The profession of treasurer has changed significantly over the last 30 years. The days when treasurers managed a company’s treasury alone on their PC – often on a spreadsheet, independently from the rest of the company’s information system – are now long gone.
Today, treasurers work in a connected world where the notion of virtually real-time operations is omnipresent. They must manage real-time market information, electronic trading, relationships with banks and counterparties, subsidiaries, etc., both inside the company and its information system and with external contacts.
Globalisation and the digital and technological revolution have profoundly changed the needs and working habits of treasurers. Today, certain modern treasury management systems (TMS) provide functionalities to enable collaborative work, ensure information is unique, separate tasks and mandates, centralise and improve visibility of cash positions, assist in decision-making, and enable electronic signatures, as well as virtually instantaneous exchanges and infinite reporting possibilities. However, many large companies still do not take advantage of these tools and continue to use outdated technologies in obsolete software packages.