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Step 1:

Build a data-driven treasury: Identify data sources

Identifying and accessing broader data sources is a good starting point to gain cash visibility and ensure that the treasury function has access to all required information. Proactive collaboration with other departments like Accounts Payables (AP), Accounts Receivables (AR), Procurement and Sales is essential to manage and forecast cash balances across the entire business.

Step 2:

Rationalize and consolidate: Revisit banking structure

Rationalizing banking partners and bank accounts not only streamlines and enhances internal controls and makes processes more efficient but also helps increase treasury’s oversight over cash flows and optimize liquidity by consolidating cash flows into fewer bank accounts. Apart from efficiency gains, bank account rationalization also mitigates fraud risk and reduces banking costs due to fewer bank accounts

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Step 3:

Create a vision: Set clear goals and timeline

To optimize the treasury landscape, it’s important for finance and treasury leaders to set clear goals and objectives and assess the current and desired treasury landscape. Setting clear objectives and timelines is crucial to getting the project off to the right start.

Step 4:

Get IT on board: Get IT buy-in

Given the fact that technology plays a critical role in achieving on-demand, real-time information over cash positions, it will also bring about challenges — which can be resolved quickly with the adequate support from IT. IT can guide treasury and finance teams through a maze of technology choices; assess impact on systems, processes, and interfaces; and recommend solutions. It’s important to get IT on board at the start to take advantage of all they can offer.

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Step 5:

Evaluate and partner: Select the right vendor

Selecting the ideal, best-fit solution provider represents an important steppingstone towards improved cash visibility and control. It is vital to get familiar with the vendor landscape, research vendors and partner with those who invest in the latest digital technologies. It also helps to learn what differentiates them from other vendors, and understand their product road map and planned future innovations - such as product’s functional capabilities and ability to meet the complex treasury needs of tomorrow.


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