Automating Treasury: 10 Steps to Becoming More Strategic

As corporations worldwide continue to scale and look for new growth opportunities, the responsibilities that their respective treasury teams are entrusted with are undoubtedly growing as well.

As seasoned practitioners know from experience, CEOs and CFOs have always wanted fast and accurate financial reporting from treasury, and they also expect that the company’s payments and banking workflows will function as necessary to sustain operations. However, given the breadth of visibility and control that the modern treasurer maintains over global payments, cash, and banking workflows, a broad variety of company stakeholders – including the c-suite — are increasingly relying on treasury for strategic data and insights that are significantly impacting the bottom line.

However, as it stands today, many treasury groups might look at their growing list of responsibilities with an impending sense of dread. In the U.S., a recent survey of treasury personnel found that 47% expect to have SIGNIFICANTLY MORE responsibilities in 2022 compared to 2021. A further 30% expected slight increases. And for teams already exasperated from an abundance of manual work and that now have even more responsibilities on the way, freeing up time and resources to add strategic value can seem like an impossible task. But while it might be difficult to achieve, the broad availability of financial technology solutions that exist in the market today can help automate the majority of manual data entry, reporting, bank account management, and payment processing tasks that treasury teams commonly struggle with.

Of course, it’s no secret that technology is key to achieving automation, and over the past few years, global investment in treasury technology has grown exponentially. Now in 2022, Q1 data shows that a significant majority of treasury teams are actively working technology automation projects. In fact, 82% of treasury groups in a recent U.S. survey were intending to upgrade their technology stack in 2022, and research by the specialty group Treasury Dragons recently revealed that 45% of treasurers plan to invest in entirely new technology solutions during 2022.

Given the clear prioritization by global treasury teams on technology automation, the following pages of this guide offer a ten-step pathway for strategically approaching these projects. Treasury teams that adhere to these steps will ultimately be able to deploy technology to break down silos that exist across different functions, systems, and geographies, gain real-time insights into cash flows and liquidity, and reduce risk and fraud exposure to improve operational efficiency. And, in the end, it will enable them to add more strategic value to their organization and even potentially boost profits and revenue.

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