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What Does the Future Look Like for Treasury?
Underwritten by Wells Fargo
The AFP Executive Guide: What Does the Future Look Like for Treasury?, underwritten by Wells Fargo, explores key macro trends shaping treasury, including the rise of real-time commerce and treasury’s role as the bridge between physical and financial supply chains.
The Executive Guide identifies four areas for innovation—automation, data analytics, digitization and investing in people—to help future-proof treasury. It also acknowledges that while some companies quickly adopt new technologies, others prefer a more cautious approach, waiting to see how innovations evolve.
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MACRO TRENDS
While each company faces its own particular challenges, it is possible to identify some key macro trends that are influencing the wider business environment, including:
- Real-Time Commerce
- Treasury as the Engine Room
- Investing in Change
CASE STUDY: GETTING STARTED WITH AI
Implementing AI in a particular and measurable area or workflow can help treasurers understand how the technology works and how to implement it effectively. The use case approach combined with incremental development can also help to build the business case for more complex AI implementations.
FUTURE-PROOFING IN NAVIGABLE STEPS
Understanding the need for change is one thing, but determining what, when and how to change is more complex. This guide highlights four areas where treasurers can add value to future-proof their operations:
- Process Automation
- Enhanced Data Analytics
- Digitization
- Investing in people
CASE STUDY: EVALUATING INNOVATION
Innovating in treasury is difficult. Do it well, and the department becomes more efficient and builds the agility necessary to respond to future events. Do it badly and the department can struggle to operate effectively. Evaluating multiple potential solutions to identify a change that will retain agility is an increasingly important treasury skill, especially as technology evolves quickly.
CASE STUDY: DEVELOPING TREASURY SKILLS IN-HOUSE
Senior treasury leaders must help their teams develop future skills. Treasury involves both transactional and strategic work, each requiring different abilities. Safeer Mirza of Tyson Foods notes that junior roles often focus on transactions, but employees seek a clear path to more strategic, senior positions.
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Published October 10, 2024