Next generation treasury functions will work in real-time, with highly integrated, automated systems. Treasury teams will leverage intelligent tools; data will power forward-looking decision-making; and manual legwork will give way to strategic thinking. But how can treasurers deploy innovations associated with the Fourth Industrial Revolution, also known as Industry 4.0, to work towards this vision of Treasury 4.0?
A long-term partnership between ION's Treasury Reval and Petrofac's treasury function has undergone a radical pivot, setting the company’s treasury organisation is among the world’s elite, defining new benchmarks across the industry, as well as disrupting two critical pain points for practitioners: bank account management and the trade confirmation process beyond FX.
Industry 4.0 is changing the way businesses operate and compete, powering a new breed of treasury management solutions and strategies. Without a robust understanding of the challenges and opportunities that Industry 4.0 – and importantly Treasury 4.0 – brings, companies risk losing their competitive edge.
The treasury committee is often the cornerstone of any business because disciplines within finance have many stakeholders and affect a variety of other functions. Today, a treasurer is increasingly expected to be a communicator across an organisation. Doesn’t that fact alone highlight the need for a treasury committee?