Digital transformation is one of the hottest topics in treasury right now. Although there are many ways that treasury departments can approach digital transformation, whichever path they choose, an important first step is establishing a strong and stable core in the form of a digital backbone.
Anyone who has ever embarked upon a personal fitness regime will understand what it means to have a strong core. It stabilises the body and reduces the likelihood of injury. The same goes in the world of business, and treasury, where the support of a strong ‘digital backbone’ – a cornerstone of a successful digital transformation – can lead to a fitter and, ultimately, more resilient organisation.
There are a number of reasons why a company might pursue digital transformation. But whether it is about improving customer experience, growing revenue, workforce optimisation, risk management or operational efficiency, the development of a digital backbone can be the uniting factor. In fact, without a digital backbone, any transformation risks becoming merely a loose aggregation of technologies. It is a missed opportunity – especially for treasury. Only when a digital backbone is in place to support the entire digital structure can true transformation take place.