A look at what shaped the technological scenario of Treasury and how is new technology causing disruption in the field
Treasury has always played an important role in any business and has placed itself as being even more so in the past decade. Earlier, Treasury was focused more on the cash-side of the business, such as cash forecasting and management, bank reconciliation, loans and borrowings, foreign exchange, taxes. These were the basic functions that defined Treasury and were very limited in their scope to be valuable to the CFO.
Now, the objectives of Treasury positions it as a critical component of any business. Functions such as identifying and investing in new revenue streams, risk management, finding bottlenecks, setting up financial plans and policies play an important role in a company, and help executives and CFOs plan the future roadmap. At the end of the day, Treasury is the reason behind a business’ financial well-being.
Being an initiator of change in any business, Treasury itself has changed rapidly in recent years, owing to increased roles and responsibilities, with an increase in expectations and demands from the CFOs. A poorly functioning Treasury can largely impact the business and hence it needs to be robust and well-equipped to carry out its functions. Today, the business world is shifting towards technology-oriented operations to improve supply chain, increase efficiency, optimize cash conversion cycle, and ultimately drive revenue growth. With technology supporting almost all business operations these days, it is no surprise that Treasury seeks the same. With new software and services surfacing, it becomes more and more imperative to discuss them.
Technologies like Cloud, Robotic Process Automation (RPA), Application Program Interface (APIs), Machine Learning (ML), and Artificial Intelligence (AI) are revolutionizing Treasury functions today, and lead the path towards a future where it becomes an integral part of Treasury. Continue reading to understand how these technologies evolved and what they mean for Treasurers.
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