Staying Relevant in the Age of Technology
What you’ll learn
- Learn how to stay relevant as technology automates menial tasks in treasury.
- Learn about the changing roles in treasury.
Evolution of automation
We’re living in the age of the digital revolution. Artificial intelligence is taking over a lot of platforms, and humans are fearing losing their jobs over AI. To overcome the fear, they must understand that AI is only providing them the right datasets and insights to make better decisions.
How to be prepared?
The 4E framework helps in staying prepared for the change:
- Embrace: The change is here and automation is improving and enhancing operations.
- Evaluate: If the current skillsets are fit for the future
- Empower: By gaining the right skillsets
- Educate: Fill the knowledge gaps with training, courses, etc.
Changing Roles in Treasury
The jobs in treasury can be separated into three roles:
- Treasury Analyst: The analyst’s role is transactional and often includes manual and repetitive tasks, which don’t hold much value.
- Treasury Manager: The manager is responsible for ensuring productivity in the team.
- Treasurer: The treasurer’s job is to invest in cash management applications for managing cash flows and make strategic decisions that add value.
Evolving roles in treasury:
- Treasury Analyst: The analyst role needs to be more analysis-focused to identify errors, enhance reporting, and assist in process improvement. The key to enhance their roles is to refine their communication and technical skills.
- Treasury Manager: The managers need to focus on KPIs and continuously improve the processes. They need to build their business planning and management skills.
- Treasurer: The treasurers need to refine their communication and technical competency skills and be more proactive in making decisions relying on real-time data.
Adapting New Skills
It is crucial to stay afloat with technology by upskilling the existing skills. This is possible by:
- Gaining more knowledge on new technologies and adapting them to enhance the key business processes.
- Gaining a strategic business understanding of how treasury is helpful to other departments.
- Building relationships across all avenues of business to enable constructive collaboration.
- Evaluating tasks that can be automated or can be improved through automation.
There’s no time like the present
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