Treasury Management: Avoid Lengthy Implementation

Written by Trovata Team
December 3, 2020

Why Treasury Executives are Choosing Trovata Platform [While Avoiding Lengthy TMS Implementations]

At-a-Glance:

  • To improve treasury management, without lengthy, complex implementation
  • To avoid expensive vendor contracts and mounting data storage costs
  • To provide quick, actionable cash insights, and improve visibility of cash data

Liquidity and Cash Management in Volatile Times

Two-thirds of Treasury Professionals say treasury technology will be vital to their organizations in the next three years, according to an Association for Finance Professionals (AFP) survey.

Liquidity and cash management will always be a central priority of companies, but treasury management teams have been asked to put an even greater focus on these areas lately. CFOs, CEOs, shareholders, and customers have all driven a greater sense of urgency to shore up business continuity and drive growth amid the difficulties of the pandemic.

Digital Treasury Management

And yet the same AFP survey found there are gaps for treasury management professionals in prioritizing, communicating, and analyzing the large swathes of important financial data the treasury function manages.

The survey suggests treasury and finance leaders want their organizations to embrace modern technology to better achieve treasury objectives. In fact, only eight percent of the 260 leaders surveyed suggested treasury-specific technology will not be critical to the function’s success.

“Cash flow forecasting and capturing foreign currency exposure have always been a challenge. Now, treasury sees the opportunity to leverage data analytics and AI to enhance their approach to these tasks.” 2019 Global Treasury Benchmarking Survey, PwC

Treasury Management

Tech-Savvy Treasurers

Specifically, forward-thinking treasury management leaders are looking to harness a combination of data mastery, application programming interfaces (APIs), and machine learning to empower true and compelling financial storytelling to their internal and external partners. This demands a single source of truth for:

  • Cash Forecasting
  • Cash Flow Analytics
  • Currency Exposure and Risk
  • Funding and Working Capital
  • Global Payments Processing

While Treasury Management System software – or TMS for short — will no doubt play a role in this evolution, previous solutions have not kept pace with the sheer speed of transformation within banking, FinTech, and areas rife with innovative disruption, such as payments.

Lessons from Legacy Treasury Systems

Many treasury teams have been lumped with legacy systems and bric-a-brac approaches to managing key data connections with banks. Too often, these limitations have relegated treasury teams to tiresome and repetitive tasks in data cleansing in clunky Excel or CSV files. Days can be lost manually handling individual bank feeds, to shore up the integrity of source data before any true analysis can begin. As experts in a company’s relationship with its banking partners, treasury teams need more.

The Technology Innovative Treasury Departments Deserve

It is no secret that treasury leaders have long been frustrated with this status quo in TMS. Today’s treasury teams need to do more with less and there is a real desire to:

  • report on cash flow across every bank in real-time
  • quickly integrate with new banking partners as the business expands
  • make forecasts — without adding hours to a treasury team’s workload
  • get actionable payout and collections data, without manual data handling
  • cascade data to business units, such as accounting, so they can ‘self-serve’ reports

Treasury leaders who have sought solutions to these problems have had to enlist IT support and spend significant amounts of time and energy to build their own ‘workarounds’. Others have enlisted legacy vendors, who have bound treasury teams to outdated software that has not kept up with digital transformation and open banking.

Breaking Down Barriers with Open Banking

At Trovata, we’ve seen a growing number of Treasury Management Executives choose our Automated Cash Management Platform. They are doing this because they want:

  • a system that can scale to meet the needs of their growing business
  • to future-proof the organization with AI-powered forecasting and scenario planning capabilities
  • an alternative to legacy systems, long implementations, and slow bank integrations
  • to avoid expensive lock-in vendor contracts and mounting data storage costs

Trovata Platform helps Treasurers democratize data by using APIs to bridge the gap between businesses and their banks. This ensures the entire organization is working off of the same data set, and there is no time wasted on repeat reporting or number crunching. Trovata’s proprietary machine learning algorithms and Natural Language Processing capabilities generate custom reports on-demand so Treasurers can make fast, well-informed business decisions. Unlike traditional TMS providers, the Trovata Platform can be set up in just a few hours with no IT support.

Click here to learn more about Trovata Platform’s approach to Automated Cash Management.

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