Today, digitalization is helping to change the business model of each and every company. Read the following whitepaper to gain valuable expert insights into how digitalization can be used to enhance your organization's strategic position. Learn why digitalization opportunities do not pose a threat. New technologies are coming to the forefront that redefine the payment area. Treasurers especially are the new beneficiaries of the expert insights. In the future, data material will be exploited by enhanced technologies. The next generation of treasurers will combine automation, AI, machine learning and cloud services to create a digital tool kit so that they can become a more strategic risk bearer and competence centre for analytics in the organization.
Engage in Winning Horizontal ThinkingDigitalization is a horizontal phenomenon. What does that mean? It affects traditional industries, as well as their boundaries and definitions. Those who do not pay attention lose out by restricting strategies to their own industry changes in treasury due to the effects of digitization are already apparent and have been acknowledged by the industry. Significant innovations can be found in multi-channel payment areas, mobile solutions, as well as the product life cyle of supply chains.
Digital Icing on the Cake is Not EnoughA negative impact is perceived and feared in the ingrained "gut instinct" of the treasurer who is the custodian of the company's finances. The industry must break free from the notion of not being ready for traditional role enhancements, as a response to digitization. It definitely requires a stronger entrepreneurial perspective that seizes new opportunities instead of patiently waiting for threats. This is due to the fact that digital technologies present organizations with the opportunity to carry put previously manually performed tasks faster and more efficiently through automation. This helps to create space for new strategic participation and themes.
Data is the Treasurer's New GoldNowadays, data has become the new gold liquidity. Real-time data, cash flows and payment flows contain essential information that can only be accurately evaluated by the technology available today. Hence, it has become the treasurer's "gold nugget". Payment platforms that are cloud-based, form the basis of for making data available to the central office in real-time. This data can be evaluated by the treasurer using AI software, neural networks and solvency forecasts for individual clients.
Key Takeaways from "Digitalization Enhances the Strategic Position of the Treasurer"
- Digitalization is a horizontal phenomenon
- Data is the new gold of the treasurer
- Become a sparring partner for the CEO
- Digitalization places new demands