Survey shows that 58 percent view themselves as a strategic partner, driving value across the organization
SAN DIEGO, March 26, 2013: Treasury teams are providing deeper strategic value to their organizations, according to a recent survey conducted by Kyriba, the leader in cloud-based treasury management solutions. In a poll of almost 200 treasury professionals, almost 58 percent of respondents stated that their treasury team is a strategic partner to their organization, with a further 31 percent saying that they moving towards adopting a more high-value role.
However, the survey also revealed fewer than half of treasury teams currently focus on high-value strategic activities, such as providing detailed analysis for efficient financial decision-making, and providing intelligence and insight to support major corporate initiatives. In addition, more than 31 percent spend the majority of their days on tactical initiatives, such as increasing their team’s productivity and ensuring financial checks and balances are in place.
Another finding of the study is that senior management continues to push for deeper treasury integration into strategic decision-making processes. Fewer than 36 percent of organizations have a corporate culture that hinders the treasury team from participating in strategic tasks. However, treasury teams remain stretched, and more than 30 percent of respondents say that they don’t have the time to focus on becoming a strategic partner, or are too involved with other tasks.
“Treasurers are finding themselves increasingly asked to deliver real value to the organization, and position themselves as a true strategic partner,” said Jean-Luc Robert, chairman and CEO of Kyriba. “The role of the corporate treasurer has dramatically changed over the past few years, in response to a range of influences from greater regulatory and compliance requirements, to the need to effectively manage ever-growing cash stockpiles. However, our research shows that although most treasurers aspire to a more strategic role within the organization, more than four in ten have not yet reached that position, be it due to a lack of processes and technology, or simply the need to focus their energy on lower-value tasks.”
Kyriba has issued a white paper in conjunction with the survey research, entitled “The Treasury Mandate: A Strategic Partner for Unlocking Business Value,” which can be downloaded from Kyriba’s website.
The survey was conducted on a Kyriba webinar of treasury professionals on March 14, 2013.