How Transforming Your Treasury with a Single Source of Truth Empowers Real-Time Cash Visibility

Written by Keegan Chamberlin
August 31, 2021

Modern treasury departments are being stifled by legacy treasury management systems. These systems were a fantastic leap forward when they emerged 40 years ago. However, they have not kept up with our ever-increasing digital world, as they still require significant manual invention to consolidate bank data. 

Incredible technological advances have occurred within the treasury space in the last few years that have empowered treasurers, who see the benefits of digitally transforming their operations, to gain real-time cash visibility by establishing a single source of truth for their data. 

Why Automate Cash Management?

Companies embracing cash management automation empower treasurers to eliminate manual workflows and gain real-time visibility into their cash flow and position. By automating your cash data collation, reporting, and automation, you can eliminate your tedious manual workflows, leaving more time to focus on accomplishing strategic objectives that grow the business. 

Without a well-designed cash management automation system, you risk spending your time on lower-order tasks like downloading and cleaning data, developing formulas to normalize bank data across various systems and currencies, and other time-consuming drudgery that often results in late nights and weekends of despair.

We lived this reality ourselves before deciding to build Trovata!

By transforming your treasury with an automated cash management platform, you can empower your team to spend their time on strengthening your organization’s cash management strategy and processes to better support operations—all while knowing their core underlying data is normalized and up-to-date.

Common Issues with Legacy Treasury Management Systems

While the legacy Treasury Management System did a good job of moving organizations into the early digital world of the 1980s, there are some problems they just aren’t designed to solve in our modern, digital world.

Here are some of the core issues with legacy Treasury Management Systems:

  • Finding meaningful, strategic insights is nearly impossible. If your company has multiple team members working in disparate systems—everyone only has one piece of the puzzle. This can lead to many miscommunications and misunderstandings, which increases your risk of missing out on critical cash insights that could positively or negatively impact the business.

  • Risk of human error increases. When your company’s future relies on multiple cascading spreadsheets, even just missing or duplicating one transaction can lead to inaccurate reporting and lost time due to required reconciliation.

  • Maintaining organizational alignment is nearly impossible. When the data that drives your company is in multiple places, it becomes very challenging to keep everyone on the same page. Your team is forced to spend excessive hours consolidating and normalizing transaction data that could be avoided with an automated cash management platform.

  • Duplication of effort. With multiple departments spending cycles sourcing and cleaning the same data sets, the same work gets done multiple times, sometimes to different standards. Time is wasted and the results are more confusing when cash reports do not match up throughout your organization.

The Benefits of Transforming Your Treasury with Trovata, Our Automated Cash Management Platform

In our contemporary, 21st-century world, there is a solution to the challenges outlined above: Trovata, the automated cash management platform. By using a platform like Trovata, which is designed from the outset to increase the strategic value of contemporary and emerging cash management practices, the meaningful challenges posed by legacy treasury management systems fade away.

The Trovata Effect:

  • Communication gaps are closed. With Direct-To-Bank APIs, Trovata consolidates and normalizes your bank and cash data from your many global accounts into one platform. By improving access to data across your entire organization, every key decision maker has the same visibility into the organization’s cash and transaction data. With everyone viewing the same cash data and insights, your organization will be empowered to make faster, data-driven decisions.

  • Duplicate work is eliminated. Our clients find that they save, on average, 10 hours a week that are traditionally taken up by manual processes like reconciliation. The challenges of human error and wasted time on duplicate efforts disappear as Trovata establishes a single source of truth across your entire organization.

  • Team efforts are amplified, regardless of size. Trovata scales with your organization as your team grows. With a robust developer experience and an extensive library of curated APIs, your IT department can be empowered to fast-track the creation of custom internal applications. This API library ensures your team doesn’t have to do the heavy lifting to manage ever-changing bank integration requirements. Your organization can fast-track its data transformation initiatives and automate backend support for accounting, finance, and treasury teams to ensure that your teams’ processes are in sync.

  • Real-time cash visibility is achieved. Trovata’s comprehensive suite of automated, real-time cash reporting, forecasting, and analysis functionality, built with up-to-the-hour cash flows and balances, empowers you and your team with the real-time cash insights needed to identify opportunities and threats, drive better decision-making, and realize more significant strategic insights.

Next: Cash Management Playbook

If you’re ready to understand more about how Trovata can help you compete in our currently complex and globalized business environment, take a look at our Cash Management Playbook. It’s a free resource that outlines how automated cash management can help you realize the value in the exponential increase in the volume of treasury data.

The Cash Management Playbook contains step-by-step plays to operate at a higher strategic level for competitive advantage in our current century.

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