Turning Treasury from Reactive to Proactive – part 5 of 5

By Kyriba August 3, 2015

We asked 24 treasury experts, from banks, consultancies, analysts and leading brands worldwide, to give their guidance on what treasury teams can do to turn their treasury function into one that is proactive and creates value across multiple levels of the business.

The final post in this series focuses of how becoming a more proactive treasury benefits from automation and innovation.

This topic falls into two main categories:

First is treasuries’ use of technology, not just to streamline processes but also to give the team deeper insight needed to make strategic, analysis-driven and forward-looking decisions. If the treasury team continues to operate with outdated systems (spreadsheets), its ability to take on a proactive role is diminished significantly, as it will have neither the time nor the insight required to achieve this. Although essential daily tasks such as cash management can be performed, executing more high-value tasks isn’t feasible. This is underscored by Greg Linkous, manager of domestic treasury at HanesBrands, who says “You cannot be proactive without adequate resources to perform necessary, specialized treasury functions.” This sentiment is echoed by Liza Mondoneno, manager, treasury consulting and shareholder services at Beam Suntory, Inc., who recently underwent a treasury system implementation. She says “I believe that automation is perhaps the key element in making treasury proactive.”

Second is the need to source the right people and skill-sets to solve problems proactive and provide senior-level counsel, as opposed to being a tactical number-cruncher. Says Craig Jeffery, managing partner of Strategic Treasurer, “A proactive treasury cannot just operate as a vendor providing services: it has to operate as a strategic partner, which requires social skills and engagement within the organization.”

To read more of these essays, as well as those of other leading treasury consultants, analysts and practitioners, download the mini-ebook, Taking Treasury from Reactive to Proactive: Automate, Innovate, and Analyze.

To hear directly from some of the contributors to the series of mini-books, you can view the webinar, From Reactive to Proactive: Real-World Solutions for Becoming a Strategic Treasury.

This webinar features experts from TRW Automotive, Bank of America and Merrill Lynch discussing their own perspectives on how to become more proactive and strategic in their approach, as well as a lively round table discussion.

Disclosure: Hanesbrands and Beam Suntory are Kyriba clients.

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