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Getting the Most Out of Treasury Technology

What you’ll learn


  • Understand how to get continued value from the implemented treasury technology.
  • Learn the best practices to manage and enhance the technology post-implementation.

Why is treasury technology important?

Technology helps treasurers become more involved with their businesses, which improves the flow of data and communication. Some crucial responsibilities of a treasurer are:

  • Gathering data and ensuring high accuracy of cash forecasts
  • Financial planning and budgeting
  • Making confident and timely business decisions
  • Financial reporting and record-keeping
  • Regulatory compliance and risk management

Having treasury technology in place ensures that a company effectively gains greater visibility over their cash and can make confident and timely decisions, focusing more on strategic activities.

 

5 Tips to get maximum value from the treasury technology

It is often seen that even after a successful implementation process, many companies are not satisfied with treasury technology in the long run. This happens because the product might no longer fit their business requirements or meet the expected value.

These are a few tips to get continued value from the implemented treasury technology:

1. Review the KPIs:

KPIs should be annually reviewed to make sure similar or better results are achieved. The KPIs help to measure performance towards achieving the objectives. Reviewing the KPIs frequently helps identify the decline in the value received and make necessary changes at the earliest.

2. Implement business changes:

The product should be updated based on the business changes and evaluated to meet the organizational needs.

3. Ensuring proper training:

Clients should ensure that users get extensive training from the vendor or Subject Matter Experts (SMEs) to understand the features and functionalities of the system. There could be a situation where a user might know how to operate existing functions but cannot cope in the event of a change. Detailed training on the usability of the product clears any doubts and better prepare clients to handle changes in the system.

4. Reviewing the product post-implementation:

Clients should conduct a thorough post-implementation review with the help of a consultant or an end-user of the system to get unbiased suggestions.

5. Setting appropriate budget allocations:

Budgets should include subscription fees of the product and the expenses incurred in its upkeep. The costs could consist of the price of making reports, maintenance, etc.

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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.