Treasury has changed dramatically in recent years as a result of expanded responsibilities and activities, as well as rising expectations and demands from CFOs. Because a poorly operating treasury can have a major impact on the company, it must be robust and well equipped to carry out its operations. To increase supply chain efficiency, optimize cash conversion cycle, and, ultimately, drive revenue growth, today’s corporate world is moving toward technology-driven operations.
A treasury maturity model assists organizations in assessing the current effectiveness of their treasury process and determining what capabilities the organization needs to focus on to improve their performance. It is a business tool that allows the CFO to measure the discipline, effectiveness, and efficiency of their organization’s treasury administration.
Many company treasurers are looking for ways to improve their treasury function to satisfy ever-changing internal and external needs as well as market changes. However, defining the next steps for the treasury’s strategic development might not be a straightforward task. Before deploying new technologies, it’s essential to understand the treasury department’s current approaches. The approaches in the cash forecasting maturity model are as follows:
A maturity assessment compares an organization’s treasury activities to quality standards to see how advanced they are. It also allows the organization to compare itself to others and immediately identify areas of improvement.
The seven sections of maturity assessment are:
Performing a maturity assessment has many benefits such as:
The ability to provide forecasts regularly to understand daily cash positions and take proactive measures for future financial circumstances relies heavily on automation. The following are some of the areas where automation can help you save money:
Take this treasury maturity assessment to determine where your business is in the cash forecasting maturity model.
Having a proper treasury solution in place makes climbing the maturity model ladder considerably easier. Schedule a demo to overcome the challenges to become the best-in-class in treasury.
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