The arrival of AI in treasury management: Challenges and opportunities
Posted: Tue Dec 17, 2024 6:02 am
The arrival of emerging technologies has changed the landscape in treasury management and the professional projection of financial directors. On November 28, Sage will be present at DIRFCON and will discuss the main trends in treasury management.
Data integration or the use of technologies such as AI and blockchain streamlines processes in the treasury area.
Financial teams require qualified personnel to implement technological advances and differentiate themselves competitively in the market.
The automation of tasks, data integration and the use of emerging technologies have two major derivatives related to the management of financial departments, specifically treasury areas .
On the one hand, it makes decision-making more agile . This allows teams to avoid having to wait weeks or months for a bank reconciliation or accounting match to alert them to a problem.
On the other hand, technologies such as artificial intelligence allow teams to leave aside administrative , repetitive and valueless tasks. This allows them to focus on what burkina faso email list really adds value: supporting the needs of other departments and, above all, contributing new ideas to the business .
This means that the entire team has more time for analysis , and not just certain profiles, as was the case years ago.
All of this influences the configuration of financial teams . Teams are no longer just a few people who think and decide, and a few who execute. Qualified personnel are required , not only to manage systems and interact with them, but also to be able to detect and implement improvements in the various automated processes.
The impact of new technologies on treasury management
One of the improvements brought about by the arrival of automation or blockchain is agility and, therefore, the minimization of errors. Tasks that depend on a person's concentration become automation that follows a certain rule of behavior. In addition, it allows alerts so that, if necessary, a person's action can unblock a certain situation that has arisen.
In all that time not dedicated to administrative tasks, we must be able to convert it into value-added work for the organization and for the rest of the department. Although there will always be the risk that all these automated tasks will be sufficient for a minimum, and there will never be a powerful financial department .
Data integration or the use of technologies such as AI and blockchain streamlines processes in the treasury area.
Financial teams require qualified personnel to implement technological advances and differentiate themselves competitively in the market.
The automation of tasks, data integration and the use of emerging technologies have two major derivatives related to the management of financial departments, specifically treasury areas .
On the one hand, it makes decision-making more agile . This allows teams to avoid having to wait weeks or months for a bank reconciliation or accounting match to alert them to a problem.
On the other hand, technologies such as artificial intelligence allow teams to leave aside administrative , repetitive and valueless tasks. This allows them to focus on what burkina faso email list really adds value: supporting the needs of other departments and, above all, contributing new ideas to the business .
This means that the entire team has more time for analysis , and not just certain profiles, as was the case years ago.
All of this influences the configuration of financial teams . Teams are no longer just a few people who think and decide, and a few who execute. Qualified personnel are required , not only to manage systems and interact with them, but also to be able to detect and implement improvements in the various automated processes.
The impact of new technologies on treasury management
One of the improvements brought about by the arrival of automation or blockchain is agility and, therefore, the minimization of errors. Tasks that depend on a person's concentration become automation that follows a certain rule of behavior. In addition, it allows alerts so that, if necessary, a person's action can unblock a certain situation that has arisen.
In all that time not dedicated to administrative tasks, we must be able to convert it into value-added work for the organization and for the rest of the department. Although there will always be the risk that all these automated tasks will be sufficient for a minimum, and there will never be a powerful financial department .