Spreadsheets may be the financial team's trusty old friend, but just because they're cheap doesn't mean that they're the best option for managing treasury. From both an efficiency standpoint and also the level of risk that spreadsheets bring into an organization, it may be time to reduce your dependency on them and adopt a dedicated treasury management system.
Fraud and cybercrime have been a concern for corporate treasurers for several years, and this past year showed us that there is a new risk to consider: connectivity. The stories of banks being hacked and losing millions through unauthorized payments shook the industry, since protecting payment connectivity workflows was low on the priorities list for treasury.
While unfortunate for those involved, there are valuable lessons to be learned for the rest of us in treasury:
Cash management is a critically-important piece of the corporate puzzle. For the continued health of the average business, maximizing cash on hand has become a top priority, forcing organizations to seek new strategies and solutions that support this need. Our recent research report, Understanding the Real Value of Supply Chain Finance, details the opportunities inherent in supply chain finance programs and provides a framework for enterprises seeking to leverage this financial solution.