A recent study conducted between SunGard, Aite Group and the ACTME (Association of Corporate Treasurers Middle East) has found that corporations in the Middle East are moving away from manual processes and bespoke software towards increasingly sophisticated methods of treasury management.
The study uncovered that the top three treasury challenges are:
- To increase productivity and reduce manual processing
- To prove that the treasury function generates value and is not an unnecessary cost
- To acquire better risk analytics
The study also found that 87% of Middle East respondents have a treasury function. However, for cash management nearly half of respondents spend at least 75% of their time using spreadsheets and manual processing.
As treasurers are increasingly tasked with responsibilities beyond efficient and effective cash management, the study shows that organizations in the Middle East are supporting this expanded role with the necessary resources. Click here to download the study.
Wissam Khoury, managing director of SunGard Financial Systems Middle East, said: “As Middle East treasuries grow in sophistication, many of the challenges that they face need to be addressed through more advanced treasury technology. In addition, organizations should review the most beneficial way to deploy and manage that technology. For some organizations, that may be on premise, while others would prefer private cloud or a managed services environment.”
Enrico Camerinelli, analyst, Aite Group, said: “Treasurers in the Middle East are facing growing pains as corporations emerge onto the global stage. The continuous developments in information technology highlight the benefit of a specialized TMS; the added value dramatically improves the ability of the treasurer to be strategic.”
Peter Matza, Engagement Director of the Association of Corporate Treasurers Middle East, said: “This study will help underpin the growth and development of the corporate treasury profession in the Middle East, where treasurers are increasingly involved in managing financial and business strategy for their organizations.”