It is a myth that Artificial Intelligence will automate everything and replace jobs. AI only enables faster processing and provides an accurate analysis, but humans are irreplaceable in drafting strategies and making key business decisions. Therefore, AI must not be viewed as a threat, but as a tool to amplify human potential and accelerate organizational growth.
A treasury manager’s day-to-day activities include:
Some of the tasks that can be automated are:
And the tasks that can be enhanced (optimized) are:
A treasury manager’s large part of work is stuck in administrative work which is routine and repetitive work and that doesn’t stretch their skill sets. With AI managing mundane tasks, the managers can unleash their business acumen and redirect their focus towards challenging and high-priority activities.
The new digital era calls for new skills for the treasury team:
Analysts usually focus on transaction-focused, low-value, and repetitive manual work. However, nowadays they need to refine their communication and technical skills and focus on analysis, visualization, and making recommendations.
Managers are responsible for people management and team productivity. They need to hone their business planning and communication skills and concentrate on high-value tasks like analysis, KPI management, continuous process improvement, and controls.
Treasurers focus on managing liquidity. For bringing more value, they need to hone their technology competency and communication skills and focus on important metrics, and strategic opportunities.
The 4E framework helps embrace new technology:
4E Framework
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