CASHING IN
to ‘ drive Digital Transformation and demonstrate the value of treasury technology investments in supporting a broad range of activities ’ covering ‘ payments , collections and reconciliation .’
The same PwC study notes outline three corporate visions for treasury : ‘ To be able to perform daily treasury functions on autopilot ’, to have a ‘ connected ecosystem supporting real-time financial decision-making ’ and to have a ‘ set of complementary niche solutions ’ including process automation . Realistically , all three require a focus on automation in order to succeed .
With the need and desire for automation clearly evident , the real question is how treasury and finance departments are going about building out these capabilities .
What ’ s becoming evident is that in the current volatile environment , treasurers with the flexibility to quickly create automation tools for short-term or even one-off deployment have a clear advantage over those who rely on their often over-stretched IT departments or vendors to do this work .
Christian Lucarelli , Vice President Asia Pacific , Nintex
It is within this context that the emergence of low-code ( and even no-code ) tools is reshaping the ‘ art of the possible ’ for treasury and finance teams .
Low-code tools are designed to enable non-IT professionals to develop the automation software they want , using pre-configured and pre-tested elements such as modules , logic , templates and connectors – which can be reused many times over .
There are a number of advantages to the low-code self-build approach , including that it leverages the technical skill and knowledge of the treasury team to build and deliver treasury-specific apps . When other functions are brought into the development process , low-code projects can leverage their technical skills and knowledge , too .
If enough people have knowledge of the low-code approach and can secure management support , ideal automation solutions , process optimisations and efficiencies can be created much faster . Treasurers and other corporate professionals can then begin actively
supporting their organisations ’ Digital Transformation with the exact tools they need .
While IT may still retain final control and oversight of any live system , inter- and intra-departmental development of simple process automation tools frees up specialised developers in IT to work on more complex tasks .
It is worth exploring some of the treasuryspecific use cases for automation that are helping teams to meet their key challenges in 2023 and that can be addressed with a low-code platform .
An EACT survey published in 2022 found cash flow forecasting is a top-three issue for 68 % of treasurers , with rising global inflation and interest rate increases contributing to the problems . Low-code applications can enable treasurers to
Cash flow forecasting is a top-three issue for 68 % of treasurers .
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