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A look at what shaped the technological scenario of Treasury and how is new technology causing disruption in the field
It is without a doubt understood why Treasuries hesitate to implement new technologies. This inertia of adoption can be attributed to various reasons, which are
CFOs are always looking for ways to strategize their business operations and increase revenue, and this is only possible when they have more people working on that, specifically Treasury people. And with the adoption of new technology, treasurers can focus more on higher-value roles, and identify and implement new strategies for driving revenue growth.
With so many types of solutions being offered, treasurers and economic buyers think they have to invest that much time in researching and understanding these technologies and selecting what is right based on their requirements. Vendors understand this and offer multiple resource materials to make it easier and faster to understand the benefits of each type of solution on offer.
These technologies do not perform end-to-end automation and they require some human interaction, such as deciding data sources, recalibrating models to reduce variance and manual moderation.
All of the solutions on offer either run on cloud, which offers industry-standard security for data protection and privacy, or based on-premise, which relies on a company’s already implemented in-house data security model.
Treasurers only need to understand what functions they need to apply technology to and can then easily evaluate what type of solution they should implement, instead of reading about each and every one of these technologies and creating more confusion and complexity.
With more than dozens of service providers to choose from in each type of technology, it becomes more hectic to keep in touch with the trends while doing regular treasury work. This is where a maturity model comes into the picture, helps understand where a Treasury team currently stands, and where they want to get to.
HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.
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