the world.