Preparing for a Tech-Focused Future: The Key to Efficient Treasury Management

In today's rapidly evolving business landscape, staying ahead requires organizations to embrace technology and leverage its potential to drive efficiency in various domains. Treasury management is no exception to this trend. As advancements in automation and artificial intelligence reshape traditional work approaches, it is crucial for organizations to prepare their teams for a more technology-focused future.

Deremi Atanda, the Managing Director of Remita Payment Services Limited (RPSL), asserts that the key lies in effective communication and collaboration. According to Atanda, organizations often overlook the unintended consequences of automation. When workers are not adequately informed about the impact of technology, conflicts arise. Therefore, it becomes imperative for organizations to communicate their technology decisions across the value chain, addressing internal and external processes.

Speaking at the 2023 Treasury Leadership Forum organized by Standard Chartered Bank Nigeria Limited, Atanda stressed the importance of collaboration between financial service providers and technology service providers. He believes that this collaboration is the new reality and future for the industry.

Atanda highlighted the significance of defining clear objectives before embarking on any technology-related project. Organizations must aim to bring value to treasury management and ultimately improve other areas of the business. Determining the key areas where technology can have the most impact is a crucial starting point.

The rising wave of technological innovation offers numerous avenues for organizations to explore. From APIs, artificial intelligence (AI), machine learning, and advanced analytics to big data, blockchain, and cloud computing, the possibilities are vast. However, the challenge lies in identifying the right starting point.

To harness the potential of technology for more efficient treasury management, organizations need to adopt a strategic approach. They must first assess their current processes, identify pain points, and map out how technology can address these challenges effectively. Whether it's automating manual processes or leveraging AI and analytics for risk management, each project should align with the organization's overall objectives.

Beyond the technical aspects, success lies in collaboration and open communication. Organizations must encourage cross-functional teams comprising treasury professionals, financial experts, technology providers, and regulatory bodies. Such collaboration allows for knowledge sharing, better decision-making, and a comprehensive understanding of the technology's impact.

Moreover, organizations should prioritize continuous learning and development. Investing in training programs equips employees with the necessary skills to navigate the technology-driven landscape. By fostering a culture of adaptability and embracing change, organizations can drive digital transformation and gain a competitive edge.

In conclusion, the future of treasury management lies in harnessing technology effectively. Automation and artificial intelligence will revolutionize how work gets done, but the true value lies in augmenting human capabilities. By communicating technology decisions, encouraging collaboration, and defining clear objectives, organizations can ensure efficient treasury management and overall business improvement.

Source of content: OOO News 2023-07-24 News

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