by Robin Page, Publisher, TMI
Innovation in the tech space has exploded over the last decade. New technology and software firms are popping up virtually overnight as seen by the over $58.8bn raised by US-based startups in 2015. The result? Technology has become more accessible and time-to-market less complex for both the technology providers and their clients.
Known as the ‘democratisation of technology’, this trend has been fuelled by the ability to develop and deliver enterprise-level functionality quickly and more cost-effectively than previous generations of technology. These applications are designed to be easier to implement, use, scale, and upgrade. Prior to this trend, Forbes magazine described the landscape as a “slanted playing field” which “carries over to business where the expense, complexity and overhead of cutting edge IT adds to the many disadvantages” for organisations.
Today’s generation of ‘democratic’ technology removes traditionally inherent barriers from automating business processes across all organisational functions. Unfortunately, one area in which this technology revolution has yet to have a meaningful impact is treasury.
I recently had the opportunity to discuss with Anis Rahal, CEO and Founder of TreasuryXpress, how the democratisation of technology can and will impact treasury.