The Advantages of Treasury Management in the Cloud

By Erik Bratt July 13, 2017

Global organizations are moving to the cloud for their treasury management, and Kyriba has helped companies like Rockefeller Group, a New York City-based real estate developer, owner and investor, transition to the cloud  so they can take advantage of modern technologies.                                                                      

A new special report from Treasury & Risk magazine, “Treasury Systems in the Cloud,” talks about how Kyriba’s client, Rockefeller Group, is benefitting from cloud-based treasury automation after using traditional systems for many years.

According to Sam Pallotta, Rockefeller’s vice president and treasurer, Kyriba freed the treasury team from the work of upgrading, maintaining and beta testing its application systems – a huge burden for the team.  

“The cloud allowed us to have all of that done virtually, behind the scenes, and let us not be involved on the day-to-day implementation of that,” Pallotta was quoted as saying in one of the articles, “A Treasury Perspective“*.

The move to the cloud meant the treasury team members could access their treasury system in real time from anywhere in the world, according to the article. “There are multiple examples where the cloud allows us to process payments and communicate information, and we don’t have to be tied to the New York headquarters,” Pallotta said.

The company has even placed some of its continuity processes in the cloud in case of an emergency.

Before selecting Kyriba, Pallotta said, the company did its homework, assessing the security of its cloud system and visiting Kyriba’s data centers,  and came away convinced that the Kyriba solution was as secure as a traditional system. Pallotta said the move to Kyriba also introduced the company to a valuable community of users: “We can more easily leverage the best practices of other treasury organizations, meet with them, hear how they’re using the application.”

The special report also had two articles featuring thought leadership from Bob Stark, Kyriba’s vice president of strategy. 

In “Why CFOs and CIOs Want Treasury in the Cloud,” Stark said it’s easy to forget that we rely on the cloud in our everyday lives, for online shopping, email and a host of smartphone apps, “yet many treasury professionals suffer without the cloud,” he stated, “because they either still rely upon spreadsheets, or they have the misfortune of working with legacy technology that is installed somewhere in their organization’s IT server.”

CFOs and CIOs seek the numerous advantages of the cloud, such as reduced costs, stronger cyber defense, better protection for business continuity, and access to new technology that accelerates business value.

Development and deployment of cloud technology is faster and better than with desktop software. Stark notes that at Kyriba, “the young millennials writing code with these new technologies are innovating like crazy, pushing the boundaries to constantly do more. The net result: the software evolves with new features and ideas at a quicker pace than we’ve ever seen.”

Another article, “Cloud Takes the Lead,” details the advantages of the cloud for treasurers, CFOs and CIOs, not the least of which is dramatically reduced costs. The cloud allows providers like Kyriba to shoulder the responsibilities of software upgrades and IT maintenance and security. An initial barrier to relying on the cloud was the fear of cyber risks, a fear overcome in recent years by the realization that cloud providers can devote more resources to cybersecurity than any one company can.

Other advantages include expanded offerings and global connectivity to the same system. Treasury staff members are no longer tied to their laptops and can use their cell phones to respond quickly.

The days of spreadsheets and outmoded software are gone. “Nobody’s buying installed software anymore,” Stark noted in the article. “What people are buying today, and have been for the last five or 10 years, has all been cloud.”

As this sampling of articles from Treasury & Risk indicates, Kyriba is helping organizations around the globe streamline key processes and drive more strategic value.

 

*registration might be required if you are not a Treasrury & Risk member.

img
Activate Liquidity.

Transform how you use liquidity as a dynamic vehicle for growth and value creation

Find out how