Treasurers have much to gain from a co-ordinated programme of digitalisation. With some forethought and planning, the benefits of advanced technologies are there for the taking, says Michael Kolman, Chief Product Officer, ION Treasury.
The real advantage of digitalisation comes when processes are executed within ecosystems of interconnected, interrelated applications. As the starting point for a future vision of treasury, the concept of digitalisation encompasses at least four key improvement areas, notes Michael Kolman, Chief Product Officer, ION Treasury.
A vital first link in the chain is workflow management technology, such as a treasury management system (TMS), which acts as the enabler of effective process control and automation. The current pandemic-hit environment has shone a light on the benefits derived from the deployment of digital workflows. And the capabilities of a TMS to handle the demands of remote-working are magnified against the backdrop of day-to-day struggles in operations as experienced by treasuries stuck in a paper-based world.
Indeed, as other aspects of business evolve along an accelerating digital timeline, the gap between technologically-enabled treasuries and the rest is increasingly apparent. For many treasurers in the latter camp, the experience of a non-digital workflow can be painful. This is all-too evident in managing interactions with banks, with paper-based processes falling at the first hurdle of lockdown but digital signing solutions quickly being co-opted into action for those prepared.