24 May 5 actions treasurers can propose in their company
What can you do as a treasurer for your company?
More and more, I hear to Board of Director or Management Teams asking treasury departments such generic questions. Today, all functional areas must have specific knowledge of our department and we must also know how we can contribute to the success of the company, how our impact has a bearing on the company’s performance.
But the day-to-day work of the treasurer is hard and often we don’t have time to stop, think and decide what we can change to improve. When some of my colleagues ask me about my experience, I focus on five aspects, three of them directly related to our functions and two with a more transversal nature:
1. Process automation as the treasurer’s ally
1. My first recommendation without any doubt is process automation. Treasury management is becoming increasingly automated, allowing for greater efficiency and accuracy in cash flow management. Automation technologies must be part of the agenda in all companies, treasury management systems (TMS) help companies improve the efficiency of their treasury processes, reduce errors and improve cash visibility.
2. Big data analysis
Of course, good automation has to be accompanied by big data analytics to gain valuable insights into your cash flows, identify trends and patterns, and improve the accuracy of your cash forecasts.
3. Increased use of risk management tools
with increased market volatility and economic uncertainty, companies are paying more and more attention to risk management by implementing financial risk management (FRM) tools to identify and mitigate those financial risks.
4. Focus on sustainability
Sustainability is becoming an increasingly important issue in treasury management. Companies are increasingly considering environmental, social and governance (ESG) factors when making financial and investment decisions.
5. Increased collaboration with other areas of the company
Treasury management is becoming increasingly integrated with other areas of the company, such as finance, accounting and operations. This allows for better collaboration and coordination, which can improve the efficiency and effectiveness of treasury management.
Pierre Bouaziz, Cash Management and Banking Communication Technology Solutions expert.
Partner – Chief Operating Officer at All CMS
Let us show you how to apply these treasury management automation actions to improve financial management and support your company’s success.
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