Optimizing Cash Flow through Accounts Payable Management

ABC Corporation operates in a highly competitive retail sector and manages significant accounts payable in its operations. The financial manager of ABC Corporation is analyzing various suppliers' payment terms to optimize cash flow and working capital management. Currently, the company has an average accounts payable turnover ratio of 8, and the days payable outstanding (DPO) is calculated as 45 days. In light of this, the financial manager is considering extending payment terms with suppliers to improve cash flow.

Which of the following strategies should the financial manager primarily focus on to improve the company's cash conversion cycle through accounts payable management?