Optimizing cash liquidity is necessary for a business to make timely decisions, but when faced with the shortcomings of largely manual and spreadsheet-based cash reporting and forecasting tools, the ability to make quality decisions becomes tougher.
Technology solutions for treasury are always evolving through better APIs, data visualization, data gathering, and cash forecasting. For instance, treasury software systems with Artificial Intelligence and Machine Learning are the emerging technologies that are transforming treasury. However, for treasurers, there remains much confusion about what these new intelligent technologies truly offer.
A robust corporate treasury solution can automate data gathering, integrate seamlessly, provide real-time insights into positions across banks, accounts, entities, and regions, and forecast cash flows accurately.
The major benefits of using treasury software systems system are:
These are some key areas treasury practitioners struggle with manual or outdated systems:
These problems can be solved through an AI-powered treasury software system.
Treasury focuses on things that add value to the business, like working capital strategy, funding and liquidity strategies, more robust foreign exchange, and interest rate risk management strategies. AI can help with trading oversight by making it easier to monitor market volatility.
AI technologies promote and reinforce treasury as a strategic partner within the organization by enabling them to focus on the strategic and analytical activities that add real value to the business.
As companies realize the benefits driven by Artificial Intelligence in various domains, AI has become an essential technology for leading-edge enterprises around the world.
AI drives transformation across treasury in the following ways:
With more organizations recognizing the potential of data to drive business development and growth, expectations of finance are shifting. Teams are beginning to focus on activities like scenario planning and predictive analytics rather than simply reporting the numbers.
The treasury department has the following challenges when forecasting cash flows with spreadsheets:
The majority of the issues associated with cash forecasting using spreadsheets are addressed by AI, such as:
Schedule a demo with us to learn how AI is transforming treasury and the process of cash management and cash forecasting.
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.