It’s easy to fall into the trap of thinking that more data = better. But as corporate treasury turns to automation, AI, and advanced analytics, it becomes clear that in order to really embrace digital transformation, you don’t just need more data, but improved data accuracy in treasury, too.
Need proof? Deloittes 2024 global treasury survey showed that almost 75% of CFOs are using technology for cash positioning, and yet these same treasurers listed cash visibility as their most common challenge.
Clearly, there’s a disconnect here.
Accurate, automated analytics require a solid foundation of structured, clean data. But many of the current solutions, such as traditional treasury management systems (TMSs), appear to be falling short.
The good news is that treasurers are uniquely positioned to address this challenge and lead digital transformation by integrating modern treasury tech aimed at bridging this gap. Treasurers handle multi-bank data daily, and with the right tools and strategies, they can set standards that make data usable and actionable.
In this article, we’ll discuss getting effective data practices in place, the steps for clean financial data, and the impact that improved data accuracy in treasury has on digital transformation.
Why Data Accuracy is a Challenge
Companies invest heavily in tech like ERP systems and TMSs, expecting better insights and efficiency. But without data integrity, these technologies can produce unreliable or misleading insights. That’s a problem, because sometimes bad data is worse than no data at all.
Data quality, meaning data that’s organized, consistent, and accurate, lays the groundwork for meaningful and useful analytics. For treasurers, this means ensuring that all transaction data, regardless of the source, is reliably categorized and standardized.
That’s easier said than done. Modern tech like APIs (more on them later) can massively improve connectivity, and modern platforms can go a long way to standardizing this data. But even so, consistency remains a major challenge.
Deloitte’s 2025 finance predictions white paper puts it succinctly, “Data governance is a bit like flossing. We know it’s important, but we don’t do it enough. That helps explain why data quality is a persistent challenge for finance organizations.
What are we talking about? Commas, abbreviations, data-entry fields, nomenclature, and hundreds of similar factors. It’s not glamorous, and it’s not glitzy. But it is important.”
When the right level of data integrity is achieved, the value of advanced analytics and automation skyrockets. For example, reliable data allows treasurers to pull reports instantly, adjust projections quickly, and automate cash forecasting. This requires not just good technology but consistent oversight of the data feeding it.
Treasurers as Data Stewards
Treasurers are in a prime position to act as data stewards within their organizations. Managing cash flow and multi-bank data, they deal with data streams from various sources and formats, which can make data categorization a challenge.
A relatively simple but powerful tool in improving data quality is to implement a consistent tagging system within your cash management platform.
By establishing tagging rules, treasurers can address this issue directly. For instance, using rules-based tagging in software like Trovata enables automatic categorization of transactions based on set parameters.
This tagging functionality allows treasurers to keep data organized without constant manual input. For example, a multinational company might create a tag for all transactions originating from Canada, enabling treasury to instantly pull reports or adjust forecasts by simply filtering for this tag.
This level of control positions treasurers as key players in their organization’s digital strategy.
Steps Treasurers Can Take to Clean Financial Data
So, you need good data, but how exactly do you get it. Every organization will have different challenges, but there are some fundamental steps you can take to improve your data quality.
1. Centralize Data Collection
Data consistency is going to be a lot more difficult if you’re spending your time herding datastreams like sheep. So, the first step to achieving clean data is consolidating it in a single, accessible system. Multi-bank connectivity platforms, like Trovata, allow treasurers to integrate data from multiple banks into one place, removing the friction of manual data entry.
“(Before Trovata) Just getting the data we would need from various systems was so complicated. Once we actually wrapped our hands around it, there really wasn’t time left to get meaningful insights from it.”
Aurelia Sirbu CFO at Orbus
Leveraging a modern treasury system that takes an API-first approach to bank connectivity unlocks automated data standardization and normalization. Over the past 50+ years, countless file standards and formats have emerged to facilitate secure data transfer. Developed independently by various countries, companies, and organizations, this evolution has resulted in a wide array of file types and transmission methods. Today, treasurers face the challenge of bringing together these disparate formats into a unified view for efficient data management.
Trovata is the first and only company to establish a standard across corporate bank APIs and all legacy file formats, including SWIFT. This means it can connect you to your bank data through any method, delivering it in a standardized format within a single platform.
