Treasury Technology Investment Remains Elevated
In 2023, data shows that treasury teams are expected to continue investing significantly in new technology solutions. These plans include the adoption of new ERP and TMS solutions as well as more “disruptive” technologies like artificial intelligence (AI) and machine learning (ML). As practitioners and business leaders prepare their budget and move forward with their selections, the following questions can be used as a guide for determining the key ingredients of a successful project. Our hope is that this list will help treasury refine their strategy for securing project approval, collaborating with other internal stakeholders, preparing an RFP or RFI, measuring the ROI of their project, and planning for onboarding to avoid hurdles and common sources of delay.
Technology RFPs are a Common Challenge for Treasury & Finance Teams
Despite the economic headwinds that have impacted much of the global business environment throughout 2022 and early 2023, data from recent months has shown that treasury groups are still planning to invest significantly in both additional headcount and new technology. As evidence, a recent TIS survey found that at least 40% of practitioners were expecting to bolster their technology stack across numerous functions in 2023, with a focus on areas like cash management, forecasting, working capital, payments, and security. Additional research from prominent industry bodies like AFP and Strategic Treasurer have yielded similar results.
However, in order for these technology projects to have the desired effect and yield positive results, treasury teams must be very strategic and intentional with their approach. Because there are a variety of internal and external challenges that can obstruct an onboarding timeline, it’s critical for organizations to perform as much due diligence as possible before the project kicks off. It’s also important to collaborate with other internal stakeholders ahead of time to ensure adequate buy-in, approval, and planning. To help treasury walk through all the potential factors that could impact their project, the following questions can serve as a point of reference.
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