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.