With consistent data, treasurers can trust that any insights drawn from analytics are reliable and that processes run smoothly without the need for frequent data checks.
Using APIs as the connectivity method is ideal, as they enable real-time data flows and reduce the risk of data silos. Treasurers should work with their banks to establish API connections wherever possible, ensuring that data flows directly into a centralized platform without interruptions.
2. Organize Transaction Data with Tagging
Once data is centralized, it needs to be organized consistently to enable quick, accurate insights. Tagging functionality makes this process much more efficient by allowing treasurers to categorize transactions according to predefined rules. Rules-based tagging works incredibly well here, allowing treasurers to set up categories — such as geography, expense type, or business unit — and have the technology automatically apply these tags to incoming transactions.
Deloitte’s 2025 finance predicions described data governance as tedious process, however leveraging a modern treasury management platform with tagging features makes the work easier. It also sets your treasury team up for seamless, scalable automation.
This approach saves significant time while ensuring that data is organized accurately. Treasurers need only review the rules periodically to ensure they align with any changes in business structure. When transactions are tagged correctly, running regional reports, forecasting for specific units, or identifying spending trends can be done instantly.
3. Use Machine Learning for Automated Accuracy
Once you’ve set up tags to organize transaction data, take advantage of a system that automates the tagging process to save time and improve accuracy. For example, Trovata’s platform automatically categorizes transactions according to the rules you define.
As new bank data flows into Trovata in real-time through API connections, transaction data is instantly assigned to the appropriate tags. This means that when you log in, your data is already organized, and your reports and forecasts reflect the most up-to-date, accurately tagged information. You’ll spend less time on data entry and more time on high-value analysis, uncovering insights that drive smarter decisions.
4. Standardize for Consistency
Standardization across the treasury function is key to maintaining data quality. Setting rules for how financial data is categorized and processed ensures that information is consistent, whether it’s coming from an ERP, a banking platform, or a third-party system.
With consistent data, treasurers can trust that any insights drawn from analytics are reliable and that processes run smoothly without the need for frequent data checks.
The Business Impact of Clean Data on Digital Transformation
When data integrity is prioritized, the impact on digital transformation is huge. Clean, well-organized data improves the performance of AI models and analytics, allowing treasurers to generate more accurate forecasts, real-time cash insights, and predictive scenario models. With clean data, cash forecasts are more precise, enabling treasurers to optimize liquidity and working capital. Real-time insights become actionable, as treasurers can pull data without the need for cleanup or recalibration, and Scenario planning is enhanced, allowing finance leaders to model various financial outcomes with confidence in the data’s accuracy.
Arguably, digital transformation isn’t really possible without a very high bar for data integrity. Ultimately, clean data supports scalability, allowing digital transformation initiatives to grow with the company’s needs without compromising on accuracy.
How Trovata Supports Treasurers in Achieving Data Integrity
Trovata’s platform is designed to empower treasurers in their role as data stewards, offering tools that make data management intuitive and automated.
Multi-bank Data Centralization
With API-driven multi-bank connectivity, Trovata consolidates cash data from various accounts into a single platform, ensuring seamless and consistent data flows.
Automated Tagging and Categorization for Simplified Data Governance
Trovata’s tagging feature allows treasurers to apply rules-based tags across all transactions, organizing data for quick filtering and reporting.
Real-time Updates for Accurate Analytics
With automated updates, Trovata ensures that all tagged data is always current, enabling treasurers to generate reliable forecasts and analysis without delay.
Leveraging modern technology that centralizes multi-bank data, and empowers treasurers to clean up company data, lays the foundation for truly impactful automation and scalable transformation.
Recommended: Discover how Sealaska improved data accuracy and maximized yield potential
For treasurers, ensuring data integrity is foundational to successful digital transformation. Clean, organized data is the key to unlocking the full potential of AI, automation, and advanced analytics, helping treasurers make faster, more accurate decisions. With structured, tagged data, treasurers can run reports on demand, adjust forecasts quickly, and maintain consistency across all financial insights.
By leveraging tools like Trovata, treasurers can lead the charge in data integrity, positioning themselves as essential data stewards in their organization’s digital strategy. Explore Trovata’s data management solutions to see how clean, centralized data can transform treasury operations and elevate your analytics. Download the platform data sheet for more information, or book a demo today!
