Successive disruptive waves multiply the risks corporate treasury departments must manage.
The Covid-19 pandemic acted as a digital transformation accelerant for businesses in all sectors and across the globe. Those ablest to cope with the colossal disruptive impact had already invested substantially in digitizing operations and customer engagement processes. Armed with insight generated by managing and synthesizing data from multiple sources, they could sense change and adapt rapidly to unforeseen market conditions. Having already substantially migrated to cloud-based applications and embedded automation across core end-to-end operational processes, these more digitized enterprises had a head start on slower competitors locked in rigid legacy on-premises systems.
Is the treasury department the digital transformation Cinderella?
While operations and customer engagement have been the big winners for digital investment, finance, and especially treasury departments have been the cobbler’s children of digital transformation. They remain heavily reliant on manual data extraction from multiple internal and external market sources and manipulation in spreadsheets.