Many businesses are on the cusp of a revolution as several forces converge and redefine the competitive landscape. Corporate treasury, more now than ever, needs to help business leaders navigate these transformative trends and set the business on a course for success.
So if your treasury is still reacting to changes rather than leading them, it’s time to step up and take your department to the next level. To help you get started, we’ve asked some of the world’s leading treasury professionals about how they’re ramping up their treasury departments.
Design a holistic technology roadmap
It goes without saying that every treasury team should use technology across their department. But you can’t just implement technology and hope for the best—you must have a plan to extract maximum value from your technology investments to realise your vision of a digital and value-adding treasury department.
Pro Tip — “You need to think big: you’re not just implementing technology to drive short-term resource and cost savings — this is the minimum you should expect.” — Royston Da Costa, Assistant Group Treasurer at Ferguson plc.
Look beyond ‘traditional’ treasury solutions
Treasury teams have a wealth of innovative technology solutions built by inventive Fintech companies available to them. Yet, the data shows only the most forward-thinking treasury teams are using these solutions to transform their processes. This can’t be the case if your treasury is to fulfill its full potential.
Pro Tip — “Be bold and select the technology that fits your business.” — Seng Ti Goh, Asia General Manager, Finance & Administration, Isuzu Motors Asia & President at the ACTS.
Get closer to the core of your business
If corporate treasury is to add real value to the business, it must go beyond its traditional role as a tactical back office function. The best treasury teams reach out into all corners of the business and add value at every opportunity.
Pro Tip — “There’s no right way to integrate treasury into the business. But if you don’t try, you won’t succeed.” — Damian Glendinning, Former Group Treasurer, Lenovo.
Understand and support your businesses’ ecosystem
Treasury teams must think bigger than their own organizations. After all, businesses do not operate in a silo. They’re vulnerable to a multitude of external risks and the best treasury teams manage these proactively.
Pro Tip — “Supplier financing is a great option for treasurers looking to manage working capital and support the supply chain.” — Chris Emslie, Asia Regional Treasurer, General Mills.
Give yourself the skills to thrive
Treasurers must not only be thinking about the future of their department this year. They must also think about their own future and what skills they’ll need to thrive in the years to come.
Pro Tip — “As the dinosaurs can attest, evolution is better than extinction. And you must recognise the need to evolve.” — Carole Berndt, Transition Advisor and Former Head of Transaction Banking at RBS.
Build your treasury gameplan
If you’re a treasury professional ready to seize 2019 head on and want some expert tips from leading industry professionals, download our free eBook and get started today.
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