Cloud computing most important technology for treasurers
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Cloud computing most important technology for treasurers 11 October 2019London Reporter: Jenna Lomax
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Some 44 percent of respondents to the latest Economist Intelligence Unit (EIU) survey predicted that cloud computing will be the most important technology for treasurers over the next five years.
Cloud computing was followed by big data analytics (42 percent) and artificial intelligence (37 percent).
The EIU’s report, supported by Deutsche Bank, is based on a survey of 300 senior corporate treasury executives from around the world, identifying what a data-driven treasury means and key considerations when developing a data strategy.
The report also found that despite the attention it attracts, robotic process automation was cited by only 9 percent of respondents as important. As part of the survey, treasurers said it facilitates automation more than data analysis.
In addition, treasurers said the primary benefits to becoming more data-driven are higher operational efficiency (39 percent) and improved return on investments/assets (36 percent).
The report also found that data intelligence was also seen as a tool that could help treasurers to navigate regulations, such as the General Data Protection Regulation.
However, four in 10 treasurers expressed significant concerns about the quality of data they are working with.
Ole Matthiessen, global head of cash management at Deutsche Bank, said: “Treasury management systems deployed in the cloud offer a host of benefits, including a wider and more dynamic view of financial positions, automatic access to the latest analytical tools and an ability to more easily collaborate with stakeholders, reducing the need for data collection and input by treasury.”
He added: “It has taken some time for risk-averse treasurers to accept the security and robustness of cloud-based solutions, but we are now witnessing a change in mindset.”
“Simply ‘owning’ data is not enough; digital transformation is required in order to extract, aggregate, and analyse good quality data. The journey towards an efficient data-driven treasury takes time and our survey can help treasurers to identify how far along they are and what steps they need to take next.”
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