Treasury organisations and finance shared service centres in Central & Eastern Europe are changing – robots are taking over many of the manual tasks once performed by humans. At the same time, Big Data and predictive analytics are becoming more commonplace. But is treasury at risk of being sidelined in the rush to digitise corporate business models?
Digital start-ups are thriving in Central & Eastern Europe (CEE). To date, the region has produced at least 10 so-called ‘unicorns’ – privately held start-up companies with a value of over $1bn. One of the main reasons cited for this success is the abundance of local talent. This is precisely why CEE is a favoured spot for finance shared service centres (SSCs), too.
Among the major multinationals that leverage the region for their finance SSCs is Corning Incorporated, a world-leading innovator in materials science. Located in Budapest, Corning Hungary Kft runs the European financial-processing operations of the parent company, as well as providing accounting services and managing liquidity, credit and collections processes.