Between alignment and competition: supply chain resilience and working capital in practice

• The interface between resilience and working capital is shaped by alignment between finance and purchasing and supply management. • Misalignment leads to conflicting, maladapted, practices that undermine both liquidity and resilience. • Power asymmetry and trust in partners’ competences determine how firms prioritise between resilience and working capital. • Internal financial processes (namely, order-to-cash and purchase-to-pay) jointly improve resilience and liquidity.