THE DIGITAL TRANSFORMATION OF TREASURY: A CRITICAL IMPERATIVE
Treasury is no longer waiting to go digital. Make sure your treasury is keeping up with the pace of change.
Technologies Transforming Treasury
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Technologies transforming treasury
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Adoption Rates
Adoption rates
Challenges to Adoption
Challenges to adoption
Digital Transformation Roadmap
Digital Transformation roadmap
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How are these key DIgital technologies transforming Treasury?
It’s easy to think of the latest technological advancements as transformative for other industries, but many are already shaping solutions for corporate treasury, and providing fresh opportunities to optimise and elevate the treasury function.
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Discover the real-world applications of key technologies
Connect and integrate real time capabilities.
Application Program Interface (API)
At its core, cloud technology provides flexibility and agility, with the added financial benefits of leveraging remote resources.
Cloud Technology
Robots can perform mundane tasks around the clock, faster and with 100% accuracy.
Robotic Process Automation (RPA)
Machine learning is about building applications that learn and find patterns and features in substantial amounts of data in order to make decisions and predictions based on new data.
Machine Learning (ML)
Computers and machines mimic the learning, problem-solving, and decision-making capabilities of humans.
Artificial Intelligence (AI)
A consensus of replicated, shared, and synchronized digital data spread across multiple sites, countries, or institutions.
Distributed Ledger Technology (DLT aka Blockchain)
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Financial Planning & Analysis
Technologies transforming treasuries
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Though it may seem like treasury is somewhat lagging in embracing new leading technologies, adoption is already surprisingly high.
Current adoption rates of DIgital TechnologIES
Learn the impact of these technologies on your organization
Artificial Intelligence/ Machine Learning
Distributed Ledger Technology
Treasury Management Systems ERP Systems Timely Access To New FinTech Systems
• • •
Real-Life Applications
33%
84%
Use cloud today
plan on using in the next few years
Real Time Balance Enquiry Real Time Credit Notification Real Time Payment SWIFT GPI Status
• • • •
80%
39%
USE APIs TODAY
project usage in the next few years
Cash Positioning Bank Statement Load Processing FX Exposure Identification Hedge Transaction Preparation
72%
53%
Use RPA today
Cash Flow Forecasting Fraud/Risk Management Accelerated G/L and Transaction Reconciliation Predictive and Prescriptive Analytics
70%
15%
Use AI today
Artificial Intelligence/Machine Learning
KYC Processes Reconciliation Trade Finance International Payments
Treasurers view as important to Treasury
While every corporation has its own unique challenges, some common reasons for the drag in corporate adoption can still be observed.
What’s slowing adoption of DIgital treasury technologies?
Practical use cases and success stories about adopting these technologies are still not widely available. Therefore, it is difficult for treasurers to see the practical applications from these technologies and ‘expose’ the buzzwords.
Aren’t These Technologies Just Buzzwords?
The ever-changing regulatory environment causes treasury practitioners to focus on compliance instead of transformation.
Making Treasury a Priority
Outside of the traditional treasury skills, understanding technology and communication skills are now cited as the most important skills for the these executives to possess.
Leadership Skills Gap
Treasury departments move from getting the basics right in its early stages, to increasing efficiency for processes through a TMS all the way implementing some of the key technologies.
Maturity of the Treasury Department
Treasury tends to take the “as-is” situation (the status quo) as the starting point when it comes to improving treasury processes. Any improvements or changes are considered unnecessary.
Lack of Innovative Mindset
“Modern skilled” treasury professionals needed to digitalize treasury can be considered scarce. The modern treasury professional also needs to have technological and analytical skills; knowledge about processing and analyzing data in addition to financial modeling and forecasting.
The Skills Gap
Making a proper business case is not as straightforward as it sounds -- it might be difficult to get buy-in from other departments and stakeholders because the business case must be reviewed holistically.
Making the Business Case
The digital transformation roadmap
Questions to ask
Guiding principles
Be wary of the marriage between Technology & Ethics
9.
What are the required changes that must occur to get to the end state
What is the best sequence of changes to occur?
What are the risks and value drivers for the digital transformation?
What is the impact of the transformation on various aspects of the treasury organization?
Spot a lighthouse project to start
1.
Digital transformation is a marathon, not a sprint.
2.
Beware of budgets
3.
Ownership and accountability is key
4.
Don’t fall into the buzzwords trap
5.
Nurture a digital culture
6.
Technology is not a solution, but an enabler
7.
Let the big picture change as new data emerges
8.
Protection is vital
10.
The strength of the digital technologies does not lie purely in the individual technologies themselves. The real strength and value is linked to how companies embed these technologies into their operations to transform the business. Establishing a roadmap that focuses on a digital first foundation should be viewed as an essential journey. A digital transformation roadmap is more than just the technology, it needs to embrace the broader business strategy, with collaboration and partnership the key to success. Technology is foundational to unlocking both the opportunity for competitive advantage and achieving greater operational and financial efficiency.
Discover what a treasury transformation looks like
What are the interdependencies between the various changes?
What is the impact on other stakeholders ?
Why are we transforming our treasury?
What are the technologies supporting the digital transformation?
Section 3:
What are the required changes that must occur to get to the
end state?
risks and value
What is the impact on other stakeholders?
What are the risks drivers for the digital transformation?
Why
end state
best sequence
interdependencies
supporting
impact
stakeholders
