One silver lining from the Covid-19 pandemic is that it has supercharged trends around treasury technology – both in the adoption of new technology by corporates and the development of cutting-edge technologies that will have treasury applications in the coming years. During a recent webinar, TMI’s Editor, Eleanor Hill, spoke with Royston Da Costa, Assistant Group Treasurer at Ferguson, and Ulrika Haug, Senior Director, Product Marketing at Coupa, to explore how these trends have impacted finance and what it all means for the future of treasury.
As 2022 continues to speed by, and many countries around the world are cautiously learning to ‘live with Covid’, the extent to which the pandemic changed the importance of technology within treasury and accelerated tech adoption is becoming clear.
Coupa’s Haug comments: “The pandemic has served as a catalyst to accelerate digital transformation. Many of us were forced into an increasingly remote work environment, which exacerbated some of the flaws in processes that corporates perhaps didn’t realise existed. Very manual, time-consuming and labour-intensive processes don’t go well if we work remotely. That has highlighted the need for digital transformation and for everyone to be operating from one single source of truth.”
Da Costa agrees that the impact of the pandemic has been quite significant on treasury: “Cashflow forecasting has always been in the top five priorities for any treasurer, but since the pandemic began it has been the top priority – as seen in many industry surveys,” he notes. “If you look at a silver lining from the pandemic, some technology implementations have been accelerated, and we also saw a breaking down of silos within companies. The health crisis also brought various department stakeholders together to discuss what companies needed to get right for the business to move forward.”