Treasury is divided into three key roles, which are:
This is how a day in the life of the treasury department looks like
A treasury analyst’s daily tasks include:
Almost all tasks can be automated apart from identifying process improvements. Leveraging automation minimizes errors and helps an analyst focus more on strategic responsibilities.
A treasury manager’s common tasks include:
A lot of tasks mentioned above can be automated such as:
And the rest of the tasks can be enhanced through automation to interpret the data with increased visibility and better visualization to make strategic decisions with statistical evidence.
Automation takes care of the manual and repetitive tasks so that the managers can focus more on KPIs and business planning. With richer reporting and better decision-making, the treasury manager is seen as a process specialist who can build more trust with the treasurers and CFOs.
Treasurers’ roles and responsibilities vary from organization to organization. On a high level these are the tasks they need to control on a daily basis:
Since most of these tasks require human input, it is necessary for the treasurer to have a highly accurate financial picture for making decisions and report them to the CFOs. Thus it is important for managers and analysts to provide reliable data that are fact-driven and not just relied on assumptions.
Sometimes the roles within the treasury department may converge with one another or differ based on the size and revenue of the firm, and AI is definitely an enabler for escalating treasury’s success.
In order to partner with technology, one must not fear job loss but understand that it adds value. Here’s the 4E framework to adopt technology:
1. Embrace: It’s crucial to be technically sound and embrace change.
2. Evaluate: Evaluate skills regularly and critically analyze if they are fit for the present and the future.
3. Empower: Develop a new set of skills and work with the latest technologies.
4. Educate: Educate from webinars, training, etc to learn about new and upcoming technologies.
Technology is playing an ever more pivotal role in the new normal. Learn how you can repurpose your skills into forward-looking and high-value skills to maintain the status quo.
The HighRadius™ Treasury Management Applications consist of AI-powered Cash Forecasting Cloud and Cash Management Cloud designed to support treasury teams from companies of all sizes and industries. Delivered as SaaS, our solutions seamlessly integrate with multiple systems including ERPs, TMS, accounting systems, and banks using sFTP or API. They help treasuries around the world achieve end-to-end automation in their forecasting and cash management processes to deliver accurate and insightful results with lesser manual effort.