As the role of Treasury has grown, the need for organizations to make sure their treasury management system is aligned with their needs is more critical than ever before.
It’s a task that’s far easier said than done however.
Long gone are the days when Treasurers and their teams had the luxury of focusing all of their attention on securing debt, protecting the organization’s assets and managing financial risk. There are vastly greater expectations of today’s Treasury departments, who are also now tasked with “owning” working capital and shielding the organization from the constant threat of increasingly sophisticated internal and external fraud. Add to this increased standards for effectiveness in mitigating risk and a trend toward globalization and there can be no doubt that Treasurers have to start thinking about working smarter, not harder, if they’re to meet these increased expectations.
Unfortunately, there are a number of issues that will make meeting these expanded obligations a challenge–and globalization is the first culprit.
Despite increased initiatives to rationalize bank relationships, studies have shown that corporations are maintaining a larger number of bank relationships than ever before.
In conjunction with this complexity, regulatory requirements are increasing, placing a heavier compliance burden on organizations –and those companies aren’t increasing staffing levels sufficiently to keep pace with rising demands.
That’s where technology can help.
Let’s be honest –most organizations recognize that new technology would help them go a long way towards streamlining processes and operating more efficiently. But that doesn’t change the fact that there’s work to be done every day. Demanding, important work that can’t be set aside in the quest for a treasury management system that’s would make the daily work easier.
Strategic Treasurer took an in-depth look at this issue recently in their whitepaper “Is Your Treasury Technology Aligned with Your Needs?”
Read the full report to find out how other organizations are handling the challenges of finding the right treasury management system and how their experience can help you in your own quest to find a system that can meet the growing demands on today’s Treasury teams.