How to Empower Efficient Data Management with Automated Cash Management

Written by Trovata Team
July 29, 2021

Cash management continues to become increasingly complex as our world becomes more digitized. Cash and transaction volume continue to grow while legacy treasury management systems become more stagnant, leading to an over-reliance on manual processes to gain an accurate picture of your cash position. Managing your cash flow and position shouldn’t be a process trifled with frustrating and hours of tedious manual work, tedious manual processes. Automating your cash management saves you countless hours of data processing, so you can focus on making strategic decisions.


How to Transform Your Despair Into Delight with Process Automation


Streamline Data Collection and Normalization with Direct-To-Bank APIs

You know the routine well. Open your many bank portals, download your organizations’, upload them all to your spreadsheet, consolidate and normalize the data utilizing macros, create your necessary financial reports, rinse and repeat. This process of manually colliating cash and transaction data takes a multitude of hours that could be spent on strategic objectives that drive value for your business. Luckily, there’s a better way to manage your cash. 

Direct-To-Bank APIs have revolutionized sourcing bank data by establishing a real-time, big-data pipeline between automated cash management platforms and your many bank partners. You’re empowered with up-to-the-hour transactions and cash balance details in one secure cash management platform. For the first time ever, treasurers, like yourself,  can now leverage high-quality, real-time cash insights on-demand.


Claim Ownership of Your Data with a Modern Data Lake

Many organizations lack the extensive engineering resources required to build and maintain a data lake, which naturally hinders historical data accessibility. Modern automated cash management platforms, like Trovata, consolidate and normalize all banking information and automates a bank data lake for you.  This rich data source is the foundation that empowers machine learning algorithms to analyze this data and serve it cross departmentally so everyone within your organization can make decisions on an accurate and current data set.

You truly have 100% freedom over your cash and transaction data as Trovata’s Grid Mode™ empowers you to export any of your data from your data lake to your spreadsheet of choice. Sharing quality data between external partners and systems is a breeze. Your data is your own; you are free to explore without the constraints of a standard spreadsheet’s capabilities.


Access Specific Transaction Data You Need When You Need it With Natural Language Search Technology

Searching for specific transaction data in detail used to require scrolling infinitely through your bank portals’ long list of transactions, but modern cash management platforms like Trovata, enable you to freely search with natural language, all due to the cloud based architecture. Serving you the data you need in an instant, even when searching through thousands of transactions. Any search you perform can be utilized to create customizable data sets, which can be leveraged to generate real-time cash reports and forecasts on-the-fly.


Break Away from Prescribed Reports with Automated Cash Reports and Forecasts

Typically, TMS legacy architecture hinders data exploration due to the inflexible nature of its reporting and forecasting tools. If your IT hasn’t set up specific custom reports, which is time-consuming and very costly, custom reports have to be manually created in your spreadsheet of choice. And while this is fine for one-off reports, it is not scalable for any reporting you may perform weekly and monthly. The bottom line is if your current treasury tech stack is requiring you to perform arduous manual labor to discover new cash insights and opportunities, your tech stack is holding you back from gaining instant and accurate cash visibility.

With Trovata, our automated cash management platform, generating new reports and forecasts is as easy as ever. By selecting your desired tags, cadence and chart type, Trovata automatically generates a fully customizable cash report or forecasts in seconds. Any report you produce can be added to custom dashboards, where they can be dragged-and-dropped to your liking, and shared with key decision makers. Customized reporting like this would take days to create within a legacy TMS. With Trovata, they are generated instantly, empowering your organization to make better and quicker data-driven decisions.


Conclusion

Cash management can be time-consuming, tedious, and stressful if your current tech stack requires you to perform arduous, manual labor in order to discover valuable cash insights. With access to automated cash management platforms, like Trovata, you can transform your despairful, time-consuming cash management processes into one of delight with our comprehensive suite of automated cash reports and forecasts. 

Download Our Cash Management Playbook to discover how to streamline your cash reporting, forecasting and analysis, so you and your team can feel empowered to focus on strategic initiatives that drive growth for your business.

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